|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEDICAL INTERNATIONAL LABORATORIES CORPORATION S.A. |
|
|
|
|
Registered Office : |
Nueva Andrés Bello 1940 - Independencia Santiago
XIII Region Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Date of Incorporation : |
11.06.1990 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Laboratory of pharmaceutical products for human
consumption. |
|
|
|
|
No. of Employees : |
400 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Chile |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CHILE - ECONOMIC OVERVIEW
Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports account for more than one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides one-third of government revenue. During the early 1990s, Chile's reputation as a role model for economic reform was strengthened when the democratic government of Patricio AYLWIN - which took over from the military in 1990 - deepened the economic reform initiated by the military government. Since 1999, growth has averaged 4% per year. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile claims to have more bilateral or regional trade agreements than any other country. It has 59 such agreements (not all of them full free trade agreements), including with the European Union, Mercosur, China, India, South Korea, and Mexico. Over the past seven years, foreign direct investment inflows have quadrupled to some $15 billion in 2010, but foreign direct investment had dropped to about $7 billion in 2009 in the face of diminished investment throughout the world. The Chilean government conducts a rule-based countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and allowing deficit spending only during periods of low copper prices and growth. As of November 2011, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $18 billion. Chile used this fund to finance fiscal stimulus packages during the 2009 economic downturn. In December 2009, the OECD invited Chile to become a full member, after a two year period of compliance with organization mandates, and in May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD. The economy started to show signs of a rebound in the fourth quarter of 2009, and GDP grew 5.1% in 2010 and 6.5% in 2011. Chile achieved this growth despite the 8.8 magnitude earthquake that struck in February 2010, which was one of the top 10 strongest earthquakes on record. The earthquake and subsequent tsunamis it generated caused considerable damage near the epicenter, located about 70 miles from Concepcion - and about 200 miles southwest of Santiago.
Source
: CIA
MEDICAL INTERNATIONAL LABORATORIES CORPORATION S.A.
( MINTLAB CO. S.A. )
Nueva Andrés Bello 1940 - Independencia
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-25624300, 56-2-25624303, 56-2-25624400,
56-2-25624440
E_Mail : contactenos@mintlab.com,
v.moreno@mintlab.cl
Postal Code : 8390598
Started : 1990
Total
Employees
: 400
Payments : Prompt
Capital :
000's$ 3.445.684.-
Sic(s) : 2834
Line of Business: Pharmaceutical laboratory.
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
Commercial Bulletin : As at 19/02/2013 subject
does not register protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin : As
at 19/02/2013 does not register work infringements
Previsional Bulletin : As at 19/02/2013 does not
register social security
infringements
Consolidated delinquency : As at 19/02/2013, subject does not register any
delinquent bill
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2003
Last purchase : 10-2012
Terms : 30 days
Payment : Prompt
Notes : checks
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Undisclosed amounts.-
Old : Since
2006
Last purchase : 10-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : (000'sUS$)
6.500
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 7.000
Old : Since
2006
Last purchase : 10-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Undisclosed amounts.-
Old : Since
2006
Last purchase : 10-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : (000'sUS$)
6.500
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 4.000
Good customer according to suppliers
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 2004 08-11 Prompt
invoice
-
-
Since 2004 03-11 Prompt
invoice
-
-
Since 2004 05-10 Prompt
invoice
Open
-
Since 1994 05-10 Prompt
cash
- None
Since 1994 05-10 Prompt
cash
- None
Since 2004 08-09 Prompt
invoice
Open
-
Since 2004 05-09 Prompt
invoice
Open
-
Since 1994 05-09 Prompt order
form
- None
Since 2004 05-09 Prompt
invoice
Open
-
Since 1994 05-09 Prompt order
form
- None
Since 2004 07-08 Prompt
invoice
Open
-
Since 1994 07-08 Prompt order
form
-
-
Since 1994 02-08 Prompt
checks
-
-
Since 2004 01-08 Prompt
invoice
Open
-
Since 2004 05-07 Prompt
invoice
Open
-
Since 1994 12-06 Prompt
checks
- None
Since 1994 02-06 Prompt
checks
- None
2 years 06-06 Prompt
invoice
Open
-
5 years 06-06 Prompt not
specified
-
-
5 years 05-06 Prompt not
specified
-
-
2 years 05-06 Prompt
invoice
Open
-
Since 1994 02-06 Prompt
checks
- None
Since 1994 11-05 Prompt
checks
-
-
10 years 11-05 Prompt
checks
Open
-
5 years 11-05 Prompt
checks
Open
-
5 years 11-05 Prompt
invoice
Open
-
5 years 05-05 Prompt
checks
Open
-
5 years 05-05 Prompt
invoice
-
-
10 years 05-05 Prompt
checks
Open
-
8 years 03-04 Prompt
checks
Open
-
5 years 04-04 Prompt
invoice
Open
-
5 years 04-04 Prompt
checks
Open
-
5 years 04-04 Prompt
invoice
-
-
During the last 6 months, the account holder credit history shows 51 credit
review inquiries requested by telecommunications companies, insurance
companies,
industries, banks and businesses in general.-
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.
BANKS
Subject operates with the following banks:
- Banco de Chile, branch Valparaíso.-Santiago.-
- Banco de Credito e Inversiones, main office Huérfanos 1134, Santiago
Line of Business : Laboratory of pharmaceutical products for human
consumption.
Classification according to commercial activity:
Sic: 2834-0000 Pharmaceutical preparations
Subject is considered as a large company in this line of business, high
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 90%.
International: 10%.
Latin America.
Customers
Main customers are: Drugstores.
The 4 most important customers are:
Soc. Farmaceutica Cruz Verde Ltda., Farmacias Ahumada S.A.,
Salcobrand S.A.,
Central de Abastecimiento del Sistema Nacional del Servicio de Salud
Purchases
Places orders with multiple suppliers
National: 40%
International: 60%
Imports from Bolivia, Ecuador and Paraguay (Direct operations, not registered
at
Customs National Service).
Main suppliers
- A y C Impresores Ltda.
- Distribuidora Portland S.A.
- Plasticos Burgos S.A.
- Reutter S.A.
Employees: 400 employees
Location
- Offices and warehouses are located at Nueva Andrés Bello 1940
Independencia
Santiago, Chile, commercial area, secondary avenue of normal
traffic,
construction in good conditions
Branches
Subject does not have any branch
RELATED COMPANIES
Subject is related to the following companies:
- Articulos Medicos Mediline Ltda. T A X 78637600-9 Quilicura Santiago
- Farmacias Cruz Verde S.A. T A X 89807200-2 Santiago (320 drugstores)
- Socofar S.A. T A X 91575000-1 Macul Santiago (Head company of the
Holding)
- Centro de Especialidades Farmaceuticas Limitada T A X 78350440-5
Santiago
- Munnich-Pharma Medical Limitada T A X 80447400-5 Quilicura Santiago
FIXED ASSETS
Real estates
Subject does not register real estates
Informed that are owners of the property mentioned at captioned address.
Vehicles
Rents vehicles for the company's use
Machinery & Instalations
Subject owns the following
- Tablet machines , packing machines , packing automatic line , labeling
machines , other necessary elements .
INSURANCES
Insurance Company:
-Liberty Cia. de Seguros Generales S.A.
Due
: Unspecified due dates
In force : Annual
Risks : Total
cover.
Objetive : Assets in general.
General Manager : Ricardo Alarcón Araya
Accountant : David Galefski Otarola
Plant Manager : Cristián Hofmann
Adm. & Finances Manager : Rufino Ortega Córdova
LEGAL INFORMATION
Legal Structure :
Private Stock Company
Constitution date :
11/06/1990. Registered on leaf 16.136 Nr 8.088 of the
Santiago Trade Registry, year
1990.
Notary
: Humberto Quezada
Moreno, Santiago
Term of duration
: Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated 22/06/1990 page Nº 8
Current Social Capital: 000's$ 3.445.684.-Divided to 3.964.606.- registered
shares unique series
Social Initial Capital: 000's$ 38.000.-
Administration is held by General Manager.
Legal changes
Public Deed dated 13/09/1991, notary humberto Quezada Moreno, Santiago,
published in the Official Gazette dated 19/10/1991 page N° 12, capital was
increased: from $38.000.000 to $113.000.000 divided into 113.000 no par value
shares.
Public Deed dated 25/09/1992, notary Raúl Undurraga Laso, Santiago, published
in
the Official Gazette dated 02/10/1992 page N° 11, capital was increased: from
$113.000.000 to $247.266.594 divided into 378.349 no par value shares.
Public Deed dated 01/04/1993, notary Iván Torrealba Acevedo, Santiago,
published
in the Official Gazette dated 07/04/1993 page N° 6, capital was increased: from
$247.266.594 to $247.267.100 divided into 378.350 no par value shares.
Public Deed dated 26/10/1993, notary Sergio Rodríguez Garcés, Santiago,
published in the Official Gazette dated 17/11/1993 page N° 10, capital was
increased: from $247.267.100 to $547.267.100 divided into 678.350 no par value
shares.
Public Deed dated 26/04/1994, notary Sergio Rodríguez Garcés, Santiago,
published in the Official Gazette dated 16/06/1994 page N° 15, capital was
reduced: it was agreed to declare and invalidate the capital increase published
on Nov 17th, 1993, page 10.
Capital will be increased from $247.267.100 to $489.295.880 divided into
601.418 no par value shares.
Public Deed dated 16/06/1994, notary Sergio Rodríguez Garcés, Santiago,
published in the Official Gazette dated 22/06/1994 page N° 15, deed was
rectified in relation to information published in official gazette of Jun 16th,
1994: Such publication was complemented indicating that the 223.068 new shares
should be paid until Oct 1, 1994.
Public Deed dated 11/10/1994, notary Sergio Rodríguez Garcés, Santiago,
published in the Official Gazette dated 29/11/1994 page N° 9, capital was
increased: from $489.295.880 to $664.519.880 divided into 780.218 no par value
shares.
Public Deed dated 31/08/1995, notary Sergio Rodríguez Garcés, Santiago,
published in the Official Gazette dated 04/09/1995 page N° 16, capital was
increased: from $664.519.880 to $1.401.045.672 divided into 1.560.436 no par
value shares.
Public Deed dated 09/12/1998, notary Iván Torrealba Acevedo, Santiago,
published
in the Official Gazette dated 22/12/1998 page N° 15, capital was increased:
from
$1.401.045.672 divided into 1.560.436 shares, totally subscribed and paid, to
$4.374.056.033 divided into 3.964.606 no par value and one series shares.
Besides, statutes were modified: corporate purpose was extended to laboratory
operations, concessions with national or foreign companies, any other
manufacturing, commercial or investment businesses, import and export
activities agreed by the board of directors and without limitations of any
kind.
Public Deed dated 05/12/2000, notary Iván Torrealba Acevedo, Santiago,
published
in the Official Gazette dated 18/01/2001 page N° 15, capital was reduced: from
$4.374.056.033 to $3.445.683.819 divided into 3.964.606 registered and no par
value shares.
Public Deed dated 04/04/2006, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 11/04/2006 page N° 28, statutes were modified:
number
of directors was increased from 4 to 5 members.
Shareholders' listing was not obtained
PUBLICATIONS
The following information regarding the subject was published in press
Ediciones Especiales.EMOL. of 27/04/2012 With more than 20 years in the market,
Mintlab is recognized as a pharmaceutical laboratory primarily focused on high
quality products at reasonable prices.
Therefore, Mintlab is permanently looking for different medicines'
possibilites in those situations where market doesn't offer options at
convenient prices.
Ricardo Alarcón, Mintlab general manager, confirmed that people are the main
focus of the business.
Ultimate technology
The acquisition of top equipments is one the 4 pillars of Mintlab. It helps to
guarantee the best safety standards and quality of medicines in the production
process.
GMP and Bio equivalence
Mintlab was awarded with GMP Certification granted by Public Health Institute
in Chile. It is the first laboratory with Pharmaceutical Plant to received such
recognition for a three years period.
National presence
Mintlab supplies public institutions, drugstores and independent pharmacies
throughout the country. Its purpose is to get to all segments, specially those
with a limited budged for the acquisition of medicines.
It is also settled in Ecuador, Bolivia, Paraguay and some Central American
countries.
Intends to keep growing and be established in other countries.
INFORMATION SOURCES
Mr. David Galefski Otarola, Accountant, declined financial
statements according to policies of the company, however, submitted just
general information.
-Other outside information sources.
Exchange rate
-As at 12/11/2012 $479,79 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.