MIRA INFORM REPORT

 

 

Report Date :

02.11.2012

 

IDENTIFICATION DETAILS

 

Name :

KLONAL S.R.L.

 

 

Registered Office :

Lamadrid 669, Bernal, Buenos Aires Province

 

 

Country :

Argentina

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

18.05.1973

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Production & commercialization of medicinal specialities

 

 

No. of Employees :

257 employees

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Argentina

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

argentina - ECONOMIC OVERVIEW

 

Argentina benefits from rich natural resources, a highly literate population, an export-oriented agricultural sector, and a diversified industrial base. Although one of the world's wealthiest countries 100 years ago, Argentina suffered during most of the 20th century from recurring economic crises, persistent fiscal and current account deficits, high inflation, mounting external debt, and capital flight. A severe depression, growing public and external indebtedness, and a bank run culminated in 2001 in the most serious economic, social, and political crisis in the country's turbulent history. Interim President Adolfo RODRIGUEZ SAA declared a default - the largest in history - on the government's foreign debt in December of that year, and abruptly resigned only a few days after taking office. His successor, Eduardo DUHALDE, announced an end to the peso's decade-long 1-to-1 peg to the US dollar in early 2002. The economy bottomed out that year, with real GDP 18% smaller than in 1998 and almost 60% of Argentines under the poverty line. Real GDP rebounded to grow by an average 8.5% annually over the subsequent six years, taking advantage of previously idled industrial capacity and labor, an audacious debt restructuring and reduced debt burden, excellent international financial conditions, and expansionary monetary and fiscal policies. Inflation also increased, however, during the administration of President Nestor KIRCHNER, which responded with price restraints on businesses, as well as export taxes and restraints, and beginning in early 2007, with understating inflation data. Cristina FERNANDEZ DE KIRCHNER succeeded her husband as President in late 2007, and the rapid economic growth of previous years began to slow sharply the following year as government policies held back exports and the world economy fell into recession. The economy has rebounded strongly from the 2009 recession, but the government's continued reliance on expansionary fiscal and monetary policies risks exacerbating already high inflation.

 

Source : CIA

 

 

 

Registered Name   

 

KLONAL S.R.L.

CUIT Nro. 30-57456436-7

 

 

Summary      

 

INCORPORATED IN 1973. BEGINNER OF ACTIVITIES. SOCIAL CAPITAL $ 32.094,96. BALANCE SHEET AS OF 30/09/2011. IT DOESN'T REGISTER NEGATIVE. FIT FOR CREDITS IN ACCORDANCE WITIH ITS RESOURCES WITH THE REQUEST OF  APPROPRIATE GUARANTEES.

 

 

Operations       

 

MEDICINAL SPECIALITIES
PRODUCTION
COMMERCIALIZATION

 

 

Legal Structure   

 

Business type:      Limited Liability Company
Incorporated:       18/05/1973
Registered:         1973
Duration:           99 years
End of fiscal year: September 30th

 

 

Contact       

 

 Accountant Labandeira.

LEGAL ADDRESS: Avda. Rivadavia 2151 piso 23, Buenos Aires City.

Administration address: Lamadrid 669, Bernal, Buenos Aires Province.

Phone: 54-11) 4251.1354/4252.7192
E.Mail: klonal@klonal.com.ar
Website: www.klonal.com.ar

Production plant: Lamadrid 802 (1878), Quilmes,
Buenos Aires Province, Argentina.

Alternate address: Marcelo T. de Alvear 46, Quilmes, Buenos Aires Province.

 

 

Partners     

 

Partner:  IAIZA SUSANA
Partner:  SANTANDER NICOLAS ALFREDO
Partner:  SANTANDER MARIELA JUDITH
Partner:  ROSA ANA NORMA

Using signature: Found by Mr. NICOLAS ALFREDO SANTANDER Manager in character.

 

 

Corporate Stock       

 

The company's corporate stock is of $ 32.094,96, which is equally contributed by the mentioned partners.

 

 

Personal Information   

 

NICOLAS ALFREDO SANTANDER
Argentinian, born on 11/10/l979, DNI. 27.655.198, married to Cecilia Naselo, Bachelor in Business Administration, with address in Matienzo 3797 Barrio J.Espinosa, Cordoba.

He is registered in the following companies:

HARAS Y STUD NIMANOR S.R.L.
PANPHARMA S.A.
DROGUERIA GENERAL S.A.

NORMA ANA ROSA
Argentinian, adult, DNI. 5.748.484, widow of Alfredo Raul Santander, National Public Accountant, with same address than the aforementioned.

She is registered in HARAS Y STUD NIMANOR S.A.

MARIELA JUDITH SANTANDER
Argentinian, adult, DNI. 24.120.208, married to Jorge Luis Ninci, Biochemist, with address in O´higgins 53909 Barrio San Carlos, Cordoba.

She is registered in HARAS Y STUD NIMANOR S.A.

SUSANA IAIZA
Argentine, born in 29.7.1957, DNI. 13.372.196, single, daughter of Rosa Pasetti and Jose Iaiza, address at Avda. Rivadavia 2151, Ciudad de Buenos Aires.

 

 

History   

 

These commercial activities were directly started by this company on May 18th 1973.

The company is dedicated to the production and commercialization of speciality medicines.

 

 

Economic-Financial Position   

 

GENERAL BALANCE SHEET TO THE 30 OF SEPTEMBER OF 2011:

GENERAL STRUCTURE.

CURRENT ASSETS            $  54,172,333

CURRENT ASSETS            $   8,428,838

CURRENT LIABILITIES       $  33,722,678

EQUITY                    $  28,878,493

NET SALES                 $ 111,930,629

FINAL UTILITY             $   1,871,078

ECONOMIC COMMENTARY:
----------------------
In the previous period there was an increase in sales of 25.7%, although the end result was much lower, leaving in meager profit.

It should be noted that the final result negatively influenced the higher cost of sales were 34.2%, 18.5% marketing and administrative 44.3%.

To date there are no known adverse alternatives in developing his efforts and assigned stable outlook.

 

 

Balance Sheet       

 

 Balance Sheet/s 30/09/2011     30/09/2010        30/09/2009

Total Assets    $ 62.601.171,00                        $ 51.049.405,00                        $ 38.035.001,00

Current Assets $ 54.172.333,00                        $ 42.146.281,00                        $ 31.073.615,00

Banks             $ 0,00                                      $ 0,00                                      $ 0,00

Accounts Receivables                                      $ 0,00                                      $ 0,00      $ 0,00

Inventory          $ 26.572.237,00                        $ 19.796.580,00                        $ 10.471.541,00

Fixed Assets   $ 0,00                                      $ 0,00                                      $ 0,00

Non-Current Assets                                         $ 8.428.838,00                          $ 8.903.124,00     $ 6.961.386,00

Investments     $ 0,00                                      $ 0,00                                      $ 0,00

Total Liabilities $ 33.722.678,00                        $ 24.042.246,00                        $ 15.638.413,00

Current Liabilities                                             $ 33.722.678,00                        $ 24.042.246,00   $ 15.638.413,00

Non-Current Liabilities                                      $ 0,00                                      $ 0,00      $ 0,00

StockHolders Equity                                        $ 28.878.493,00                        $ 27.007.159,00   $ 22.396.588,00

Net Sales        $ 111.930.629,00                      $ 89.051.267,00                        $ 71.195.854,00

Cost of Good Sold                                           $ 84.127.316,00                        $ 62.702.009,00   $ 48.921.429,00

Gross Result   $ 27.803.313,00                        $ 26.349.258,00                        $ 22.274.425,00

Administrative Expenses $ 10.539.204,00          $ 7.303.260,00                          $ 4.181.773,00

Selling Expenses$ 13.098.250,00                     $ 11.049.176,00                        $ 9.492.703,00

Financial Income$ 0,00                                    $ 0,00                                      $ 0,00

Other Expenses$ -2.294.781,00                        $ -3.273.622,00                         $ -3.759.478,00

Final Result     $ 1.871.078,00                          $ 4.723.200,00                          $ 4.840.471,00

 

 

Balance Sheet Analysis      

 

Indexes           30/09/2011                                30/09/2010                                30/09/2009

Current Ratio   160,64 %                                  175,30 %                                  198,70 %

Quick Ratio     81,84 %                                    92,96 %                                    131,74 %

Short Term Indebtedness                                  116,77 %                                  89,02 %  69,82 %

Debt to Equity Ratio                                         116,77 %                                  89,02 %  69,82 %

Long Term Assets to Total Assets                    13,46 %                                    17,44 %  18,30 %

Fixed Assets to Equity                                     0,00 %                                      0,00 %   0,00 %

Total Assets to Total Liabilities185,64 %            212,33 %                                  243,22 %

Debt Ratio       53,87 %                                    47,10 %                                    41,12 %

Equity Ratio     46,13 %                                    52,90 %                                    58,88 %

Investments to Assets Ratio42,45 %                 38,78 %                                    27,53 %

Current Investment86,54 %                               82,56 %                                    81,70 %

Stocks Aging Days115,29 días                         115,24 días                               78,13 días

Day Sales       0,00 días                                  0,00 días                                   0,00 días

Trade Debtors To Assets0,00 %                        0,00 %                                      0,00 %

Total Assets Turnover178,80 %                         174,44 %                                  187,19 %

Net Worth Aging387,59 %                                329,73 %                                  317,89 %

Fixed Assets AgingInfinito %                            Infinito %                                   Infinito %

Gross Profit     75,16 %                                    70,41 %                                    68,71 %

Financial Expenses on Sales Ratio0,00 %         0,00 %                                      0,00 %

Commercial Exp. on Sales Ratio11,70 %           12,41 %                                    13,33 %

Administrative Exp. on Sales Ratio9,42 %         8,20 %                                      5,87 %

 

 

 

Assets     

 

 REAL ESTATE:
------------
The company is owner of the large establishment located in the previously exposed address, having a very important realization value. It is unknown if this property is unencumbered.

VEHICLES:
---------
1 van Fiat Fiorino
2 van Fiat Ducato Mod 2009
1 van Peugeot Boxer

 

 

Evolution and Results       

 

It is a company with more than 30 years of experience in the pharmaceutical market and one of the five best labs that produces generic medicines.

We mention some competitive advantages that were developed during these years:

HIGH ACCEPTANCE OF ITS BRAND IN THE MARKET (Clinics, sanatoriums, hospitals and pharmacies). This allow the company to launch new products and obtain an important market share for maintaining itself as one of the best purchase alternatives for its customers.

LARGE STOCK OF DRUG: Currently it has more than 300 presentations, having 10 development lines clearly differentiated and completed, covering in this way 80% of the Minimum Obligatory Capability.

PLANTS OF INJECTABLES: Its main customer is the publih sector of health, which mainly requires injectable products. Therefore it has two elaboration plants of injectable medicaments: one is its plant of "Beta-lactams" that produces antibiotics in bottles and the other is the "Non-Beta-lactam" where the bottles are dosed. With both plants it covers the main needs of the market.

PRODUCTS: One of the keys of its growth was the perseverance in the launch of new products. Currently it launches about 12 products per year and has more than 50 on its line for keeping complementing its lines of development.

The company has developed its main activity in the supply of medicines for the public sector of health and for welfare companies, obtaining a large experience in the manufacture and control of a varied range of pharmaceutical ways.

Nowadays it performs the development of a line of medicines in ethical bottles for the sale in pharmacies, being supported by the incorporation of technology, human resources and policies that ensure the quality of its products.

Its industrial plant is over an average of 4000 sqm. in Quilmes city. It was opened in August/2003 and all its production areas are fed with filtered air through 11 air managers.

MAIN PRODUCTS:
--------------
ZOLCEF (CEFAZOLIN 1 G)
SINTEROL (EZETIMIBE 10 MG)
ESPIMAX (SPIRONOLACTONE)
NEXADRON PLUS (SINUS CONGESTION)
KLONAFENAC GEL
HIPOTEN KLONAL.

Apart from its operation in all the national market, it carries out exports of its products to El Salvador, Panama, Peru, Bolivia, Nicaragua, Dominican Republic and Vietnam

Its exports represent 10% of total sales.

FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of US$ 1.728.647 from the following countries:

CHINE                            1.306.300
ITALY                              333.411
INDIA                               55.274
OTHERS                              33.662

IMPORTED PRODUCTS:
------------------
Antibiotics
Peniciline
Amoxiline
Cefamycin
Cefaclorum
Cephalexin

LOCAL SUPPLIERS:
----------------
AMPOSAN S.A.
ARGENPACK S.A.
DIESTA S.A.
IMNOVAL NUTRER S.A.

FOREIGN SUPPLIERS:
------------------
MPI (GERMANY)
GEMINIS (INDIA)
WENDA INC (CHINA)

TRADEMARKS:
-----------

ALEGIDRYL KLONAL           AMILOCLOR
AMLOTENS                   ANGLUX
ARTAXIM                    ASPIRINA KLONAL
ATENOBLOCK                 AZITRONA
BAROSTOP PLUS              BILOZEN
BIO KLONAL                 BRIMOKLONAL
BROMEXIDRIL                CEFADE
CLINERAL                   CLOXIB KLONAL
CORONARIUM                 CORTISOLONA
COTRIZOL G                 DEXACLOR
EREMAFIL                   ETOINA
GASTRONAL                  KLOCEFUL
KLOMICINA                  KRONALMOX
MICOFLON                   NEUMOCINA
RELEFRINA                  SINTEROL
TRAMIDOL                   ZOLCEF


* 257 EMPLOYEES

 

 

Payment Record and Credit Risk      

 

BANCO DE GALICIA Y B.AS.
BANCO DE LA NACION ARGENTINA
BANCO CREDICOPP
HSBC BANK ARGENTINA

CREDIT RISK:
------------
08/2012

BANCO DE GALICIA       $ 7.102.000
BANCO CREDICOOP          3.299.800
BANCO PROV. DE B.A.        990.800
HSBC BANK                  617.400
BANCO PROV. NEUQUEN        360.200
BANCO DE LA NACION          97.900
AMERICAN EXPRESS            21.600

Situation 1: Normal Fulfillment.

INSURANCE:
----------
FEDERACION PATRONAL COOP. DE SEGUROS
Insurance policies for general risk.

 

 

Concept       

 

There's no  observations around the fulfillment, the  society fulfills  the commitments that assume and generally is referred well.

* WITHOUT OBJECTIONS

 

Final Opinion    

 

We consider that the new credit deal with this society is viable, within sums that bear relation  with their economic-financial resources known in the conditions of practices.

* APT FOR NEW CREDITS.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.79

UK Pound

1

Rs.86.77

Euro

1

Rs.69.71

 

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.