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Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
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Name : |
OPKO CHILE S.A. |
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Registered Office : |
Agustinas 640 Piso 10 |
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Country : |
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|
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Financials (as on) : |
31.07.2011 |
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Year of Establishment : |
2006 |
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Legal Form : |
Private Stock Company |
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Line of Business : |
Elaboration, sale, import and export of generic drugs. |
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No. of Employees : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
1.411.000 US$ dollars |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
OPKO CHILE S.A.
Agustinas 640 Piso 10
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-7130700, 56-2-7130701
Fax : 56-2-7130711
E_Mail :
hberner@opko.com, ocisternas@opko.com
Web Site :
www.opko.com
Postal Code : 8320219
SUMMARY
Started
: 2006
Total Employees
: 60
Payments
: Prompt
Financial
Sit. : Normal
Economic
Sit.
: Normal
Sales
: 000's$
6.769.574.-
Net
worth
: 000's$
4.159.558.-
Current
profit
:
000's$ 568.756.-
Capital : 000's$
1.200.000.-
Sic(s) : 2834 - 5122
Line of Business: Elaboration, sale, import and export of generic drugs.
Credit Recommendation
000's
Pesos 000's US$
dollars 000's Euros
Conservative value : 585.000
1.283
897
Liberal value
: 643.500
1.411
986
If additional information is received or present information is rectified, this
recommendation may be modified.
Financial indicators
According to last financial statement, subject shows a normal financial
situation, as indicated in:
** Acceptable Working Capital
** Good Current Liquidity Ratio
** Normal Acid Test Ratio
Economic situation is normal, as reflected in:
** High Current Indebtedness Ratio
** High Total Indebtedness Ratio
** Good Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** High Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 11/04/2012 subject
does not register protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor Bulletin : As at 11/04/2012 does not register labor
infringements
Previsional Bulletin :
As at 11/04/2012 does not register pension fund's
infringements
Consolidated delinquency : As at 11/04/2012, subject does not register any
delinquent bill
TRADE REFERENCES
No credit experiences to date were obtained
Detail of
Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2007 08-10 Prompt
invoice
Open None
New 02-09
Cash
checks
- None
New 02-09
Cash
checks
- None
During the last 6 months, the account holder credit history shows 39 credit
review inquiries requested by financial institutions, credit reporting
agencies,
telecommunications companies.
The account holder
credit report reflects no delinquent payment history, no protests, and no
social security and/or work infringements as of the date of
this report.
AVERAGE PAYMENTS IN CHILE
International Risk and Payment Review reported in June 2011
The local delays in payment average 0-1 month.
FINANCIAL INFORMATION
S U M M A R Y
( Figures in Thousand Pesos, local currency )
From 01/01/2011
To 31/07/2011
CURRENT
ASSETS
11.984.349
CURRENT
LIABILITIES
7.972.898
WORKING CAPITAL
4.011.451
FIXED
ASSETS
57.890
OTHER
ASSETS
90.217
NET
WORTH
4.159.558
OPERATING
INCOMES
6.769.574
CURRENT
PROFIT(LOSS)
568.756
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/07/2011
Cash
205.456
Sales Debtors
6.779.445
Inventory
4.999.448
CURRENT
ASSETS
11.984.349
Net Fixed
Asset
57.890
FIXED
ASSETS
57.890
Other
90.217
OTHER
ASSETS
90.217
TOTAL
ASSETS
12.132.456
LIABILITIES
31/07/2011
Oblig.With Banks & Financ.Inst.Short Term
6.486.214
Accounts
Payable
395.746
Other Current
Liabilities
1.090.938
CURRENT
LIABILITIES
7.972.898
Paid
Capital
1.275.144
Other
Reserves
77.297
Accumulated
Profits
2.238.361
Current Profit
(Losses)
568.756
NET
WORTH
4.159.558
TOTAL
LIABILITIES
12.132.456
STATEMENTS OF
RESULTS
31/07/2011
Operating
Income
6.769.574
Operating
Cost
-4.106.894
OPERATING
MARGIN
2.662.680
Administration & Sales
Expenses
-1.791.751
OPERATING
RESULT
870.929
Other non Operating
Expenses
-302.173
NON OPERATING
RESULT
-302.173
Result Before Income
Tax
568.756
NET PROFIT(LOSS)
568.756
CURRENT
PROFIT(LOSS)
568.756
ECONOMIC - FINANCIAL RATIOS
31/07/2011
Working
Capital
(000's$)
4.011.451
Current Liquidity
(Times)
1,50
Acid
Test
(Times)
0,88
Collection Period Days (
Days)
360,52
Accounts Receivable
Turnover(Times)
1,00
Inventory Turnover
(Times)
0,82
Current Indebtedness
(Times)
1,92
Total Indebtedness
(Times)
1,92
Solvency
(Times)
1,52
Assets Tying
Up
( %
)
0,48
Profitability Over Sales ( %
)
8,40
Profitability Over Assets ( %
)
4,69
Profitability Over Net Worth( %
)
15,84
BANKS
Subject operates with the following banks:
- Banco Bice
- Banco de Chile ACCT # 63505-07
- Banco Itau Chile
OPERATIONS
Line of Business :
Elaboration, sale, import and export of generic drugs.
Hires manufacture services from external laboratories.
Classification according to commercial activity:
Sic: 2834-0000 Pharmaceutical preparations
Sic: 5122-0000 Drugs, proprietaries, and sundries
Subject is considered as a medium company in this line of business, strong
competition
Sales
Sales are steady throughout the year
100% wholesalers
National sales territory
Products are sold
National: 100%.
Sales conditions: 5% cash and 95% credit
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Argentina
100,00 0,00
Historical registries
Total 2011 = 000's$ 3.055
Total 2009 = 000's$ 53.764
Total 2008 = 000's$ 0
Customers
Main customers are: Drugstores, hospitals, public companies.
The 5 most important customers are:
Farmacias Ahumada S.A., Central de Abastecimiento del Sistema Nacional
del
Servicio de Salud, Salcobrand S.A., Fasa Chile S.A., Servicio
Nacional de
Salud
Purchases
Places orders with multiple suppliers
National: 20%
International: 80%
Purchase conditions: 80% letter of credit and 20% collection
Imports from Germany, Argentina, China, Colombia, India, Mexico, Peru,
Switzerland and United States
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
India
65,62 89,70
China
22,58 4,16
Argentina
10,55 6,06
United States
0,56 0,06
Switzerland
0,40 0,00
Germany
0,17 0,00
Peru
0,11 0,00
Colombia
0,00 0,00
Mexico
0,00 0,00
Historical registries
Total 2011 = 000's$ 4.417.497 Accumulated 2012 = 000's$ 1.250.993
Total 2010 = 000's$ 6.465.972
Total 2009 = 000's$ 3.777.692
Total 2008 = 000's$ 4.578.927
Total 2007 = 000's$ 1.069.227
Total 2006 = 000's$ 0
Main suppliers
- Comercializadora Rigg Ltda.
- Distribuidora Portland S.A.
Employees: 60 employees
Location
- Administration offices at Agustinas 640 Piso 10 Santiago, Chile,
downtown-commercial area, main street of busy traffic,
construction in good
conditions
Branches
Subject does not have any branch
RELATED COMPANIES
Subject does not have any related company.
FIXED ASSETS
Real estates
Subject does not register real estates
Vehicles
Subject has no vehicles
Machinery & Instalations
Equipments and machinery, not specified
INSURANCES
Insurance Company:
-Chubb de Chile Cia. de Seguros Generales S.A.
Risks : Total
cover.
Objetive : Inventory.
BOARD OF DIRECTORS
President & Director : Phillip Frost
Director
: Jane Hsiao
Director
: Steven Rubin
Director
: Rao Uppaluri
Director
: Kate Inman
ADMINISTRATION
General Manager : Hans Berner Soto
Commercial Manager : David Rivas
Finances Manager : Horacio Marambio
Finances
Mgr : Jessica Martínez
Controller : Oscar Cisternas
LEGAL INFORMATION
Legal Structure :
Private Stock Company
Constitution date :
22/09/2006. Registered as"Pharma Genexx S.A."
Notary : José Musalem Saffie, Santiago
Term of duration :
Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated 28/09/2006
page Nº 12
Current Social Capital: 000's$ 1.200.000.-Divided to 120.- registered shares
unique series
Social Initial Capital: 000's$ 1.200.000.-
Shareholder : 1
- 100,00% Opko Health Inc. (United States)
Administration is held by General Manager.
Legal changes
Public Deed dated 26/07/2010, notary Patricio Raby Benavente, Santiago,
published in the Official Gazette dated 30/07/2010 page N° 8, corporate name
was
modified: "Pharma Genexx S.A." by "Opko Chile S.A."
PUBLICATIONS
Information regarding subject is supplied as follows
NOTA ESPECIAL: of 12/04/2012 OPKO Health Acquires Chilean Pharmaceutical
Company
OPKO Health, Inc. (NYSE Amex: OPK) today announced that it has entered into a
definitive agreement to acquire Pharma Genexx S.A., a privately-held Chilean
pharmaceutical company engaged in the representation, importation,
commercialization and distribution of pharmaceutical products, OTC products and
medical devices for the government, private and institutional markets.
OPKO will acquire Pharma Genexx S.A. for US $16 million in an all cash
transaction from FASA, the largest drugstore chain in Latin America, and
Laboratorios Volta S.A., a Chilean pharmaceutical company. Pharma Genexx
started
operations in 2006 and has since enjoyed continued growth in sales and profits.
Pharma Genexx had sales of approximately US $11 million in 2008 and
approximately US $7.6 million for the first six months of 2009.
Miami-based OPKO is a specialty healthcare company involved in the
discovery, development, and commercialization of proprietary pharmaceutical
products, medical devices, vaccines, diagnostic technologies and imaging
systems. Initially focused on the treatment and management of ophthalmologic
diseases, OPKO has since expanded into other areas of major unmet medical need
such as oncology, infectious diseases and neurological disorders. -
INFORMATION SOURCES
On 12/04/2012 Mr. Oscar Cisternas, Controller, confirmed the data shown
in this
report.
-Other outside information sources.
Exchange rate
-As at 16/04/2012 $484,58 Per US$
-As at 31/07/2011 $455,91 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.