MIRA INFORM REPORT

 

 

Report Date :

11.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MEDQUIMICA INDUSTRIA FARMACÊUTICA SA

 

 

Registered Office :

Rua Otacílio Esteves Da Silva,40 - Granjas Betania 36047-400 - Juiz De Fora/MG

 

 

Country :

Brazil

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

21.07.1975

 

 

Legal Form :

Privately held Corporation

 

 

Line of Business :

Manufacture of Pharmaceutical Products.

 

 

No. of Employees :

450

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 500.000,00

Status :

Moderate

Payment Behaviour :

No Complaints

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Brazil

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

MEDQUIMICA INDUSTRIA FARMACÊUTICA S/A

 

 

ADDRESSES

 

MAIN ADDRESS:

RUA OTACÍLIO ESTEVES DA SILVA,40 - GRANJAS BETANIA

ZIP CODE/CITY:

36047-400 - JUIZ DE FORA/MG

 

 

PHONE:

32 3224-4087

FAX:

32 2101-400032 3224-

E-MAIL:

ger.financeiro@medquimica.com

WEB SITE:

www.medquimica.ind.br

 

BRANCHES:

 

 

 

ADDRESS:

RUA FERNANDO LAMARCA,255 BLOCO C - DISTRITO INDUSTRIAL

ZIP CODE/CITY:

36092-030 JUIZ DE FORA/MG

PHONE:

32 2101-4000

CNPJ:

17.875.154/0005-53

 

 

ADDRESS:

RUA OTACILIO ESTEVES DA SILVA,759 - GRANJAS BETÂNIA

ZIP CODE/CITY:

36047-400 JUIZ DE FORA/MG

CNPJ:

17.875.154/0004-72

 

 

LEGAL DATA

 

MAIN ACTIVITIES:

 

MANUFACTURE OF PHARMACEUTICAL PRODUCTS.

 

LEGAL FORM:

PRIVATELY HELD CORPORATION

 

 

INCORPORATION DATE:

21/07/1975

REGISTER DATE:

21/07/1975

BALANCE SHEET FILING DATE:

31/12

TAX CONTRIBUTOR NUMBER(CNPJ):

17.875.154/0001-20

STATE REGISTER:

367.170.800.0047

 

 

SHARE CAPITAL:

R$ 37.014.223,00

 

BOARD OF DIRECTORS:

 

 

 

JORGE LAGES DE OLIVEIRA

PRESIDENT DIRECTOR

EVANDRO RODRIGUES DA SILVA

EXECUTIVE DIRECTOR

 

AUTHORIZED USE OF SIGNATURE

 

THE DIRECTORS ARE AUTHORIZED TO SIGN ON BEHALF OF THE COMPANY.

 

SHAREHOLDERS / PARTNERS:

 

 

 

JORGE LAGES DE OLIVEIRA

72,31%

EVANDRO RODRIGUES DA SILVA

0,69%

GCP FARMA HOLDING PARTICIPAÇÕES LTDA

27,00%

 

AFFILIATES / SUBSIDIARIES:

 

 

 

JLO PARTICIPAÇÕES LTDA

 

DBLU PARTICIPAÇÕES LTDA

 

 

 

COMPANY'S BACKGROUND

 

THE SUBJECT WAS ESTABLISHED ON JULY 21, 1975 AS MEDQUIMICA INDUSTRIA FARMACÊUTICA LTDA TO BE ENGAGED IN THE SAID LINE OF BUSINESS. ON DECEMBER 23, 2011 IT ALTERED TO ABOVE-MENTIONED NAME AND UP TO DATE IT IS STILL OPERATING WITHIN THE GENERAL SCENE REPORTED HEREIN.

 

SHAREHOLDERS :

 

JORGE LAGES DE OLIVEIRA: BRAZILIAN, SINGLE, INDUSTRIAL, HOLDER OF DOCUMENTS RG M-228.537 SSP/MG AND CPF 141.386.626-34, RESIDENTIAL ADDRESS AT RUA DELFIM MOREIRA. 33, APTO 701, CENTRO, ZIP CODE 36010-570, JUIZ DE FORA/MG;

 

EVANDRO RODRIGUES DA SILVA: BRAZILIAN, MARRIED, ADMINISTRATOR, HOLDER OF DOCUMENTS RG M-8.128.180 SSP/MG AND CPF 005.450.486-48, RESIDENTIAL ADDRESS AT RUA DR. OSMAR SILVA, 95, APTO 701, BAIRRO BOM PASTOR, ZIP CODE 36080-300, JUIZ DE FORA/MG;

 

GCP FARMA HOLDING PARTICIPAÇÕES LTDA: HEADQUARTERED AT RUA TABAPUÃ, 1123, SALAS 241 A 244, ITAIM BIBI, ZIP CODE 04533-014, TAXPAYER'S REGISTRATION UNDER 14.294.559/0001-86.

 

NOTE:

 

ACCORDING TO THE DOCUMENTS SUBMITTED BY THE COMPANY, THE NAME OF SHAREHOLDER IS REGISTERED AS “GCP FARMA HOLDING PARTICIPACOES LTDA”. HOWEVER, ACCORDING TO THE OF THE BOARD OF TRADE OF THE STATE OF SAO PAULO, DATED ON NOVEMBER 16, 2011 THE NAME IS REGISTERED AS “STRECK PARTICIPACOES LTDA”.

 

FURTHER DETAILS ARE SO FAR NOT KNOWN.

 

PUBLIC RECORDS INFORMATION:

 

LAWSUITS:

 

 

 

DATE:

COURT OF LAW:

 

2

FEDERAL LAWSUITS

24/08/09

2ª VARA DE MG-JUIZ DE FORA

1

STATE LAWSUIT

22/07/09

VARA DE MG-JUIZ DE FORA

 

 

FINANCIAL INFORMATION

 

GENERAL BALANCE SHEETS AS OF 31/12/2011, 31/12/2010 AND 31/12/2009.

( FIGURES ARE IN REAIS ).

 

ASSETS

 

 

 

CURRENT:

31/12/2011

31/12/2010

31/12/2009

 

 

 

 

CLIENTS

11.188.368,93

14.452.259,48

13.190.200,95

INVENTORY

5.901.887,84

4.259.122,79

2.937.108,11

ADVANCE TO SUPPLIERS

 

230.062,15

52.234,39

PRE PAID EXPENSES

134.453,50

16.453,17

20.031,47

BANKS-ESCROW ACCOUNT

123.835,04

155.740,87

179.855,56

IMPORTS IN PROGRESS

 

14.027,13

122.308,97

RECOVERABLE TAXES

1.089.338,28

3.329.143,94

2.881.034,38

ADVANCES

 

 

13.361,48

ADVANCE TO EMPLOYEES

 

159.878,88

2.677,30

OTHER ADVANCES

 

42.213,33

 

CHECKS

 

241.930,23

221.959,30

CASH AND BANKS

11.893.722,23

 

127.683,24

OTHER CREDITS

2.102.701,38

243.460,02

 

 

----------------

----------------

----------------

TOTAL CURRENT ASSETS

32.434.307,20

23.144.291,99

19.748.455,15

 

LONG-TERM RECEIVABLES:

 

 

 

 

 

 

 

GRANTED LOANS

 

1.381.740,47

1.274.389,43

JUDICIAL DEPOSITS

16.447,12

237.006,10

199.390,35

DEFERRED TAXES

 

 

2.569.972,32

INVESTMENTS

 

10.000,00

10.000,00

CREDIT WITH PARTNERS

 

4.323.561,70

2.609.061,70

DEFERRED EXPENSES

2.207.119,86

2.676.372,82

 

OTHER CREDITS

10.000,00

 

 

 

----------------

----------------

----------------

TOTAL LONG-TERM RECEIVABLES

2.233.566,98

8.628.681,09

6.662.813,80

 

FIXED ASSETS:

 

 

 

 

 

 

 

FIXED ASSETS

12.820.480,59

8.050.652,17

4.107.312,62

DEFERRED

 

 

2.843.200,13

INVESTMENTS

15.379,50

15.379,50

6.869.690,82

INTANGIBLE

7.061.002,13

6.896.917,52

 

 

----------------

----------------

----------------

TOTAL FIXED ASSETS

19.896.862,22

14.962.949,19

13.820.203,57

 

================

================

================

TOTAL ASSETS

54.564.736,40

46.735.922,27

40.231.472,52

 

 

LIABILITIES:

 

 

 

CURRENT:

31/12/2011

31/12/2010

31/12/2009

 

 

 

 

FOREIGN SUPPLIERS

1.691.019,23

629.001,64

367.408,23

SUPPLIERS

4.553.821,32

4.246.744,13

4.020.409,04

COMMISSIONS DUE

 

28.891,24

-12.849,03

LABOR OBLIGATIONS

2.798.033,46

1.316.848,52

693.242,85

INCOME TAX/SOCIAL CONTRIBUTION

 

 

52.195,16

OTHER

1.351.768,66

204.615,93

76.756,88

PROVISIONS

 

1.913.167,81

685.056,13

LOANS AND FINANCING

4.258.751,08

5.417.366,40

1.613.763,48

TRIBUTARY OBLIGATIONS

2.554.599,12

1.891.326,36

1.740.301,39

DIVIDENDS

 

163.252,77

 

 

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

17.207.992,87

15.811.214,80

9.236.284,13

 

LONG TERM LIABILITIES:

 

 

 

 

 

 

 

INSTALLMENTS TAXES PAYABLE

 

6.723.243,79

5.270.744,24

SECURED ACCOUNT

 

3.574.345,63

3.900.000,00

LOANS AND FINANCING

8.238.439,43

7.521.522,06

6.791.154,11

OTHER

21.082,83

103.539,95

 

FISCAL RECOVERY PROGRAM - PAES

 

 

391.802,69

TRIBUTARY OBLIGATIONS

7.369.116,64

 

 

LABOR OBLIGATIONS

2.640.730,67

 

 

ADVANCE FROM CLIENTS

 

150.021,01

 

 

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

18.269.369,57

18.072.672,44

16.353.701,04

 

DEFERRED INCOME

 

 

41.248,21

 

NET EQUITY:

 

 

 

 

 

 

 

SHARE CAPITAL

37.014.223,00

12.584.545,00

5.435.000,00

ACCRUED PROFIT (LOSS)

-26.401.213,35

-8.206.874,28

-3.190.425,17

CAPITAL RESERVES

1.427,34

1.427,34

1.427,34

RESOURCE/INCREASE CAPITAL

 

 

3.881.300,00

OTHER COMPREHENSIVE INCOME

8.472.936,97

8.472.936,97

8.472.936,97

 

----------------

----------------

----------------

TOTAL NET EQUITY

19.087.373,96

12.852.035,03

14.600.239,14

 

================

================

================

TOTAL LIABILITIES

54.564.736,40

46.735.922,27

40.231.472,52

 

 

 

 

 

 

 

PROFIT AND LOSS ACCOUNTS AS OF 31/12/2011, 31/12/2010 AND 31/12/2009.

( FIGURES ARE IN REAIS ).

 

 

31/12/2011

31/12/2010

31/12/2009

 

 

 

 

GROSS SALES

72.515.439,64

68.380.165,21

59.324.190,47

(-) TAXES ON SALES

14.704.717,43

12.794.420,93

11.452.296,00

 

----------------

----------------

----------------

NET SALES

57.810.722,21

55.585.744,28

47.871.894,47

(-) COST OF SOLD GOODS

21.990.083,66

25.072.995,78

25.266.143,06

 

----------------

----------------

----------------

GROSS PROFIT

35.820.638,55

30.512.748,50

22.605.751,41

OPERATING REVENUE (EXPENSE)

-41.848.096,12

-27.194.339,56

-18.687.328,37

FINANCIAL REVENUE(EXPENSE)

-7.019.688,61

-5.065.130,47

-2.304.883,11

 

----------------

----------------

----------------

OPERATIONAL PROFIT (LOSS)

-13.047.146,18

-1.746.721,53

1.613.539,93

NON-OPERATING RESULT

27.268,33

 

51.386,83

CONTRIBUTION/INCOME TAX

 

-128.700,42

-1.489.771,85

PROFIT SHARING

-114.282,09

 

 

 

----------------

----------------

----------------

NET PROFIT (LOSS)

-13.134.159,94

-1.875.421,95

175.154,91

 

MONTHLY SALES

 

  2010

 

 

 

---------------------

 

 

JANUARY

R$ 4.222.493,48

 

 

FEBRUARY

R$ 4.171.985,48

 

 

MARCH

R$ 6.474.253,06

 

 

APRIL

R$ 6.449.649,72

 

 

MAY

R$ 6.586.031,26

 

 

JUNE

R$ 5.743.991,89

 

 

JULY

R$ 5.789.789,53

 

 

AUGUST

R$ 6.318.336,80

 

 

SEPTEMBER

R$ 6.044.271,94

 

 

OCTOBER

 

 

 

NOVEMBER

 

 

 

DECEMBER

 

 

 

TOTAL

R$ 51.800.803,16

 

 

 

RATIOS:

31/12/2011

31/12/2010

31/12/2009

 

QUICK RATIO

1,54

 

1,19

 

1,82

 

CURRENT RATIO

1,88

 

1,46

 

2,14

 

ACCOUNTS RECEIVABLE TURNOVER

5,17

TIMES

3,85

TIMES

3,63

TIMES

DAYS' SALES IN RECEIVABLES

69,67

DAYS

93,60

DAYS

99,19

DAYS

INVENTORY TURNOVER

3,73

TIMES

5,89

TIMES

8,60

TIMES

ACCOUNTS PAYABLE PERIOD

74,55

DAYS

60,98

DAYS

57,28

DAYS

RETURN ON ASSETS

1,06

TIMES

1,19

TIMES

1,19

TIMES

SALES TURNOVER ON NET EQUITY

3,03

TIMES

4,33

TIMES

3,28

TIMES

NET WORTH TIE-UP

,67

 

,63

 

,28

 

INDEBTEDNESS

1,86

 

2,64

 

1,75

 

EQUITY RATIO

34,98

%

27,50

%

36,29

%

WORKING CAPITAL RATIO

88,48

%

46,38

%

113,81

%

GENERAL SOLVENCY

1,54

 

1,38

 

1,57

 

RETURN ON NET EQUITY

-68,81

%

-14,59

%

1,20

%

RETURN ON SALES (PROFIT MARGIN)

-22,72

%

-3,37

%

,37

%

GROSS PROFIT MARGIN

61,96

%

54,89

%

47,22

%

OPERATIONAL RESULT

-22,57

%

-3,14

%

3,37

%

SALES TURNOVER ON LIABILITIES

3,36

TIMES

3,52

TIMES

5,18

TIMES

FOREIGN CURRENCY ON ASSETS

 

 

 

 

 

 

FOREIGN CURRENCY ON LIABILITIES

 

 

 

 

 

 

 

EXCHANGE RATE:

 

 

US$ 1,00 = R$ 1,83

 - OFFICIAL RATE ON 04/04/2012

US$ 1,00 = R$ 1,87

 - OFFICIAL RATE ON 31/12/2011

US$ 1,00 = R$ 1,66

 - OFFICIAL RATE ON 31/12/2010

US$ 1,00 = R$ 1,74

 - OFFICIAL RATE ON 31/12/2009

 

COMMENTS ON THE FINANCIAL INFORMATION:

 

FOLLOWS ATTACHED WORKSHEET WITH MAIN FINANCIAL RATIOS.

 

THE FIGURES AVAILABLE SHOW A SATISFACTORY FINANCIAL STANDING. DESPITE THE HIGH LEVEL OF INDEBTEDNESS BUT IT HAS GOOD LIQUIDITY RATIOS AND POSITIVE WORKING CAPITAL, CONSIDERED SUFFICIENT TO COVER THE SHORT TERM DEBTS. IN ADDITION IT IS NOTED GROWING SALES BUT ITS HIGH FINANCIAL AND OPERATIONAL EXPENSES THE COMPANY MADE NEGATIVE RESULTS.

 

REAL ESTATE:

 

   OWNED PREMISES ARE VALUED AT R$ 5.498.767,49

 

VEHICLES:

 

   OWNED VEHICLES ARE VALUED AT R$ 2.381.086,41

 

MACHINES:

 

   OWNED MACHINES AND EQUIPMENTS ARE VALUED AT R$ 214.279,94

 

 

INSURANCE

 

NOT AVAILABLE.

 

 

BANKING REFERENCES

 

 

BRANCH/PHONE:

CITY:

BANCO ITAÚ S/A

1345 / 31 3249-3558

BELO HORIZONTE/MG

 

REMARKS: IN BRAZIL THE BANKS ARE PROHIBITED BY LAW TO PROVIDE INFORMATION OR ANY KIND OF COMMENTS ABOUT THEIR CLIENTS. DUE TO THIS LAW PROHIBITION WE ARE UNABLE TO PROVIDE ANY BANKING DETAILS.

 

ACCORDING TO THE CENTRAL BANK OF BRAZIL OFFICIAL REPORT, THE COMPANY HAS NO RETURNED CHECKS UP TO DATE. (IN THE TERMS OF "CIRCULAR 1682 BRAZILIAN CENTRAL BANK").

 

 

ACTIVITIES COMMENTS

 

THE SUBJECT IS ENGAGED IN THE MANUFACTURE, IMPORT AND EXPORT OF PHARMACEUTICAL PRODUCTS.

 

IMPORT AND EXPORT:

 

   IMPORTS FROM:

GERMANY, CHINA, SWITZERLAND, UNITED STATES AND INDIA.

 

   EXPORTS TO:

NOT AVAILABLE.

 

MAIN CLIENTS:

 

 

 

 

 

DOMESTIC CLIENTS:

 

 

DIANALMED LTDA

 

 

DISTRIBUIDORA VIANA GOMES

 

 

J N DE LIMA COMERCIAL

 

 

 

STAFF:

 

THE COMPANY HAS: 450 EMPLOYEE(S)

 

 

CONCEPT AND FULFILMENT

 

THE SUBJECT IS A WELL-ESTABLISHED COMPANY, OPERATING SINCE 1975. SO FAR IT HAS A CLEAR TRADE HISTORY AND NO PAYMENT PROBLEMS ARE NOTED.

 

THE COMPANY HAS TRADE RELATIONS WITH SOME SUPPLIERS IN BRAZIL. THE SUPPLIERS EXTEND CREDIT FACILITIES TO THE SUBJECT IN TERMS AND AMOUNTS ACCORDING TO THE COMPANY'S NEEDS AND SO FAR NO PAYMENT PROBLEMS ARE NOTED.

 

THE LAWSUITS REPORTED ARE NOT RELATED WITH TRADE DEBTS. THEY ARE RELATED TO TAX DEBTS THAT FOR ANY REASON THE COMPANY HAS NOT YET PAID. NEVERTHELESS WE POINT OUT THAT THE SAID LAWSUITS DO NOT AFFECT THE COMPANY’S TRADE REPUTATION.

 

MAIN SUPPLIERS:

 

 

 

 

 

DOMESTIC SUPPLIERS:

 

PHONE:

ALLPLAS IND E COMERCIO LTDA

 

11 4612-2233

CIEL - CONFIANÇA IMP EXP LTDA

 

21 3535-9550

COSMOQUIMICA

 

0800 116-633

DINALAB COM IMP EXP LTDA

 

11 5588-1444

FORLAB-CHITEC S/A COM INTERNACIONAL

 

21 2232-0038

HEXIS CIENTÍFICA S/A

 

11 4589-2706

INDUKERN DO BRASIL QUIMICA LTDA

 

11 3689-7666

KLOCKNER PENTAPLAST DO BRASIL LTDA

 

11 4613-9979

MACRON INDUSTRIA GRÁFICA LTDA

 

11 4393-8366

MAKENI CHEMICALS COM IND PROD SQUIM LTDA

 

11 4360-6400

PURIFARMA DISTRIB QUIMICA E FARM LTDA

 

11  272-5600

VALDEQUIMICA PRODUTOS QUIMICOS LTDA

 

11 3721-1077

VETEC QUIMICA FINA LTDA

 

21 3125-1920

 

PAYMENT HISTORY:

 

11 SUPPLIERS REPORTED PAYMENTS:

   TOTAL AMOUNT:  R$ 1.032.859,00

 

AMOUNT OF INVOICES PAID: 191

TOTAL OF PROMPT PAYMENTS: 96,6%

TOTAL OF DELAYED PAYMENTS: 3,4%

 

HIGHEST INVOICE: R$ 18.515,00

HIGHEST CREDIT: R$ 18.515,00

 

OUTSTANDING INVOICES DUE WITHIN THE NEXT 30 DAYS:

 

---------------------------

SUPPLIERS:

INVOICES:

TOTAL AMOUNT:

DUE WITHIN 30 DAYS

2

11

R$ 11.848,60

 

 

FINAL OPINION

 

BASED ON THE GENERAL INFORMATION AVAILABLE IT IS BELIEVED THAT GOOD TRADE RELATIONS MAY BE ESTABLISHED. CREDIT FACILITIES MAY BE EXTENDED WITHIN TERMS AND AMOUNTS ADEQUATE TO THE COMPANY'S FINANCIAL STRENGTH.

 

DESPITE THE NEGATIVE RESULTS SHOWED AN INITIAL CREDIT LIMIT OF US$ 500.000,00 MAY BE CONSIDERED. FOR HIGHER AMOUNTS IT IS RECOMMENDED SOME CAUTION.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.20

UK Pound

1

Rs.81.50

Euro

1

Rs.67.15

 

 

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.