MIRA INFORM REPORT

 

 

Report Date :

07.08.2012

 

IDENTIFICATION DETAILS

 

Name :

COMBINO PHARM SL  

 

 

Registered Office :

Calle Fructuos Gelabert 2, Sant Joan Despi, 08970

 

 

Country :

Spain

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1995

 

 

Com. Reg. No.:

B60777281

 

 

Legal Form :

Private Subsidiary Company

 

 

Line of Business :

Subject is engaged in development and marketing of generic pharmaceutical products

 

 

No. of Employees :

84

 

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 :

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)

Spain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Company name & address 

 

Combino Pharm Sl 

Calle Fructuos Gelabert 2

Sant Joan Despi, 08970

Spain

 

Tel:       +(34) 934808833

Fax:      +(34) 934808832

Web:    www.combino-pharma.es

 

 

Synthesis     

 

Employees:                  84

Company Type:            Private Subsidiary

Corporate Family:          2 Companies

Ultimate Parent:            Combino Pharm Sl

Incorporation Date:         1995

Auditor:                        Grant Thornton Sl          

Financials in:                 USD (Millions)

Fiscal Year End:            07-Oct-2011

Reporting Currency:       Euro

Annual Sales:               35.3  1

Net Income:                   1.3

Total Assets:                 57.6

 

 

Business Description     

 

Combino Pharm, S.L. (Combino Pharm, S.L. Inc) is a Spain based, pharmaceutical company engaged in development and marketing of generic pharmaceutical products. It provides more than 20 generic drugs in more than 80 different forms of presentation. It offers authorization dossier and supply drugs, ranging from active pharmaceutical ingredients (API) to finished products. It also provides various services such as logistic services, packaging services etc. The company sales its products through its own sales force for the whole of Spain, visiting doctors, pharmacies and hospitals and export all over the world. In addition the company has manufacturing plant for solid pharmaceutical forms has been fitted with state-of-the-art technology in its premises and machinery, enabling tablets, coated tablets and capsules to be manufactured with maximum efficiency and flexibility. Combino Pharm, S.L. is headquartered in Barcelona, Spain.

Industry

Industry            Personal and Household Products

ANZSIC 2006:    3720 - Pharmaceutical and Toiletry Goods Wholesaling

NACE 2002:      5146 - Wholesale of pharmaceutical goods

NAICS 2002:     424210 - Drugs and Druggists' Sundries Merchant Wholesalers

UK SIC 2003:    5146 - Wholesale of pharmaceutical goods

US SIC 1987:    5122 - Drugs, Drug Proprietaries, and Druggists' Sundries

 

           

Key Executives   

 

Name

Title

D Registros Ariadna Olle

Director/General Manager

Medichem Sl Corporacion

Administrator

Stampa Jager Elisabeth

Administrator

Des Farmaceutico Sergi Lloret

Computer Science Director

Aguasca Jaime

Commercial Manager

 

 

Registered No.(ESP):     B60777281

 

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7181707

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7411799

 

 

Corporate Overview

 

Location

Calle Fructuos Gelabert 2

Sant Joan Despi, 08970

Spain

Tel:       +(34) 934808833

Fax:      +(34) 934808832

Web:    www.combino-pharma.es

           

Sales EUR(mil):             25.4

Assets EUR(mil):           42.7

Employees:                   84

Fiscal Year End:            07-Oct-2011

Industry:                        Personal and Household Products

Incorporation Date:         1995

Company Type:             Private Subsidiary

Quoted Status:              Not Quoted

Registered No.(ESP):     B60777281

Director/General Manager: D Registros Ariadna Olle

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3720     -          Pharmaceutical and Toiletry Goods Wholesaling

 

NACE 2002 Codes:

5146     -          Wholesale of pharmaceutical goods

 

NAICS 2002 Codes:

424210  -          Drugs and Druggists' Sundries Merchant Wholesalers

 

US SIC 1987:

5122     -          Drugs, Drug Proprietaries, and Druggists' Sundries

 

UK SIC 2003:

5146     -          Wholesale of pharmaceutical goods

 

Business Description

Wholesale of pharmaceutical goods

 

More Business Descriptions

Combino Pharm, S.L. (Combino Pharm, S.L. Inc) is a Spain based, pharmaceutical company engaged in development and marketing of generic pharmaceutical products. It provides more than 20 generic drugs in more than 80 different forms of presentation. It offers authorization dossier and supply drugs, ranging from active pharmaceutical ingredients (API) to finished products. It also provides various services such as logistic services, packaging services etc. The company sales its products through its own sales force for the whole of Spain, visiting doctors, pharmacies and hospitals and export all over the world. In addition the company has manufacturing plant for solid pharmaceutical forms has been fitted with state-of-the-art technology in its premises and machinery, enabling tablets, coated tablets and capsules to be manufactured with maximum efficiency and flexibility. Combino Pharm, S.L. is headquartered in Barcelona, Spain.

 

Financial Data

Financials in:

EUR(mil)

 

Revenue:

25.4

Net Income:

1.0

Assets:

42.7

Current Assets:

25.1

 

Fixed Assets:

17.6

 

Long Term Debt:

5.0

 

Total Liabilities:

42.7

 

Issued Capital:

0.6

 

Net Worth:

21.1

 

 

 

Date of Financial Data:

07-Oct-2011

 

1 Year Growth

-0.4%

NA

NA

 

Key Corporate Relationships

Auditor:

Grant Thornton Sl

Bank:

Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander Central Hispano, S.A.

 

Auditor:

Grant Thornton Sl

 

 

 

 

 

 

 

 

 

 

 

 

Corporate Family

Corporate Structure News:

 

 

Combino Pharm Sl 
Total Corporate Family Members: 2 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Combino Pharm Sl

Parent

 

 

 

 

 

 

Combino Pharm Sl

Subsidiary

Sant Joan Despi, Barcelona

Spain

Personal and Household Products

35.3

84

 

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

Bionostra Aplicaciones Biotecnologicas S.L.U.

Madrid, Spain

 

Private

Chemo Group

Madrid, Spain

2,800

Private

Ecobi Farmaceutici S.A.S.

Ronco Scrivia, Spain

50

Private

Laboratorios Cinfa Sa

Huarte, Navarra, Spain

679

Public

Reig Jofre Group

Barcelona, Spain

600

Private

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Medichem Sl Corporacion

 

Administrator

Director/Board Member

 

Stampa Jager Elisabeth

 

Administrator

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

D Registros Ariadna Olle

 

Director/General Manager

Division Head Executive

 

Gil Silvia

 

Managing Director

Managing Director

 

Medichem Sl Corporacion

 

Administrator

Administration Executive

 

Stampa Jager Elisabeth

 

Administrator

Administration Executive

 

Des Farmaceutico Sergi Lloret

 

Computer Science Director

Information Executive

 

Aguasca Jaime

 

Commercial Manager

Commercial Executive

 

Social: 




Annual Profit & Loss

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.755078

0.719047

0.683679

Consolidated

No

No

No

 

 

 

 

Charges

37.6

40.5

53.2

    Stock Reduction

-

-

1.7

    Supplies

24.9

27.0

35.2

        Goods Consumption

4.1

1.4

0.8

        Consumption of Raw Materials

12.0

12.7

20.9

        Miscellaneous External Expenditures

8.8

12.9

13.4

    Staff Costs

6.2

6.8

6.7

        Wages and Salaries

4.9

5.4

5.0

        Social Security Costs

1.3

1.5

1.6

    Depreciation

0.8

0.7

0.6

    Allowance for Trade Operations

0.0

0.0

0.0

        Losses from Unrecovered Receivables

0.0

0.0

0.0

    Other Operating Charges

5.8

6.0

8.0

        External Services

5.6

5.8

7.4

        Taxes

0.2

0.2

0.6

    Financials and Similar Charges

0.4

0.8

1.1

        Due to Liabilities With Group Companies

0.3

0.5

-

        Due to Other Liabilities

0.1

0.2

1.1

    Exchange Losses

-

-

0.0

Net Financial Income

3.6

2.5

3.2

Profit From Ordinary Activities

0.3

-

0.2

    Changes in Provisions for Assets

0.2

0.0

0.0

    Losses From Assets and Securities Portfolio

0.1

-

0.0

Extraordinary Profit

0.1

0.1

3.0

Profit Before Taxes

0.4

-

3.2

    Corporation Tax

-0.8

-0.8

-0.3

Financial Year Result (Profit)

1.3

0.7

3.5

Income

38.8

41.2

56.7

    Net Total Sales

33.6

35.3

48.7

        Sales

33.4

35.2

48.4

        Rendering of Services

0.3

0.1

0.3

        Sales Refunds

0.0

0.0

0.0

    Increase in Stocks

0.0

1.6

-

    Works Performed for Fixed Assets

-

0.1

0.0

    Miscellaneous Operating Income

0.8

0.9

0.6

        Auxiliary Income From Current Management

0.8

0.8

0.3

        Grants

0.0

0.1

0.3

Operating Losses

3.3

2.7

3.0

    Income From Equity Investment

3.2

2.7

4.1

        In Group Companies

3.2

2.7

4.1

    Income From Other Securities and Receivables

0.0

0.0

0.0

        From Associated Companies

0.0

0.0

0.0

    Income From Miscellaneous Interests

0.8

0.4

0.2

        From Group Companies

0.1

0.1

0.1

        Miscellaneous Interests

0.6

0.0

0.1

        Profit on Financial Investment

0.1

0.3

0.1

    Gains from Exchange Rate

0.0

0.2

-

Ordinary Activities' Losses

-

0.2

-

    Capital Grants Transferred to Profit and Loss

0.0

-

0.0

    Extraordinary Income

0.3

0.1

3.1

Losses Before Taxes

-

0.1

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.745406

0.696986

0.719399

Consolidated

No

No

No

 

 

 

 

        Concessions, Patents, Trademarks

0.1

0.2

0.2

        Software

0.0

0.0

0.0

        Payments on Account

0.4

0.3

-

    Total Intangible Fixed Assets

0.5

0.5

0.3

        Technical Installations and Machinery

2.8

1.4

1.7

        Other Installations, Tools, and Furniture

1.1

0.5

0.6

        Tangible Fixed Assets Under Construction

0.0

2.9

0.4

        Other Tangible Assets

0.4

0.2

0.3

    Total Tangible Fixed Assets

4.3

5.1

3.0

        Investments in Group Companies

16.8

17.6

17.1

        Investments in Associated Companies

0.3

0.3

0.3

        Credits to Associated Companies

1.7

1.8

1.7

        Long-Term Guarantees and Deposits

0.0

0.1

0.1

    Financial Investments

18.8

19.8

19.2

Total Fixed Assets

23.6

25.4

22.4

        Raw Materials and Other Consumables

3.5

5.1

6.5

        Finished Products

4.2

4.6

2.7

        Payments on Account

0.0

0.0

0.0

    Total Stocks

7.7

9.7

9.2

        Trade Debtors

20.9

19.3

21.2

        Receivables, Group Companies

0.7

0.9

0.5

        Receivables, Associated Companies

0.8

1.1

0.6

        Other Debtors

0.1

0.0

0.1

        Staff

0.0

0.0

0.0

        Public Bodies

3.3

2.0

1.0

    Total Debtors

25.8

23.4

23.5

        Receivables from Group Companies

-

-

0.1

        Short-Term Guarantees and Deposits

-

0.0

0.0

    Total Short-Term Investments

-

0.0

0.1

    Cash

0.0

0.0

0.1

    Prepayments and Accrued Income

0.1

0.1

0.0

Total Current Assets

33.7

33.2

32.8

Total Assets

57.3

58.5

55.2

        Legal Reserve

0.2

0.2

0.2

        Miscellaneous Reserves

26.0

27.2

22.9

        Capital Adjustment to Euros

0.0

0.0

0.0

    Total Reserves

26.2

27.4

23.0

    Profit or Loss for the Financial Year

1.3

0.7

3.3

Total Equity

28.3

29.0

27.2

        Capital Grants

-

0.0

0.0

Total Deferred Income

-

0.0

0.0

        Loans and Other Liabilities

3.7

4.0

-

        Long-Term Liabilities from Capital Leases

0.2

0.4

0.5

    Total Amounts Owed to Credit Institutions

3.9

4.4

0.5

        Amounts Owed to Group Companies

1.7

5.8

7.6

    Total Debts with Group or Affiliated Companies

1.7

5.8

7.6

        Other Creditors

-

-

0.4

        Long-Term Payables to Public Bodies

1.2

0.5

0.6

    Total Other Creditors

1.2

0.5

0.9

Total Long Term Liabilities

6.7

10.7

9.1

        Loans and Other Liabilities

3.1

3.0

5.1

        Short-Term Liabilities from Capital Leases

0.1

0.2

0.2

    Total Amounts Owed to Credit Institutions

3.2

3.1

5.3

        Amounts Owed to Group Companies

11.0

7.1

5.6

        Amounts Owed to Associated Companies

0.9

0.6

0.4

    Total Short-Term Amounts Owed to Group and Associa

11.9

7.6

6.0

        Amounts Owed for Purchases of Goods or Services

5.8

6.4

6.2

    Total Trade Creditors

5.8

6.4

6.2

        Public Bodies

0.5

0.5

0.5

        Miscellaneous Debts

0.1

0.3

0.1

        Wages and Salaries Payable

0.8

0.8

0.7

    Total Other Creditors

1.4

1.6

1.4

Total Short Term Creditors

22.3

18.8

19.0

Total Liabilities and Equity

57.3

58.5

55.2

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.47

UK Pound

1

Rs.86.60

Euro

1

Rs.68.66

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.