MIRA INFORM REPORT
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Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
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Name : |
LABORATORIOS SAVAL S.A. |
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Registered Office : |
Av. Pdte. Eduardo Frei Montalva 4600 - Renca, Santiago, XIII Region Metropolitana |
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Country : |
Chile |
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Date of Incorporation : |
01.01.1955 |
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Legal Form : |
Private Stock Company |
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Line of Business : |
Pharmaceutical products, medicines, tablets, injectable liquids, phthalmological and dermatological products, among others |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
1.040.000 Pesos |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Chile |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
IDENTIFICATION
LABORATORIOS SAVAL S.A.
Av. Pdte. Eduardo Frei Montalva 4600 - Renca
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-7073000
Fax : 56-2-7363658
Web Site : www.saval.cl
SUMMARY
Started
: 1955
Total
Employees
: 800
Payments
: Prompt
Capital
: 000's$ 119.384.-
Sic(s) : 5122
Line of Business: Laboratory of pharmaceutical products.
Credit Recommendation
000's Pesos 000's US$
dollars 000's Euros
Conservative value :
1.040.000
2.251
1.569
Liberal value
:
1.144.000
2.476
1.725
If additional information is
received or present information is rectified, this
recommendation may be modified.
Payment Scoring = [ 100 ]
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
COMMERCIAL
INFORMATION
Commercial Bulletin : Subject does not register
protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor Bulletin :
Does not register labor infringements
Provisional Bulletin does
not register pension fund's
infringements
Consolidated delinquency :, subject
does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old
: Since 2007
Last purchase : 06-2011
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 100.000
Owes : (000'sUS$)
17.000
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 11.000
2010 purchases were 000's$137.000.- 2011 year to date 000's$80.000.-
Old : Since
1994
Last purchase : 06-2011
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : Open
Owes : (000'sUS$)
29.000
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 10.000
Credit line has not been assigned.
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1995 04-10 Prompt sight
draft
260.000 35.579
Since 1994 04-10 Prompt sight
draft
Open None
Since 1994 09-09 Prompt sight
draft
Open None
Since 1994 04-09 Prompt sight
draft
Open None
10 years 02-08 Prompt
invoice
50.000 None
20 years 11-07 Prompt
invoice
Open
-
15 years 04-06 Prompt
invoice
Open
-
10 years 04-06 Prompt
checks
Open
-
20 years 04-06 Prompt
invoice
Open
-
10 years 03-05 Prompt
checks
Open
-
20 years 03-05 Prompt
invoice
Open
-
15 years 03-05 Prompt
invoice
Open
-
5 years 03-05 Prompt not
specified
-
-
20 years 08-04 Prompt
invoice
Open
-
15 years 08-04 Prompt
invoice
Open
-
10 years 08-04 Prompt
checks
Open
-
Subject does not register unpaid bills, protests neither labor infringements
nor
delayed payments to pension funds up to date.
According to the taxpayer ID indicator, it has registered 54 search entries
over the last 6 months- requested by banks, industries, credit assessment
companies, general insurance and health insurance companies, hotels, companies
of telecommunications, and other businesses in general.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in May 2011
The local delays in payment average 0-1 month.
BANKS
Subject operates with the following bank:
- Banco de Chile, branch Renca (Main bank)
- Banco Santander Chile
OPERATIONS
Line of Business : Pharmaceutical products, medicines, tablets, injectable
liquids, ophthalmological and dermatological products, among
others. (It is the third largest medicines' producer in
Chile)
Classification according to commercial activity:
Sic: 5122-0000 Drugs, proprietaries, and sundries
-9904 Medicine cabinet
sundries
-0300 Drugs and drug proprietaries
-0308 Pharmaceuticals
-0307 Patent medicines
Subject is considered as a large company in this line of business, high
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 70%.
Sales conditions: Credit
International: 30%.
Exports to Germany, Argentina, Bolivia, Costa Rica, Ecuador, El Salvador,
United
Arab Emirates, Spain, Haiti, India, Italy, Mexico, Panama, Paraguay, Peru,
Dominican Republic and Uruguay.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Ecuador
44,60 38,27
Bolivia
21,79 23,97
Paraguay
14,99 17,53
Peru
11,53 13,05
Uruguay
2,73 2,41
Panama
1,81 1,81
Dominican
Republic
1,37 1,68
El
Salvador
0,41 0,65
Costa
Rica
0,31 0,25
United Arab
Emirates
0,19 0,00
India
0,14 0,00
Haiti
0,04 0,32
Italy
0,04 0,00
Germany
0,02 0,00
Spain
0,02 0,00
Mexico
0,01 0,00
Argentina
0,00 0,00
Historical registries
Total 2010 = 000's$ 10.155.150 Accumulated 2011 = 000's$ 4.391.701
Total 2009 = 000's$ 10.797.158
Total 2008 = 000's$ 11.308.898
Total 2006 = 000's$ 6.822.528
Total 2005 = 000's$ 4.921.917
Total 2004 = 000's$ 4.521.980
Customers
Main customers are: Hospitals, drugstores, private hospitals
and state-owned
companies.
The 5 most important customers are:
Central de Abastecimiento del Sistema Nacional del Servicio de Salud,
Farmacias
Economicas del Sur S.A., Farmacias Cruz Verde S.A., Salcobrand S.A.
and
Socofar S.A.
Purchases
Places orders with multiple suppliers
National: 10%
International: 90%
Purchase conditions: Letter of credit and direct collection.
Imports from Germany, Argentina, Austria, Belgium, Brazil, Chile, China,
Colombia, South Korea, Denmark, United Arab Emirates, Spain, France,
Netherlands, Hungary, India, England, Italy, Japan, Malaysia, Mexico, Norway,
Peru, Poland, Portugal, Czech Republic, Switzerland, Taiwan, Turkey and United
States
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
India
22,76 27,44
Mexico
13,98 15,47
Italy
11,18 4,15
England
10,30 0,28
China
7,76 9,67
Argentina
6,75 9,80
United
States
4,64 1,44
Turkey
4,32 9,17
Germany
3,85 6,86
Spain
3,40 4,42
Poland
2,31 2,79
Taiwan
1,85 2,74
Hungary
1,74 0,21
Peru
1,32 0,79
Austria
0,99 1,39
Colombia
0,67 0,97
Denmark
0,64 0,00
France
0,43 0,64
Switzerland
0,41 1,04
Netherlands
0,19 0,05
Japan
0,18 0,14
Norway
0,12 0,00
Malaysia
0,09 0,25
Czech
Republic
0,09 0,00
South
Korea
0,02 0,16
Brazil
0,02 0,00
Chile
0,01 0,00
Portugal
0,01 0,00
Belgium
0,00 0,00
United Arab Emirates
0,00 0,00
Historical registries
Total 2010 = 000's$ 4.649.773 Accumulated 2011 = 000's$ 1.646.227
Total 2009 = 000's$ 7.283.355
Total 2008 = 000's$ 5.490.457
Total 2006 = 000's$ 3.190.256
Total 2005 = 000's$ 2.657.230
Total 2004 = 000's$ 3.396.990
Main suppliers
- Chilempack S.A.
- Cristalerias Toro S.A.I.C.
- Faret S.A.
- Imprenta Alfredo Molina Flores S.A.
- International Paper Cartones S.A.
- Mathiesen S.A.C.
- Merck S.A.
- Plasticos Burgos S.A.
- Sodexho Chile S.A.
Employees: 800 employees
Location
- Administration offices (belong to the related co.) located at Av. Pdte.
Eduardo Frei Montalva 4600 Renca Santiago, Chile of 18000 mts2,
industrial
area, main avenue of busy traffic, construction in good conditions
Branches
- Domestic commercial representation and delivery warehouses at Camino Lo
Ruiz
4700 Galpón 1 Renca Santiago Chile
RELATED COMPANIES
Subject is related with
the following company:
- Inmobiliaria Saval S.A.
FIXED ASSETS
Real estates
Subject does not register real estates
Vehicles
No data could be obtained regarding the quantity and type of vehicles
Machinery & Instalations
Subject owns the following
- Tablet machines , equipments , laboratory , installations , packers ,
computer equipments and other necessary elements .
INSURANCES
Insurance Company:
-RSA Seguros Chile S.A.
Risks : Total
cover.
Objetive : Installations.
-BCI Seguros Generales S.A.
Risks : Total
cover.
Objetive : Vehicles.
BOARD
OF DIRECTORS
President :
Emilio Saval Prados TAX:2859334-1
Director
: Enrique Mario Cavallone Ravizza TAX:4839479-5
ADMINISTRATION
General Manager :
Fernando Corvalán Ross
Commercial Manager : Ricardo Camilo Florindo Corte
Truffello TAX:6000354-8
Finances Manager : Rafael Vial
Accountant
: Andrea Quintanilla
Purchase Assistant : Paúl Brunel
Domestic
CURRICULUM
Fernando Corvalán Ross
Position : General Manager
Previously : Former
general manager Pfizer Chile S.A..
LEGAL INFORMATION
Legal Structure : Private Stock Company
Constitution date : 01/01/1955. Registered on leaf 5201
N°3019, Santiago
Receivership of Real Estates Trade
Registry, year 1955.
Term of duration : Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 119.384.-Divided to 1.600.000.- registered
shares
unique series
Social Initial Capital: 000's$ 8.500.-
Power of attorney held by directors, each one of them.
Legal changes
Public Deed dated 16/12/1985, notary Patricio Zaldívar Mackenna, Santiago,
published in the Official Gazette dated 24/12/1985 page N° 11, statutes were
modified: it was agreed to divide partnership into 2 companies, one is the
continuer, which keeps the business name (subject) and a new one called
INMOBILIARIA SAVAL S.A. Consequently,
it is stipulated that capital is $119.384.204 divided into 1.600.000
registered and no par value shares, totally subscribed & paid.
Public Deed dated 12/08/2005, notary María Beatriz Holmgren Kunckeh, Santiago,
published in the Official Gazette dated 22/08/2005 page N° 11, statutes were
modified: the administration will be held by a board of 7 directors, who can be
re-elected indefinitedly after 3 years in activity.
List of shareholders was not available.
INFORMATION SOURCES
On 08/07/2011 Mr. Paúl Brunel, Purchase Assistant Domestic, declined
financial
statements according to policies of the company, however, submitted the
data
shown in this report.
-Other outside information sources.
Exchange rate
-As at 08/07/2011 $462,01 Per US$
INTERPRETATION OF RISK LEVEL AND CREDIT RECOMMENDATION
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.