MIRA
INFORM REPORT
|
Report Date : |
20.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
LABORATORIO SANDERSON
S.A. |
|
|
|
|
Registered Office : |
Carlos Fernández 244 - San Joaquín Santiago XIII Region Metropolitana |
|
|
|
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Country : |
CHILE |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1950 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
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Line of Business : |
Laboratory of pharmaceutical products, injectable products, parenteral solutions, sterile liquids for dialysis (small and large volume) |
|
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No. of Employees : |
600 |
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 : |
000's US$
dollars 4.583
|
|
Status : |
Satisfactory |
|
Payment Behaviour : |
Regular |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
IDENTIFICATION
LABORATORIO SANDERSON
S.A.
Carlos Fernández 244 - San Joaquín
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-4627000
Fax : 56-2-5516553
E_Mail
: jorge.cubillos@fresenius-kabi.cl
Web Site :
www.sanderson.cl
SUMMARY
Started : 1950
Total
Employees
: 600
Payments : Prompt
Financial
Sit.
: Normal
Economic
Sit.
: Regular
Sales
: 000's$
38.758.536.-
Net
worth
: 000's$
12.970.859.-
Current
profit
:
000's$ -766.035.-
Capital
: 000's$
6.000.000.-
Sic(s) : 8071
Line of Business: Laboratory of pharmaceutical products. Manufacturing of
sterile liquids.-
Credit Recommendation
000's Pesos 000's US$ dollars
000's Euros
Conservative value :
1.950.000
4.167
3.137
Liberal value
:
2.145.000
4.583
3.451
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
** Good Acid Test Ratio
Economic situation is regular, as reflected in:
** Acceptable Current Indebtedness Ratio
** Very High Total Indebtedness Ratio
** Good Solvency Ratio
** Negative Profitability Over Sales Ratio
** Negative Profitability Over Assets Ratio
** Negative Profitability Over Net Worth Ratio
COMMERCIAL INFORMATION
Commercial Bulletin : As at 16/01/2012 subject does not register protested
checks, bank drafts nor
promissory notes in the
commercial information bulletin
Labor Bulletin : As at 16/01/2012 does not register labor
infringements
Previsional Bulletin :
As at 16/01/2012 does not register pension fund's
infringements
Consolidated delinquency : As at 16/01/2012, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since 1995
Last purchase : 12-2011
Terms : 90 days
Payment : Prompt
Notes : current account
Credit : (000'sUS$) 200.000
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 65.000
Old : Since 2003
Last purchase :
12-2011
Terms : 30 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 12.000
Owes : -
Due : Does not Register
Paying Comments : Good
Purchase Aver. : (Monthly
000's$) 2.700
Old : Since 1990
Last purchase :
12-2011
Terms : cash
Payment : Prompt
Notes : cash
Credit : -
Owes : Does not Register
Due : Does not Register
Paying Comments : Excellent
As a customhouse broker, supplier does not grant lines of credit.
Detail of
Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1990 05-11 Prompt
invoice
- None
Since 2003 05-11 Prompt
invoice
12.000 3.000
Since 2002 05-11 Prompt
invoice
Open
-
Since 1995 06-11 Slow current
account
200.000 25.000
Since 1986
Prompt
invoice
Open None
Since 2002 04-10 Prompt
invoice
Open None
Since 2002 04-10 Prompt
invoice
Open None
Since 1998 03-10 Prompt
invoice
Open None
Since 1991 04-10 Prompt current
account
Open None
Since 2002 04-10 Prompt invoice
Open None
Since 2003 04-10 Prompt
invoice
Open None
Since 1995 04-10 Slow current
account
200.000 None
Since 2002 04-10 Prompt
invoice
Open None
Since 1986 03-10 Prompt
invoice
Open None
Since 2002 06-09 Prompt
invoice
Open None
Since 1995 06-09 Slow current
account 200.000
None
Since 2002 07-09 Prompt
invoice
Open None
Since 1986 05-09 Prompt
invoice
Open None
Since 1998 06-09 Prompt
invoice
Open None
Since 1991 06-09 Prompt current
account
Open None
Since 1991 09-08 Prompt current
account
Open None
Since 1995
Slow current
account
200.000 None
Since 1986 08-08 Prompt
invoice
Open None
Since 2002 09-08 Prompt
invoice
Open
-
30 years 04-08 Slow
invoice
370.000 None
Since 1986 04-08 Prompt
invoice
Open None
13 years 04-08 Slow
current
account
200.000 125.000
Since 1991 04-08 Prompt current
account
Open None
7 years 04-08 Prompt
attached
check
Open None
Since 1986 11-06 Prompt
invoice
Open None
13 years 04-07 Slow
current
account
200.000 125.000
30 years 04-07 Slow
invoice
370.000
-
Since 2002 04-07 Prompt
invoice
Open
-
Since 1991 04-07 Prompt current
account
Open
-
15 years 04-06 Prompt current
account
Open 180.000
20 years 04-06 Prompt
invoice
Open
-
5 years 04-06 Prompt
invoice
-
-
30 years 04-06 Prompt
invoice
370.000
-
30 years 06-05 Prompt
invoice
Open
-
20 years 05-05 Prompt
invoice
Open
-
10 years 07-05 Prompt current
account
Open 35.000
5 years 07-05 Prompt
invoice
-
-
10 years 03-03 Prompt
invoice
Open 50.000
30 years 03-04 Prompt
invoice
Open 300.000
During the last 6
months, the account holder credit history shows 99 credit
review inquiries requested by financial institutions, credit reporting
agencies,
industries, insurance companies and laboratories.
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 May 2011
The local delays in payment average 0-1 month.
FINANCIAL INFORMATION
C O M P
A R A T I V E - S U M M A R Y
( Figures in Thousand Pesos, local currency )
From 01/01/2010 01/01/2009
To 31/12/2010 31/12/2009
CURRENT
ASSETS
24.266.420 17.586.629
CURRENT
LIABILITIES
15.988.455 13.144.074
WORKING
CAPITAL
8.277.965 4.442.555
FIXED
ASSETS
15.291.725 21.400.008
OTHER
ASSETS
7.791.390 1.283.704
LONG TERM LIABILITIES
18.390.221 13.117.329
NET
WORTH
12.970.859 14.008.938
OPERATING
INCOMES
38.758.536 19.573.461
CURRENT PROFIT(LOSS)
-766.035 -527.158
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2010 31/12/2009
Cash
425.875 941.730
Term
Deposits
540.000
0
Sales
Debtors
13.106.115 9.971.461
Notes Receivable
47.497 100.704
Sundry
Debtors
17.880
0
Inventory
7.147.646 4.368.435
Taxes Recoverable
1.627.378 1.438.967
Pre-Paid
Expenses
60.469
0
Deferred
Taxes
1.293.560
0
Other Current
Assets
0 765.332
CURRENT
ASSETS
24.266.420 17.586.629
Land
2.425.551 2.425.552
Contructions & Infrastructure Works
11.966.887 7.538.120
Machineries &
Equipments
18.116.279 15.879.471
Other Fixed
Assets
0 4.901.364
Depreciations
-17.216.992 -9.344.499
FIXED
ASSETS
15.291.725 21.400.008
Investments in Related
Companies
527.036 785.808
Investments in Other
Partnerships
735.040
0
Notes & Accts Receivable Related
Comp.
0 127.932
Intangibles
321.023 321.019
Amortization
-281.185
0
Other
6.489.476
48.945
OTHER
ASSETS
7.791.390 1.283.704
TOTAL
ASSETS
47.349.535 40.270.341
LIABILITIES
31/12/2010 31/12/2009
Oblig.With Banks & Financ.Inst.Short
Term
6.935.737 8.920.570
Obligation With Publics (Trade
Effects)
944.834
0
Dividends
Payable
0 21.804
Accounts
Payable
994.051
0
Notes
Payable
229.365
0
Sundry Creditors
6.006.597 1.731.661
Notes & Accts Payable Related
Companies
0 397.747
Provisions
413.928 1.750.000
Withholdings
293.095
0
Income
Tax
71.396
0
Other Current
Liabilities
99.452 322.292
CURRENT
LIABILITIES
15.988.455 13.144.074
Oblig.with Banks & Financial
Intitutions
15.764.637 13.022.302
Sundry
Creditors
2.625.584
0
Provisions
0 80.532
Other Long Term
Liabilities
0 14.495
LONG TERM
LIABILITIES
18.390.221 13.117.329
Paid
Capital
8.169.591 7.678.982
Reserve Capital
Revaluaton
5.523.355 5.272.299
Reserve Future
Dividends
23.222
0
Accumulated
Profits
20.726 1.584.815
Current Profit
(Losses)
-766.035 -527.158
NET
WORTH
12.970.859 14.008.938
TOTAL
LIABILITIES
47.349.535 40.270.341
STATEMENTS OF
RESULTS
31/12/2010 31/12/2009
Operating
Income
38.758.536 19.573.461
Operating
Cost
-27.241.342 -14.069.173
OPERATING
MARGIN
11.517.194 5.504.288
Administration & Sales
Expenses
-13.023.690 -4.345.436
OPERATING
RESULT
-1.506.496 1.158.852
Financial
Incomes
1.249.906
992
Other non Operating
Incomes
0 390.410
Financial
Expenses
-706.288 -737.641
Other non Operating
Expenses
-1.272.852 -442.401
Monetary
Correction
160.199 -777.484
NON OPERATING
RESULT
-569.035 -1.566.124
Result Before Income Tax
-2.075.531 -407.272
Income
Tax
1.309.496 -119.886
NET
PROFIT(LOSS)
-766.035 -527.158
CURRENT
PROFIT(LOSS)
-766.035 -527.158
ECONOMIC - FINANCIAL RATIOS
31/12/2010
31/12/2009 Average
Working
Capital
(000's$) 8.277.965
4.442.555 6.360.260
Current Liquidity
(Times)
1,52
1,34 1,43
Acid
Test
(Times)
1,07 1,01
1,04
Collection Period Days (
Days)
122,34
185,25 153,80
Accounts Receivable
Turnover(Times)
2,94
1,94 2,44
Inventory Turnover
(Times)
3,81
3,22 3,52
Current Indebtedness
(Times)
1,23
0,94 1,09
Total Indebtedness
(Times)
2,65
1,87 2,26
Solvency
(Times)
1,38
1,53 1,46
Assets Tying
Up
( % )
32,30
53,14 42,72
Profitability Over Sales ( %
)
-1,98
-2,69 -2,34
Profitability Over Assets ( %
)
-1,62
-1,31 -1,47
Profitability Over Net Worth( %
)
-5,58
-3,63 -4,61
BANKS
Subject operates with the
following banks:
- Banco Bice, main office Teatinos 220, Santiago
- Banco Santander Chile, main office Bandera 140, Santiago
- Corpbanca, main office Huérfanos 1072, Santiago
OPERATIONS
Line of Business : Laboratory of pharmaceutical products, injectable products,
parenteral solutions, sterile liquids for dialysis (small
and large volume).-
With certification ISO: 2000 granted by certifier BVQI.
Classification according to commercial activity:
Sic: 8071-0000 Medical laboratory
Commercializes:
- Gore-Tex
Subject is considered as a large company in this line of business, normal
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 55%.
Sales conditions: Cash and credit. through special agreement.
International: 45%.
Sales conditions: Cash and credit. through special agreement.
Exports to Brazil, Colombia, Costa Rica, Cuba, Ecuador, Guatemala, Netherlands,
India, Mozambique, Birmania, Panama, Paraguay, Peru, Dominican Republic, United
States, Uruguay, Venezuela and Vietnam.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Paraguay
18,04 12,73
Venezuela
15,42 30,34
Ecuador
15,18 11,38
Peru
14,32 6,66
Costa
Rica
10,88 13,50
Colombia
9,25 13,46
Cuba
3,90 1,72
Netherlands
3,86 3,32
Dominican
Republic
2,89 2,09
Brazil
2,63 0,96
Panama
1,99 2,33
India
0,62 1,00
Mozambique
0,46 0,00
Birmania
0,27 0,00
Vietnam
0,14 0,05
Uruguay
0,10 0,36
Guatemala
0,03 0,00
United
States
0,02 0,02
Historical
registries
Total 2010 = 000's$ 6.186.249 Accumulated
2011 = 000's$ 6.848.179
Total 2009 = 000's$ 5.651.494
Total 2008 = 000's$ 6.291.478
Total 2007 = 000's$ 4.456.187
Total 2006 = 000's$ 3.814.646
Total 2005 = 000's$ 3.961.896
Total 2004 = 000's$ 3.660.968
Customers
Main customers are: Private hospitals, hospitals, medical centers
among other
The 10 most important customers are:
Clinica Davila y Servicios Medicos S.A., Clinica Alemana de Santiago
S.A.,
Clinica Las Condes S.A., Ejercito de Chile Hospital Militar de Santiago,
Hospital Clinico de la Fuerza Aerea General Dr. Raul Yazigi Jauregui,
Hospital
Clinico de la Universidad de Chile Dr. Jose Joaquin Aguirre, Fondo
Hospital de
la Direccion de Prevision de Carabineros de Chile, Clinica Universidad
Catolica
S.A. and Clinica Santa Maria S.A.
Purchases
Domestic and international purchases
National: 5%
International: 95%
Imports from Germany, Argentina, Austria, Brazil, China, Colombia, Costa Rica,
Denmark, Spain, France, Netherlands, India, England, Israel, Italy, Latvia,
Mexico, New Zealand, Poland, Czech Republic, Switzerland and United States
Records of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
China
48,80 29,65
Brazil
12,38 4,48
United
States
12,35 15,71
Colombia
5,97 3,21
Germany
5,21 25,93
Mexico
3,06 9,20
Denmark
2,24 0,22
New
Zealand
1,62 1,81
Switzerland
1,53 0,35
England
1,43 0,88
France
1,07 3,69
Czech
Republic
0,96 0,68
India
0,94 2,18
Italy
0,76 0,68
Netherlands
0,75 0,56
Latvia
0,44 0,36
Argentina
0,22 0,11
Spain
0,15 0,00
Israel
0,06 0,08
Austria
0,05 0,07
Poland
0,03 0,03
Costa
Rica
0,00 0,00
Historical
registries
Total 2010 = 000's$ 7.352.723 Accumulated
2011 = 000's$ 10.092.531
Total 2009 = 000's$ 5.176.642
Total 2008 = 000's$ 5.641.918
Total 2007 = 000's$ 1.431.516
Total 2006 = 000's$ 1.803.215
Total 2005 = 000's$ 5.880.335
Total 2004 = 000's$ 2.711.307
Main suppliers
- Agencia de Aduana Ricardo Fuenzalida Polanco y Cia. Ltda.
- Agencia de Representaciones Limitada
- Comercial Biggi (Chile) S.A.
- Cristalerias Toro S.A.I.C.
- Favina Fabrica de Vidrios Maule Limitada
- General Electric de Chile S.A.
- Impresos y Cartonajes S.A.
- Plasticos España S.A.
- Sociedad de Productos Autoadhesivos Adhesol Ltda.
Employees: 600 employees
Location
- Plant and management located at Carlos Fernández 244 San Joaquín
Santiago,
Chile, industrial area, street of normal traffic, construction in
good
conditions
Branches (16/01/2012)
Subject does not have any branch
RELATED COMPANIES
Subject is related to the following companies:
National
- Distribuidora y Drogueria Sanderson Ltda. (Inactive)
- Tecnologia Industrial Medica Ltda. (Inactive)
- Fresenius Kabi Chile Limitada T A X 77478120-K San Joaquín Santiago
(This
company is owner of 99,9% of Inversiones F K Chile Ltda)
- Alimentos Dieteticos y Lacteos S.A. (Inactive)
International
- Laboratorio Sanderson S.A, Peru It acts as an affiliate company.
FIXED ASSETS
Real estates
Subject registers real estates
- Carlos Fernández 244 San Joaquín Santiago-Chile, Fiscal value of 000's$
2.439.753.-, rol Nº 205-14
- Industry. Carlos Fernández 249 San Joaquín Santiago-Chile, Fiscal value
of
000's$ 157.359.-, rol Nº 105-22
Total fiscal appraisal $2.597.113.093.-
Vehicles
Owns vehicles for the company's use
2 vans Kia(2002 and 2005).
Machinery & Instalations
Own equipment
- Packers , tablet machines , sealers , labeling machines and other
necessary
elements .
INSURANCES
Insurance Company:
-Mapfre Cia. de Seguros Generales de Chile S.A.
Due
: Unspecified due dates
In force : Annual
Risks : Total
cover.
Objetive : All assets.
BOARD OF DIRECTORS
President
: Marc Cruton
Director
: Mariano Ojeda Martínez
Director
: Alain Mollard
Director
: Martín Sebaux
Director
: América Adriana Segura Torres TAX:22157411-7
ADMINISTRATION
Director & General : Mariano Ojeda
Martínez
Manager
Director & Manager : América Adriana
Segura Torres TAX:22157411-7
Finances
Commercial Manager : Pedro Pablo Echeverría
Bascuñán TAX:5319954-2
Operations Manager : Oscar Delgado
General Accountant : Cristian Paz
Accountant
: Mario Boudon
LEGAL INFORMATION
Legal Structure
: Private Stock Company
Constitution date :
1950. Authorized by Executive Decree Nr 9.340 of Nov
23rd, 1950.
Term of duration
: Indefinite
Legal Address : Santiago - Chile
Current Social Capital: 000's$ 6.000.000.-Divided to 10.000.000.- registered
shares unique series
Social Initial Capital: 000's$ 100.000.-
Shareholder : 2
- 95,38% Inversiones F K Chile Ltda.
- 4,62% Other Shareholders
Administration is held by Director & General Manager.
Legal changes
Public Deed dated 30/04/1987, notary Carlos Montero Hechepleitner, published in
the Official Gazette dated 11/08/1987 page N° 7, capital was increased: from
$100.000.000 to $500.000.000 divided into 10.000.000 registered shares of $50
each one.
Public Deed dated 25/05/1999, notary Fernando Celis Urrutia, San Joaquín
Santiago, published in the Official Gazette dated 07/06/1999 page N° 14,
capital
was increased: from $500.000.000 to $6.000.000.000 divided into 10.000.000
registered and no par value shares of one series.
INFORMATION SOURCES
On 16/01/2012 Mr. Mario Boudon, Accountant, confirmed the data shown in
this
report.
-Other outside information sources.
Exchange rate
-As at 18/01/2012 $496,68 Per US$
-As at 31/12/2010 $468,01 Per US$
-As at 31/12/2009 $507,10 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.29 |
|
|
1 |
Rs.77.60 |
|
Euro |
1 |
Rs.64.67 |
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.