|
Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
LABORATORIO CHILE S.A. |
|
|
|
|
Registered Office : |
Av. Marathón 1315 - Ñuñoa Santiago XIII Region Metropolitana |
|
|
|
|
Country : |
Chile |
|
|
|
|
Date of Incorporation : |
15.05.2001 |
|
|
|
|
Legal Form : |
Private Stock Company |
|
|
|
|
Line of Business : |
Laboratory of pharmaceutical and veterinary
products. |
|
|
|
|
No. of Employees : |
1.000 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 $20.9 billion. Chile used these funds to finance fiscal stimulus packages
during the 2009 economic downturn. In May 2010 Chile signed the OECD
Convention, becoming the first South American country to join the OECD.
Source
: CIA
LABORATORIO CHILE S.A.
Av. Marathón 1315 - Ñuñoa
Santiago
XIII Region Metropolitana
CHILE
Telephone :
56-2-23655000, 56-2-23655004
Fax : 56-2-23655100
Web Site :
www.labchile.cl
Started
: 2001
Total
Employees
: 1.000
Payments
: See Commercial Record
Capital : 000's$ 217.743.519.-
Sic(s) : 2834 - 5122
Line of Business: Pharmaceutical laboratory.-
Financial indicators
Financial statements could not be obtained, thus financial analysis can not be
carried out
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 :Ssubject registers the following delinquent bills
Detail of Delinquent Debts
Date : 30/04/2013
Note : Pay voucher
Value : Ch$ 10.104,00
Drawer : Autopista Central S.A.
City : -
Date : 06/05/2013
Note : Exempt invoice
Value : Ch$ 19.376,00
Drawer : Soc. Concesionaria Vespucio Norte
City : -
TRADE REFERENCES
Suppliers' trade references are supplied as follows:
Detail of References
Old : Since
1990
Last purchase : 04-2013
Terms : 30-60 days
Payment : Prompt
Notes : bank transfer
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly 000's$) 13.000
Old : Since
1998
Last purchase : 04-2013
Terms : 60 days
Payment : Prompt
Notes : invoice
Credit : -
Owes : -
Due : Does
not Register
Paying Comments: Good
Old : Since
1990
Last purchase : 05-2013
Terms : 60 days
Payment : Prompt
Notes : order form
Credit : -
Owes : (000'sUS$)
5.200
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly 000's$) 3.500
Old : Since
2002
Last purchase : 05-2013
Terms : 60 days
Payment : Prompt
Notes : bank transfer
Credit : (000'sUS$) 300.000
Owes : (000'sUS$)
75.000
Due : Does
not Register
Paying Comments: Excellent
Purchase Aver. : (Monthly 000's$) 60.000
Detail of Former Trade References
--------------------------------------------------------------------------------
Last
Credit Owes
Old Purch. Payment.
Notes
(000'sUS$) (000'sUS$)
--------------------------------------------------------------------------------
Since 1990 06-12 Prompt order
form
- 4.569
Since 2002 06-12 Prompt bank
transfer
300.000 83.000
Since 2002 01-12 Prompt bank
transfer
-
-
Since 1998 01-12 Prompt
invoice
-
-
Since 1990 01-12 Prompt order
form
- 1.637
Since 1990 01-12 Prompt bank
transfer
30.000
-
Since 1990 07-11 Prompt bank
transfer
30.000
-
Since 1990 07-11 Prompt order
form
- 2.390
Since 2004 07-11 Prompt
invoice
60.000
-
Since 2002 07-11 Prompt bank
transfer
-
-
Since 2004 03-11 Prompt
invoice
60.000
-
Since 1990 03-11 Prompt bank
transfer
30.000 None
Since 1995 08-10 Prompt bank
transfer
Open None
Since 1990 07-10 Prompt order
form
Open None
Since 2004 08-10 Prompt
invoice
60.000 None
Since 2002 07-10 Prompt bank
transfer
Open None
Since 2002 02-10 Prompt bank
transfer
Open None
Since 1990 02-10 Prompt order
form
Open None
Since 1995 02-10 Prompt bank
transfer
Open None
Since 1995 08-09 Prompt bank
transfer
Open None
Since 1990 08-09 Prompt order form
Open None
Since 2002 08-09 Prompt bank
transfer
Open None
Since 2002 02-09 Prompt bank
transfer
Open None
Since 2001 02-09 Prompt order
form
Open None
Since 2002 02-09 Prompt bank
transfer
Open None
Since 2002 09-08 Prompt bank
transfer
Open
-
Since 2003 10-08 Prompt order
form
Open
-
Since 2002 09-08 Prompt bank
transfer
- 60.000
Since 2003 03-08 Prompt order
form
Open
-
20 years 02-08 Prompt bank
transfer
Open
-
20 years 09-07 Prompt bank
transfer
Open
-
4 years 08-07 Prompt
order
form
Open
-
4 years 02-07 Prompt
order
form
Open
-
5 years 02-07 Prompt bank
transfer
-
-
15 years 09-07 Prompt
invoice
240.000
-
5 years 06-06 Prompt
invoice
Open
-
5 years 06-06 Prompt bank
transfer
-
-
4 years 06-06 Prompt
order
form
Open
-
4 years 09-05 Prompt
order
form
Open
-
4 years 09-05 Prompt
checks
-
-
4 years 09-05 Prompt
invoice
Open
-
4 years 03-05 Prompt
invoice
Open
-
4 years 03-05 Prompt
checks
-
-
4 years 03-05 Prompt
order
form
Open
-
During the last 6 months, the account holder credit history shows 66 credit
review inquiries requested by financial institutions, credit reporting
agencies,
telecommunications companies, transportations companies, and health insurance
companies among others."
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:
National
- Banco Bice
- Banco de Chile
- Banco de Credito e Inversiones
- Banco Santander Chile
- Scotiabank Chile
International
- Banco de Chile - New York United States
Line of Business : Laboratory of pharmaceutical and
veterinary products.
Classification according to commercial activity:
Sic: 2834-0000 Pharmaceutical preparations
Sic: 5122-0000 Drugs, proprietaries, and sundries corresponding to 100% of
sales.
Subject is considered as a large company in this line of business, strong
competition
Sales
Sales are steady throughout the year
100% wholesalers
National and international sales territory
Products are sold
National: 80%.
International: 20%.
Exports to Bolivia, Denmark, Ecuador, El Salvador, United Arab Emirates, Spain,
Guatemala, Honduras, India, Italy, Mexico, Nicaragua, Panama, Paraguay, Peru,
Dominican Republic, Switzerland, Uruguay and Venezuela.
of Exports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
Venezuela
33,87 12,15
Bolivia
15,53 20,66
Paraguay
13,42 13,91
Ecuador
13,24 17,23
Honduras
4,63 3,86
Mexico
4,09 7,65
Peru
3,48 1,06
Uruguay
3,44 4,80
El
Salvador
3,01 8,96
Nicaragua
1,38 0,52
Panama
1,04 0,08
Spain
0,74 1,53
Guatemala
0,59 1,60
United Arab
Emirates
0,51 0,00
Dominican
Republic
0,42 0,00
India
0,34 0,00
Denmark
0,19 0,00
Switzerland
0,06 5,92
Italy
0,04 0,00
Historical registries
Total 2012 = 000's$ 11.430.292 Accumulated 2013 = 000's$ 2.362.635
Total 2011 = 000's$ 12.852.887
Total 2010 = 000's$ 9.308.729
Total 2009 = 000's$ 7.819.287
Total 2008 = 000's$ 9.488.117
Total 2007 = 000's$ 7.380.531
Total 2006 = 000's$ 7.223.609
Total 2005 = 000's$ 5.661.583
Total 2004 = 000's$ 1.236.040
Customers
Main customers are: Institutions, drugstores, private
hospitals, hospitals.
The 4 most important customers are:
Farmacias Ahumada S.A., Salcobrand S.A., Farmacias Cruz Verde
S.A., Central
de Abastecimiento del Sistema Nacional del Servicio de Salud.
Purchases
Places orders with multiple suppliers
National: 40%
International: 60%
Imports from Germany, Argentina, Austria, Belgium, Brazil, Canada, China,
Colombia, South Korea, Croatia, Denmark, Slovenia, Spain, Finland, France,
Netherlands, Hungary, India, England, Israel, Italy, Japan, Lituania, Mexico,
Monaco, Norway, Paraguay, Peru, Poland, Puerto Rico, Czech Republic,
Switzerland, Taiwan, United States and Uruguay.
of Imports obtained from Customs'National Service
Country
%last year %Accum.
-------------------------------------------------------
India
18,17 20,13
China
15,46 18,35
Argentina
12,79 11,90
Colombia
9,97 8,62
Uruguay
8,68 6,35
Spain
7,06 3,08
Germany
5,53 7,73
Slovenia
5,05 0,00
Italy
2,86 2,97
Israel
2,62 3,66
Hungary
2,32 2,98
United
States
1,85 2,42
Netherlands
1,75 3,56
Czech
Republic
1,30 0,00
France
0,79 1,76
Monaco
0,71 1,91
Peru
0,62 0,42
Brazil
0,54 0,00
Paraguay
0,52 0,88
Switzerland
0,40 0,58
Mexico
0,33 1,28
England
0,26 0,36
Norway
0,14 0,82
Puerto
Rico
0,09 0,00
Belgium
0,07 0,07
South
Korea
0,05 0,00
Denmark
0,03 0,00
Finland
0,01 0,00
Lituania
0,01 0,00
Japan
0,00 0,00
Taiwan
0,00 0,00
Poland
0,00 0,03
Canada
0,00 0,00
Croatia
0,00 0,00
Austria
0,00 0,00
Historical registries
Total 2012 = 000's$ 21.535.733 Accumulated 2013 = 000's$ 5.170.102
Total 2011 = 000's$ 21.343.094
Total 2010 = 000's$ 19.618.459
Total 2009 = 000's$ 16.334.084
Total 2008 = 000's$ 18.770.234
Total 2007 = 000's$ 12.195.706
Total 2006 = 000's$ 11.601.298
Total 2005 = 000's$ 14.568.842
Total 2004 = 000's$ 1.590.503
Main suppliers
- Agencia de Representaciones Limitada
- Blumos S.A.
- Cristalerias de Chile S.A.
- Cristalerias Toro SpA
- Envases Impresos S.A.
- Lmv Ingenieria y Construccion Limitada
- Plasticos Tumani Ltda.
- Proquimsa S.A.
- Rendic Hermanos S.A.
- Sodimac S.A.
- Sonda S.A.
Employees: 1.000 employees
Location
- Administrative offices located at Av. Marathón 1315 Ñuñoa Santiago,
Chile,
commercial area, main avenue of normal traffic, construction in
good
conditions
Branches
- Production plant at Camino a Melipilla 9978 Maipú Santiago Chile
- Offices in Iquique, Antofagasta, La Serena, Viña del Mar, Rancagua,
Talca,
Chillán, Concepción, Temuco, Valdivia, Puerto Montt and Punta
Arenas.-
RELATED COMPANIES
The interviewee did not provide any information about its subsidiaries.
FIXED ASSETS
Real estates
Subject does not register real estates
There are 4 real estates registered with the taxpayer ID 90.322.000-7, which is
the former taxpayer ID N° of Laboratorios Chile S.A.
Vehicles
Declined information regarding vehicles
Machinery & Instalations
Own equipment
- Installations , office supplies , industry , laboratories .
INSURANCES
Subject is insured, but name of insurance company is not disclosed
Insurances are taken out for the corporation in USA.
General Manager and : Hernán Emilio Pfeiffer Frenz
TAX:7138027-0
Legal Rep.
Commercial Director : Eduardo Heredia Peña
Marketing Director : Claudio García Ascenci
Operations Director : Wladimir Chavez
Human Resources Director :
Patricio Ruíz R.
Assistant of Adm. and
: Jaime Garstman
Finances Manager &
Control
General Accountant : Héctor Bastías
Legal Structure : Private Stock Company
Constitution date :
15/05/2001. Registered on leaf 12.804 N°10.303, Santiago
Trade Registry, year 2001,
under the business name
"Inversiones Glaciar I
Ltda."
Notary
: René Benavente
Cash, Santiago
Term of duration :
Indefinite
Legal Address : Santiago - Chile
Published in : Official Gazette dated 24/05/2001
page Nº 20
Current Social Capital: 000's$ 217.743.519.-Divided to 315.963.033.- registered
shares unique series
Social Initial Capital: 000's$ 1.000.-
Shareholder : 1
- Teva Pharmaceutical Industries Ltd. (Israel)
Power of attorney held by General Manager and Legal Rep..
Legal changes
Public Deed dated 29/05/2001, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 12/06/2001 page N° 20, partners were modified: José
María Eyzaguirre Baeza, owner of the 99,99% of capital retired, sold, ceded and
transferred his participation to IVAX HOLDINGS C.I. , and Matías Mackenna
Vicuña, owner of the remaining 0,1% sold it to IVAX CORPORATION, both
companies
joined as new partners.
Besides, according to new partners' decision, capital was increased: from the
initial $1.000.000 to $238.975.000.000.-
Public Deed dated 23/10/2002, notary Nancy de la Fuente Hernández, Santiago,
published in the Official Gazette dated 23/11/2002 page N° 11, corporate
structure was modified: from limited liability partnership to a private stock
company, and also corporate name was modified: "Inversiones Glaciar I
Ltda." by
"Glaciar S.A.". Besides, capital was increased: from $238.975.000.000
to
$241.955.407.375.- divided into 241.955.407.375 shares.
Public Deed dated 02/08/2004, notary Pablo Roberto Poblete S., Santiago,
published in the Official Gazette dated 10/08/2004 page N° 32, corporate name
was modified: GLACIAR S.A. was replaced by LABORATORIO CHILE S.A.
Public Deed dated 02/09/2004, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 06/10/2004 page N° 17, statutes were modified: it
was
stated that the number of shares should be reduced as well as the deadline to
complete the part of capital that remains unpaid. As a consequence, capital is
$250.091.586.561, divided into 303.257.132 no par value shares of the same
series, out of which $210.026.482.391 - represented by 253.041.149 shares
-have
been integrally paid and subscribed before the date of deed and
$ 40.065.104.170 - represented by 50.215.983 shares - are integrally
subscribed up to date and should be paid before September 20th, 2004 along with
the creation of a new rewritten text of statutes.
Public Deed dated 28/09/2004, notary René Benavente Cash, Santiago, published
in
the Official Gazette dated 06/10/2004 page N° 17, taking over was carried out
the former Laboratorio Chile S.A. taxpayer N° 90.322.000-7,constituted on
October 28th, 1901 was taken over and consequently dissolved as from October
1st, 2004.
As a result, subject's capital was modified, remaining in
$217.743.519.899.-
divided into 315.963.033 no par value shares of the same series.
$210.026.482.391 of this capital represented by 253.041.149 shares were
integrally subscribed and paid before the date of deed extracted, and $
7.717.037.508 represented by 62.921.884 shares issued as per capital
increase
agreed in Shareholders Meeting, were hereby paid and subscribed and
charged as
contribution to the assets, liabilities and networth of the company taken over
as a result of the merger.
PUBLICATIONS
The following information regarding the subject was published in press
NOTA DE IMPORTANCIA of 04/08/2011
TEVA is a global pharmaceutical company, specialized in the development,
production, and sale of generic, branded, innovative, and biogeneric products.
TEVA is one of the 20 most important pharmaceutical companies of the world and
one of the major companies focused on generic medicines worldwide. Having its
headquarters in Israel, TEVA has more than a century of history, yearly sales
for US$8, 4 billions, operations in more than 50 countries and approximately
25,000 employees around the world.
The acquisition of IVAX streghtened the position of TEVA in the United States'
market of generic medicines, extended its presence in Europe and considerably
in Latin America.
In 2006, Laboratorio Chile was chosen as one of the 35 Best Places to Work for
2nd time in a row by the Great Place to Work Institute. -
INFORMATION SOURCES
Mr. Héctor Bastías, General Accountant, declined financial
information per company's policy, however, submitted the data shown in
this report.
-Other outside information sources.
Exchange Rate
-As
at 07/06/2013 $505,09 Per US$
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
|
|
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.23 |
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.