MIRA INFORM REPORT

 

 

Report Date :

18.05.2012

 

IDENTIFICATION DETAILS

 

Name :

HOVIONE FARMACIĆNCIA, S.A.

 

 

Registered Office :

Sete Casas, Loures, 2674-506

 

 

Country :

Portugal

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

08.04.1959

 

 

Com. Reg. No.:

500135495

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Engaged in production of medicinally active substances

 

 

No. of Employees :

539

 

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

 

Status :

Satisfactory

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)

Portugal

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Hovione FarmaciĆŖncia, S.A.

 

 

 

Sete Casas

 

 

Loures, 2674-506

Portugal

 

Tel:

+351 219829000

Fax:

+351 219836801

 

Employees:

539

Company Type:

Public Subsidiary

Corporate Family:

2 Companies

Ultimate Parent:

Hovione Holding Ltd.

 

 

Incorporation Date:

08-Apr-1959

 

 

 

 

 

 

 

Fiscal Year End:

31-Mar-2011

Reporting Currency:

Euro

Annual Sales:

99.1

Total Assets:

132.5

 

 

 

 

 

 

Business Description

 

 

Hovione FarmaciĆŖncia, S.A. is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

 

 

Industry

 

 

Industry

Biotechnology and Drugs

ANZSIC 2006:

1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002:

2441 - Manufacture of basic pharmaceutical products

NAICS 2002:

32541 - Pharmaceutical and Medicine Manufacturing

UK SIC 2003:

2441 - Manufacture of basic pharmaceutical products

US SIC 1987:

2834 - Pharmaceutical Preparations

 

 

Key Executives

 

 

 

 

 

 

Name

Title

Guido Villax

Chief executive officer

JoĆ£o Sousa

Financial director

Pedro Gomes

Marketing manager

Rui Cardoso

Purchasing manager

Alberto Mesquita

Accountant

 

 

Registered No.(PRT)

 

500135495

 

 

Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7571683

Balance Sheet Item Exchange Rate: USD 1 = EUR 0.704672

 

 

Corporate Overview

 

Hovione FarmaciĆŖncia, S.A.

 

Location
Sete Casas
Loures, 2674-506
Loures County
Portugal

 

Tel:

+351 219829000

Fax:

+351 219836801

 

Sales EUR(mil):

75.1

Assets EUR(mil):

93.4

Employees:

539

Fiscal Year End:

31-Mar-2011

 

Industry:

Biotechnology and Drugs

 

Incorporation Date:

08-Apr-1959

Company Type:

Public Subsidiary

Quoted Status:

Not Quoted

Registered No.(PRT):

500135495

 

Chief executive officer:

Guido Villax

 

Industry Codes

 

 

 

ANZSIC 2006 Codes:

1841

-

Human Pharmaceutical and Medicinal Product Manufacturing

 

NACE 2002 Codes:

2441

-

Manufacture of basic pharmaceutical products

 

NAICS 2002 Codes:

32541

-

Pharmaceutical and Medicine Manufacturing

 

US SIC 1987:

2834

-

Pharmaceutical Preparations

 

UK SIC 2003:

2441

-

Manufacture of basic pharmaceutical products

 

 

Business Description

 

Hovione FarmaciĆŖncia, S.A. is primarily engaged in production of medicinally active substances to be used for their pharmacological properties in the manufacture of medicaments; and processing of blood. This class also includes: manufacture of chemically pure sugars; and processing of glands and manufacture of extracts of glands, etc.

 

 

 

 

 

 

Financial Data

 

Financials in:

EUR(mil)

 

Revenue:

75.1

Assets:

93.4

Current Assets:

40.7

 

Total Liabilities:

93.4

 

Issued Capital:

13.8

 

Net Worth:

30.2

 

 

 

Date of Financial Data:

31-Mar-2011

 

1 Year Growth

12.8%

NA

 

 

Key Corporate Relationships

 

 

Bank:

Banco Espirito Santo, Caixa Geral De DepĆ³sitos, Banco Bpi

 

 

 

 

 

Corporate Structure News:

 

Hovione FarmaciĆŖncia, S.A.

Hovione FarmaciĆŖncia, S.A.
Total Corporate Family Members: 2

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Hovione Holding Ltd.

Parent

 

 

 

 

 

 

Hovione FarmaciĆŖncia, S.A.

Subsidiary

Loures

Portugal

Biotechnology and Drugs

99.1

539

 

 

 

Executives Report



 

Board of Directors

 

Name

Title

Function

 

Miguel Calado

 

Member of the board of directors

Director/Board Member

 

NoĆ© ConceiĆ§Ć£o

 

Member of the board of directors

Director/Board Member

 

LuĆ­s Gomes

 

Member of the board of directors

Director/Board Member

 

Peter Villax

 

Member of the board of directors

Director/Board Member

 

Francisco Zeller

 

Member of the board of directors

Director/Board Member

 

 

Executives

 

Name

Title

Function

 

Guido Villax

 

Chief executive officer

Chief Executive Officer

 

Colin Minchom

 

Vice President - Particle Design Business Unit

Division Head Executive

 

JoĆ£o Sousa

 

Financial director

Finance Executive

 

Alberto Mesquita

 

Accountant

Accounting Executive

 

Ana Ferreira

 

Personnel manager

Human Resources Executive

 

Pedro Gomes

 

Marketing manager

Marketing Executive

 

Roger Viney

 

Commercial director

Commercial Executive

 

Rui Cardoso

 

Purchasing manager

Purchasing Executive

 

JoĆ£o Augusto

 

Executive

Other

 

Diane Villax

 

Executive

Other

 

 

 

Annual Profit & Loss

 

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate (Period Average)

0.757168

0.70861

0.707647

Consolidated

No

No

No

 

 

 

 

Total income

115.1

109.6

110.2

Net sales

99.1

93.9

90.5

Change in stock

2.5

-1.0

-0.8

Own work capitalised

1.5

2.4

1.2

Subsidies for operating costs

0.2

-

-

Supplementary operating income

-

0.1

0.0

Other operating income

8.9

5.2

8.2

Cost of goods sold

44.4

40.9

35.1

Cost of sales

44.4

40.9

35.1

Service costs

19.1

20.0

18.2

Total payroll costs

28.0

28.7

26.7

Fixed asset depreciation and amortisation

4.2

7.4

7.7

Other operating costs

11.4

0.5

0.7

Total financial income

2.8

8.6

10.3

Total expenses

3.7

10.4

11.6

Profit before tax

4.4

0.5

5.1

Extraordinary income

-

0.6

0.7

Extraordinary expenses

-

0.6

4.5

Other taxes

-

0.6

0.5

Total taxation

-0.4

-2.6

-1.2

Net profit

4.7

3.1

6.3

 


Annual Balance Sheet

 

 

 

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.704672

0.739044

0.753182

Consolidated

No

No

No

 

 

 

 

Issued capital

19.5

18.6

18.3

Surplus of revaluation

-

1.3

1.3

Available reserves

-

-0.5

-0.8

Total reserves

2.2

1.0

0.7

Profits for the year

5.1

3.0

5.9

Profit brought forward from previous year(s)

12.1

10.0

4.2

Capital subsidies and grants

3.9

0.5

0.5

Total stockholders equity

42.8

34.0

30.1

Other long-term liabilities

48.5

47.3

43.6

Trade creditors

12.6

11.1

14.1

Bank loans and overdrafts

13.6

-

1.3

Debts on fixed assets

-

0.9

1.0

Taxes

1.1

0.8

0.7

Other current liabilities

10.0

0.0

0.0

Total current liabilities

37.3

12.8

17.1

Total debts

89.7

73.4

71.5

Regularisation account

3.9

13.3

10.9

Total liabilities (including net worth)

132.5

107.4

101.7

Intangibles

6.7

18.1

16.2

Land

-

1.7

1.6

Buildings

-

26.6

25.6

Machinery and tools

-

0.5

0.5

Fixtures and equipment

-

127.4

118.4

Furniture and vehicles

-

13.2

12.6

Other fixed assets

-

11.2

8.7

Total tangible fixed assets

60.4

180.7

167.4

Other financial assets

0.0

0.0

0.0

Receivables due after 1 year

-

2.3

2.3

Depreciation and amortisation

-

-137.6

-128.4

Raw materials

-

10.5

7.8

Work in progress

-

-

1.7

Finished goods

-

8.3

9.2

Merchandise

-

0.1

0.0

Fixed assets for sale

-

-0.8

-1.3

Prepayments

0.1

0.0

0.1

Net stocks and work in progress

21.8

18.1

17.3

Trade debtors

12.0

13.3

15.9

Other receivables

2.3

1.2

1.0

General accounts

-

1.1

2.8

Doubtful receivables

-

-

-0.1

Cash and liquid assets

-

0.0

0.0

Money on deposit at bank(s)

20.2

1.8

0.6

Recoverable taxation

1.4

1.6

3.0

Total current assets

57.7

37.0

40.6

Prepaid expenses and deferred costs

7.6

6.9

3.6

Total assets

132.5

107.4

101.7

 

Annual Ratios

 

 

 

Financials in: USD (mil)

 

 

 

31-Mar-2011

31-Mar-2010

31-Mar-2009

Period Length

12 Months

12 Months

12 Months

Filed Currency

EUR

EUR

EUR

Exchange Rate

0.704672

0.739044

0.753182

Consolidated

No

No

No

 

 

 

 

Current ratio

1.40

2.90

2.40

Acid test ratio

0.90

1.50

1.40

Total liabilities to net worth

0.48%

0.46%

0.42%

Net worth to total assets

0.32%

0.32%

0.30%

Current liabilities to net worth

0.82%

0.38%

0.57%

Current liabilities to stock

1.61%

0.71%

0.99%

Fixed assets to net worth

1.75%

1.87%

1.91%

Collection period

41.00

53.70

68.10

Stock turnover rate

4.90

5.00

4.90

Asset utilisation

1.24%

1.19%

1.20%

Creditors to sales

84.20

81.60

84.10

Asset turnover

0.80%

0.84%

0.84%

Profit margin

0.05%

0.03%

0.07%

Return on assets

0.04%

0.03%

0.06%

Shareholders' return

0.12%

0.09%

0.20%

Sales per employee

139.28

123.43

118.81

Profit per employee

6.66

4.10

8.27

Return on capital

0.06%

0.04%

0.08%

Net worth

42.8

34.0

30.1

Number of employees

539

539

539

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.29

UK Pound

1

Rs.86.61

Euro

1

Rs.68.87

 

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.