MIRA INFORM REPORT

 

 

Report Date :           

19.07.2011

 

IDENTIFICATION DETAILS

 

Name :

EMPRESAl IMPORTADORA Y EXPORTADORA DE MEDICAMENTOS (MEDICUBA)

 

 

Registered Office :

Calle Maximo Gomez 1 Esq A Egido, La Habana Vieja, La Habana

 

 

Country :

Cuba

 

 

Year of Establishment :

1962

 

 

Com. Reg. No.:

Not Available

 

 

Legal Form :

Government Agency

 

 

Line of Business :

Imports and exports pharmaceutical products

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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)

Cuba

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form



GEOPOLITICS - CUBA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: High

Currency: 100.00 CUP = 3.77358 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Ordered as:

Empresa Importadora Y Exportadora De Medicamentos

Address in the order:

Calle Maximo Gomez 1 Esq A Egido,La Habana Viejala Habana (Havana)

 

 

Legal Name:

EMPRESA IMPORTADORA Y EXPORTADORA DE MEDICAMENTOS (MEDICUBA)

Trade Name:

MEDICUBA

Legal Address

Calle Maximo Gomez 1 Esq A Egido, La Habana Vieja, La Habana, Cuba.

 

 

Telephone:

537 617965 / 624105 / 3983

Registration Number :

NA

Fax:

537 338516

Legal Form:

Government Agency

Email:

export@medicuba.sld.cu

Registered in:

Cuba

Website:

NA

Date Created:

1962

Manager:

Alfonso Sanchez Diaz

Date Incorporated:

NA

Staff:

190

Stock:

NA

 

 

Value:

NA

Activity:

Imports and exports pharmaceutical products

 

 

BANKS

 

Name of the Bank

BANCO CENTRAL DE CUBA

 

 

BUSINESS

 

HISTORY

 

The company was created in 1962

PRINCIPAL ACTIVITY

 

Imports and exports pharmaceutical products

Products/Services description:

 

Importer and Exporter of Raw Materials & Specialties

Pharmaceutical Equipment and Supplies Medical - Dental - Veterinary.

 

The company operates as an agency of the Ministry of Public Health of the Republic of Cuba.

 

Is the main importer of medicines, consumables and orthopedic products, with about 80% of total imports of the sector.

 

Conducts imports to meet the needs of the Cuban population, and foreign patients treated in Cuba and abroad.

 

Sales are:

 

Wholesale

Operations area:

 

National, International

The company imports from worldwide

The company export to worldwide

The subject employs 190 employee(s)

PAYMENTS

 

made on a 90 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at: Calle Maximo Gomez, 1 - Esq Egidio, La Habana, Cuba.

The property is:

 

Owned

Comments on location:

 

Headquarters

Branches:

 

The company maintains several warehouses distributed nationwide

 

 

Shareholders - Manager - Related Companies

 

Shareholders Parent Company(ies):

 

This company is owned by the Cuban Government

Management:

 

Alfonso Sanchez Diaz, Director

Renato Perez de Corcho, Chief of Administration

Francisco Guerra Garcia, Vice Director

Maria Pais Brantua, Chief Economic Dept.

Leysiir Leon, Vice Director, Commercial Affairs.

 



Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

We have contacted the company, who refused to provide us any financial data without knowing the name of the inquiring party.

However our financial sources could provide us with the following data (estimates):

 

Currency

DATE

USD

2010

Turnover

10,300,000

Operating Income

(74,000)

Net Income

(72,000)

Net worth

NEGATIVE

Bank liabilities

165,000

The cash flow is

NORMAL

 



Currency

DATE

USD

2009

Turnover

9,800,000

Operating Income

(236,000)

Net Income

(311,000)

Net worth

NEGATIVE

Bank liabilities

200,000

The cash flow is

NORMAL

 



Currency

DATE

USD

2008

Turnover

9,400,000

Operating Income

(657,000)

Net Income

(789,000)

Net worth

NEGATIVE

Bank liabilities

250,000

The cash flow is

NORMAL

 

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 



Rating

 

Local credit bureau gave a correct credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

This is a medium sized Cuban company, which employs 190 people.

 

It depends directly of the Cuban Government, being attached to it's political influence in the economical development of the country.

 

The financial data compared show a negative performance.

 

We suggest working with guarantees

 

 



SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

NEGATIVE

Public

NO

Indebtedness

CONTROLLED

Payments

LONG

Cash

NORMAL

 

 

 

 

APPENDIX

 

Comments

 

We have contacted the company, who refused to provide any information on grounds of confidentiality

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.71.75

Euro

1

Rs.62.60

 

 

RATING EXPLANATIONS

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.