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Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
LABORATORIO BAGO DE CHILE S.A. |
|
|
|
|
Formerly Known As : |
LABORATORIO BAGO S.A. |
|
|
|
|
Registered Office : |
Av. Vicuña Mackenna 1835 Santiago XIII Region Metropolitana |
|
|
|
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Country : |
Chile |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
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Date of Incorporation : |
30.11.1968 |
|
|
|
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Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Pharmaceutical laboratory |
|
|
|
|
No. of Employees : |
370 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 approximately one-third of GDP, with commodities making up
some three-quarters of total exports. Copper alone provides 19% of government
revenue. From 2003 through 2012, real growth averaged almost 5% per year,
despite the slight contraction in 2009 that resulted from the global financial
crisis. 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 has 22 trade agreements covering 60 countries including
agreements with the European Union, Mercosur, China, India, South Korea, and
Mexico. Chile has joined the United States and nine other countries in
negotiating the Trans-Pacific-Partnership trade agreement. In 2012, foreign
direct investment inflows reached $28.2 billion, an increase of 63% over the
previous record set in 2011. The Chilean Government has generally followed a
countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds
during periods of high copper prices and economic growth, and generally
allowing deficit spending only during periods of low copper prices and growth.
As of 31 December 2012, those sovereign wealth funds - kept mostly outside the
country and separate from Central Bank reserves - amounted to more than $20.9
billion. Chile used these funds to finance fiscal stimulus packages during the
2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming
the first South American country to join the OECD.
Source
: CIA
LABORATORIO BAGO DE CHILE S.A.
( LABORATORIO BAGO S.A. )
Av. Vicuña Mackenna 1835
Santiago
XIII Region Metropolitana
CHILE
Telephone : 56-2-23682700
Fax : 56-2-23640961
E_Mail
: cvillela@bago.cl, laboratorio@bago.cl
Web Site : www.bago.com, www.bago.com/chile
P.O.Box : 3381 - Santiago-1
Postal Code : 6510006
Started
: 1968
Total
Employees
: 370
Payments
: Prompt
Financial
Sit.
: Excellent
Economic
Sit.
: Normal
Sales
: 000's$ 22.061.736.-
Net
worth
: 000's$ 16.040.517.-
Current
profit
: 000's$ 1.250.721.-
Capital
: 000's$ 1.886.004.-
Sic(s) : 2833 - 2834 - 2835
Line of Business: Pharmaceutical laboratory.-
Financial indicators
According to last financial statement, subject shows an excellent financial
situation, as indicated in:
** High Working Capital
** Excellent Current Liquidity Ratio
** Excellent Acid Test Ratio
Economic situation is normal, as reflected in:
** Low Current Indebtedness Ratio
** Low Total Indebtedness Ratio
** Excellent Solvency Ratio
** Normal Profitability Over Sales Ratio
** Normal Profitability Over Assets Ratio
** Normal Profitability Over Net Worth Ratio
Commercial Bulletin : Subject does not register
protested
checks, bank drafts nor promissory notes in the
commercial information bulletin
Labor Bulletin :
Does not register work infringements
Previsional Bulletin : Does not register social
security
infringements
Consolidated delinquency :Subject does not register any
delinquent bill
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
2003
Last purchase : 12-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 50.000
Owes : -
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Weekly 000's$) 30.000
Old : Since
2006
Last purchase : 12-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Old : Since
1999
Last purchase : 12-2012
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : (000'sUS$) 30.000
Owes : (000'sUS$)
7.800
Due : Does
not Register
Paying Comments: Good
Purchase Aver. : (Monthly 000's$) 4.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1999 03-11 Prompt
invoice
30.000 8.700
Since 2003 03-11 Prompt
invoice
50.000
-
Since 1999 12-09 Prompt order
form
Open None
Since 1996 12-09 Prompt sight
draft
Open None
Since 1997 01-10 Prompt
invoice
Open None
Since 1999 01-10 Prompt
invoice
45.000 None
Since 1996 12-08 Prompt sight
draft
Open None
Since 1999 12-08 Prompt order
form
Open None
Since 1999 04-08 Prompt order form
Open
-
Since 2000 04-08 Prompt order
form
Open
-
Since 1996 04-08 Prompt sight
draft
Open
-
11 years 09-07 Prompt sight
draft
Open
-
7 years 10-07 Prompt
order
form
Open
-
8 years 09-07 Prompt
checks
Open 4.046
10 years 12-06 Prompt sight
draft
Open
-
5 years 12-06 Prompt
order
form
Open
-
5 years 12-06 Prompt
checks
Open
-
8 years 12-06 Prompt
checks
Open
-
10 years 12-06 Prompt sight
draft
Open
-
5 years 02-06 Prompt
order
form
Open
-
5 years 02-06 Prompt
checks
Open
-
10 years 02-06 Prompt sight
draft
Open
-
8 years 02-06 Prompt
checks
Open
-
8 years 01-05 Prompt
checks
Open
-
5 years 01-05 Prompt
checks
Open
-
5 years 01-05 Prompt
order
form
Open
-
10 years 01-05 Prompt sight
draft
Open
-
10 years 01-05 Prompt sight
draft
Open
-
5 years 07-04 Prompt
checks
Open
-
10 years 07-04 Prompt sight
draft
Open
-
8 years 07-04 Prompt
checks
Open
-
During the last 6 months, the account holder credit history shows 49 credit
review inquiries requested by financial institutions, telecommunications
companies, hardware stores, insurance and consultancy companies.
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.
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
15.336.904 13.994.258
CURRENT
LIABILITIES
3.534.347 3.315.440
WORKING
CAPITAL
11.802.557 10.678.818
FIXED
ASSETS
3.976.535 3.873.937
OTHER ASSETS
624.984 493.035
LONG TERM
LIABILITIES
363.559 255.996
NET
WORTH
16.040.517 14.789.794
OPERATING INCOMES
22.061.736 18.596.236
CURRENT
PROFIT(LOSS)
1.250.721 740.830
B A L A N C E S H E E T
INDIVIDUAL FISCAL YEAR COMPLETE
ASSETS
31/12/2010 31/12/2009
Cash
106.592
74.397
Term
Deposits
2.013.332 3.252.269
Sales Debtors
6.492.121 3.951.986
Sundry
Debtors
53.220 10.220
Notes & Accts
Receivable/Interco.Relations
3.914.818 4.126.162
Inventory
2.417.807 2.156.663
Taxes
Recoverable
13.862 214.801
Pre-Paid
Expenses
5.385
9.399
Deferred
Taxes
125.295
65.137
Other Current
Assets
194.472 133.224
CURRENT
ASSETS
15.336.904 13.994.258
Land
1.930.345 1.929.871
Contructions & Infrastructure
Works
88.362 55.238
Machineries &
Equipments
3.986.815 3.106.153
Other Fixed
Assets
0 945.013
Higher Value/Technical
Reappr.Fix.Assets
70.228 72.293
Depreciations
-2.099.215 -2.234.631
FIXED
ASSETS
3.976.535 3.873.937
Investments in Related
Companies
548.067 422.699
Investments in Other
Partnerships
752
752
Intangibles
107.083 105.732
Amortization
-55.154 -49.891
Other
24.236 13.743
OTHER
ASSETS
624.984 493.035
TOTAL
ASSETS
19.938.423 18.361.230
LIABILITIES
31/12/2010 31/12/2009
Oblig.With Banks & Financ.Inst.Short
Term
0 247.319
Sundry
Creditors
2.128.272 1.635.314
Notes & Accts Payable Related
Companies
106.518
96.596
Provisions
1.053.222 1.119.869
Withholdings
246.335 213.884
Deferred
Tax
0 2.458
CURRENT
LIABILITIES
3.534.347 3.315.440
Provisions
363.559 255.996
LONG TERM
LIABILITIES
363.559 255.996
Paid
Capital
3.261.284 3.261.284
Res.for Higher Value in Tech.Reappr.Asset
68.456 72.257
Reserve Future
Dividends
87.404 83.603
Accumulated
Profits
11.372.652 10.631.820
Current Profit
(Losses)
1.250.721 740.830
NET
WORTH
16.040.517 14.789.794
TOTAL
LIABILITIES
19.938.423 18.361.230
STATEMENTS OF
RESULTS
31/12/2010 31/12/2009
Operating
Income
22.061.736 18.596.236
Operating
Cost
-6.482.278 -4.343.155
OPERATING
MARGIN
15.579.458 14.253.081
Administration & Sales
Expenses
-13.998.489 -12.503.522
OPERATING
RESULT
1.580.969 1.749.559
Financial
Incomes
15.465 30.684
Profit Investmens Related
Companies
126.271
59.333
Other non Operating
Incomes
304.063
54.789
Financial
Expenses
-8.295 -25.831
Other non Operating
Expenses
-718 -1.041
Monetary
Correction
-510.812 -760.210
NON OPERATING
RESULT
-74.026 -642.276
Result Before Income
Tax
1.506.943 1.107.283
Income
Tax
-256.222 -366.453
NET
PROFIT(LOSS)
1.250.721 740.830
CURRENT PROFIT(LOSS)
1.250.721 740.830
ECONOMIC - FINANCIAL RATIOS
31/12/2010
31/12/2009 Average
Working
Capital
(000's$) 11.802.557
10.678.818 11.240.688
Current Liquidity
(Times)
4,34
4,22 4,28
Acid
Test
(Times)
3,65 3,57
3,61
Collection Period Days (
Days)
170,69
156,58 163,64
Accounts Receivable
Turnover(Times)
2,11
2,30 2,21
Inventory Turnover
(Times)
2,68
2,01 2,35
Current Indebtedness
(Times)
0,22
0,22 0,22
Total Indebtedness
(Times)
0,24
0,24 0,24
Solvency
(Times)
5,12
5,14 5,13
Assets Tying
Up
( % )
19,94
21,10 20,52
Profitability Over Sales ( %
)
5,67
3,98 4,83
Profitability Over Assets ( %
)
6,27
4,03 5,15
Profitability Over Net Worth( %
)
8,46
5,27 6,87
Purchases/Sales figures
( Figures in Thousand Pesos, local currency )
Date
Period
Sales Purchases
January, 2011
Monthly
1.827.058 1.330.558
February, 2011
Monthly 1.196.657
1.165.998
March, 2011
Monthly
1.892.066 1.863.342
April, 2011
Monthly
1.917.536
796.316
Subject operates with the following banks:
- Banco Bice, branch Vicuña Mackenna.-
- Banco Bilbao Vizcaya Argentaria, Chile, branch Santa Elena.-
- Banco de Credito e Inversiones, main office
- Banco de la Nacion Argentina, main office
Line of Business : Pharmaceutical laboratory of human
consumption products.-
Neurology and Cardiology areas, aimed to extend its mix of
products.-
Classification according to commercial activity:
Sic: 2833-0000 Medicinals and botanicals
Sic: 2834-0000 Pharmaceutical preparations
Sic: 2835-0000 Diagnostic substances
Commercializes:
- Sulbamox Ibl
- Nastizol
- Tusigen
- Tusabron
- Migranol
- Ulcelac
- Pironal
- Biodif
- Glioten
- Talfex
- Remitex
- PPG
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 distributed
National: 90%.
Sales conditions: Term payments to 30 & 60 days and cash.
International: 10%.
Sales conditions: Direct collection.
Exports to Bolivia, China, Ecuador, Panama and Peru.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Peru
43,52 50,54
Panama
41,29 28,20
Bolivia
11,14 16,61
Ecuador 3,98 4,64
China
0,07 0,00
Historical registries
Total 2011 = 000's$ 4.281.251 Accumulated 2012 = 000's$ 3.924.509
Total 2010 = 000's$ 3.144.498
Total 2009 = 000's$ 2.751.303
Total 2008 = 000's$ 3.159.167
Total 2007 = 000's$ 339.266
Total 2006 = 000's$ 6.203.618
Total 2005 = 000's$ 5.611.396
Total 2004 = 000's$ 5.715.297
Customers
Main customers are: Drugstores, retail, etc..
The 4 most important customers are:
Socofar S.A., Farmacias Ahumada S.A., Farmacias Economicas del Sur
S.A.,
Farmacias Cruz Verde S.A., etc.
Purchases
Places orders with multiple suppliers
National: 50%
Purchase conditions: Term payments to 30 & 60 days.
International: 50%
Purchase conditions: Bank transfer.
Imports from Germany, Argentina, Austria, Brazil, China, Colombia, Cuba,
Ecuador, Spain, Finland, France, Netherlands, India, England, Italy, Japan,
Mexico, Norway, Peru, Portugal, Puerto Rico, Czech Republic, Sweden,
Switzerland, Taiwan, Thailand and United States
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Austria
27,17 16,02
Argentina
19,42 24,29
Germany
12,61 11,01
Thailand
8,00 9,37
Spain
5,12 5,53
Italy
5,05 7,95
India
4,85 7,21
China
4,42 6,98
France
3,77 0,85
Portugal
1,85 3,61
Colombia
1,67 2,95
Cuba
1,57 0,52
Czech
Republic
0,82 1,78
Switzerland
0,78 0,01
Taiwan
0,62 1,11
Mexico
0,60 0,00
Brazil
0,60 0,00
England
0,46 0,39
United
States
0,29 0,09
Japan
0,16 0,17
Norway
0,15 0,06
Ecuador
0,01 0,00
Netherlands
0,00 0,00
Finland
0,00 0,00
Peru
0,00 0,01
Puerto
Rico
0,00 0,00
Sweden
0,00 0,00
Historical registries
Total 2011 = 000's$ 5.589.989 Accumulated 2012 = 000's$ 2.932.383
Total 2010 = 000's$ 4.829.137
Total 2009 = 000's$ 3.066.732
Total 2008 = 000's$ 3.294.259
Total 2007 = 000's$ 272.883
Total 2006 = 000's$ 3.505.021
Total 2005 = 000's$ 2.427.026
Total 2004 = 000's$ 2.967.307
Main suppliers
- Agencia de Representaciones Limitada
- Basf Chile S.A.
- Cristalerias de Chile S.A.
- Eynaudi Impresores S.A.
- Faret S.A.
- Merck S.A.
- Pomos Industrial Metalurgica S.A.
Employees: 370 employees
Location
- Industrial plant and administrative office located at Av. Vicuña
Mackenna
1835 Santiago, Chile, commercial area, main avenue of busy
traffic,
construction in good conditions
Branches
- Industry at Av.Vicuña Mackenna 1823 Santiago Chile
- Commercial office at Blanco 1623 Of. 1402 Valparaíso Chile
- Commercial office at Barros Arana 1375 Of. 501 Concepción Chile
- Commercial office at Varas 920 Of. 64 Temuco Chile
- Commercial offices, Presidency and Marketing Management at Santa Clara
301
Of. 6805 - Ciudad Empresarial Huechuraba Santiago Chile
RELATED COMPANIES
Subject is related to the following companies:
International
- Bago, Brazil
- Bago, Ecuador
- Bago, Bolivia
- Bago, Peru
- Bago, Colombia
- Bago, Mexico
- Bago, Paraguay
- Bago, Uruguay
- Bago, Argentina
FIXED ASSETS
Real estates
Subject registers real estates
- Av. Vicuña Mackenna 1835 Santiago-Chile, Fiscal value of 000's$
228.914.-,
rol Nº 3.603-3
- Parking lot, Av.Vicuña Mackenna 1825 Santiago-Chile, Fiscal value of
000's$
636.056.-, rol Nº 3.603-1
- Branch, Av.Vicuña Mackenna 1823 Santiago-Chile, Fiscal value of 000's$
249.113.-, rol Nº 3.603-2
Total fiscal appraisal $1.114.082.843.-
Vehicles
Owns vehicles for the company's use
1 car BMW and 1 car Audi.
Machinery & Instalations
Own modern equipment
- Manufacturing plant , machines , packers , equipments , installations ,
other
necessary elements .
INSURANCES
Insurance Company:
-Liberty Cia. de Seguros Generales S.A.
BOARD OF DIRECTORS
President
: José Antonio Plubins Romeo
TAX:4661407-0
Medical Director : Reynaldo Becerra Becerra
Technical Director : Alfredo Guevara Zamudio
Director
: Hugo Santo Di Marco
General
Manager : Juan José Araneda Angulo
TAX:4901212-8
Commercial Manager : Jorge Miranda Moreno
Production Manager : Cristina Monfil
Account Asistant Manager : César
Vidal González
Human Resources Manager :
Francisco Méndez F.
Adm. & Finances Manager
: Guillermo Guajardo
Finances
Mgr : Rodrigo Valdés
CURRICULUM
José Antonio Plubins Romeo
T A
X
: 4661407-0
Titled as :
Pharmaceutical Chemist.
Position :
President
Juan José Araneda Angulo
T A
X
: 4901212-8
Titled as :
Pharmaceutical Chemist.
Position :
General Manager
Reynaldo Becerra Becerra
Titled as :
Physician.
Position :
Medical Director
Legal Structure : Private
Stock Company
Constitution date : 30/11/1968. Registered on leaf
2.361 N° 841 of the
Santiago Real Estate Receivership's Trade Registry, year
1969, under the business name "Laboratorio de Productos
Farmacéuticos S.A."
Notary
: Jaime García Palazuelos, Santiago
Term of duration : Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette
dated 05/12/1968 page Nº 13
Current Social Capital: 000's$ 1.886.004.-Divided to 1.600.000.- registered
shares unique series
Shareholder : 4
- 49,00% Laboratorios Bago S.A. (ARGENTINA)
- 46,00% Jumi S.A.
- 2,50% Juan Carlos Bagó
- 2,50% Sebastián Bagó
Power of attorney held by General Manager.
Legal changes
Public Deed dated 06/11/1990, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 17/11/1990 page N° 9, capital was increased: to
$271.251.218 divided into 1.600.000 no par value shares, totally
subscribed and
paid.
Public Deed dated 21/07/1992, notary Martín Vásquez Cordero, Santiago, published
in the Official Gazette dated 11/08/1992 page N° 9, board of directors was
modified: it was agreed to establish 3 alternate directors, who will last 1
year
in their functions as well as the 3 regular directors.
Public Deed dated 13/10/1993, notary Martín Vásquez Cordero, Santiago,
published
in the Official Gazette dated 26/10/1993 page N° 10, statutes were modified:
only the trade style was modified: PROFARMA S.A. by LABORATORIOS PROFARMA-BAGO
S.A.
Public Deed dated 12/07/1996, notary Martín Vásquez Cordero,suplente Andrés
Rubio Flores, Santiago, published in the Official Gazette dated 29/07/1996 page
N° 19, capital was increased: to $ 1.886.004.449 divided into 1.600.000
no par
value shares. At the same time, the trade style LABORATORIOS BAGO S.A. is
added.
Public Deed dated 16/05/1997, notary Andrés Rubio Flores, Santiago, published
in
the Official Gazette dated 30/05/1997 page N° 19, corporate name was modified:
LABORATORIO DE PRODUCTOS FARMACEUTICOS S.A. by LABORATORIO BAGO DE CHILE S.A.
Subject can also use the trade style LABORATORIOS BAGO S.A.
INFORMATION SOURCES
Miss. Daniela Duarte, General Manager Assistant, declined all
current financial information, however, submitted the data shown in this
report.
-Other outside information sources.
Exchange rate
-As at 03/01/2013 $475,31 Per US$
-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.56.49 |
|
|
1 |
Rs.86.01 |
|
Euro |
1 |
Rs.73.68 |
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.