|
Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LABORATORIOS BAGO S.A. |
|
|
|
|
Registered Office : |
Bernardo de Irigoyen 248, 6º piso (C1072AAF), Buenos Aires City |
|
|
|
|
Country : |
Argentina |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
01.01.1967 |
|
|
|
|
Com. Reg. No.: |
25.007 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Commercialization
Production of Medicinal Specialities |
|
|
|
|
No. of Employees : |
1.209 |
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 |
|
Maximum Credit Limit: |
USD 10613053 |
|
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) |
|
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
LABORATORIOS BAGO
S.A.
CUIT: 30-51602484-0
BEGINNER OF
ACTIVITIES. INCORPORATED IN 1968. BALANCE SHEET AS OF 30/06/2011 (LAST KNOWN):
IDEAL ECONOMIC-FINANCIAL SITUATION WITH A VERY GOOD FINAL PROFITABILITY. FIT
FOR OPERATIONS OF CURRENT IMPORTANCE WITH THE ADOPTION OF APPROPRIATE
GUARANTEES..
MEDICINAL
SPECIALITIES
PRODUCTION
COMMERCIALIZATION
Business type:
Public Limited Company
Incorporated:
01/01/1967
Registered:
17/06/1968
Registered:
25.007
Duration:
Until 16/06/2067
End of fiscal year: June 30th
Accountant: Omar
Fuentes.
Legal address and Main Administration: Bernardo de Irigoyen 248, 6º piso
(C1072AAF), Buenos Aires City, Argentine Republic.
Phone: (54-11) 4344-2000/2019
Fax: (54-11) 4334-5813
E-mail: afuentes@bago.com.ar
Website: www.bago.com.ar
La Rioja Pharmaceutical Plant:
City Bell Pharmaceutical Plant: City Bell, Buenos Aires Province, Argentine
Republic.
President:
BAGO SEBASTIAN
Vice-president: BAGO JUAN CARLOS
The first two mentioned ones, as Managers, are in charge of the management and
administration of the company, with the use of the social signature.
The company's
corporate stock is established in $ 5.000.000, which has been totally
subscribed and paid in. It is represented by the same quantity of common and
registered shares, with restricted transferability, of par value $0,01 each and
with five votes per share.
Although we have not been provided with detailed information, it has been
mentioned that this capital has been contributed by the members of Bago's
Family.
BAGO JUAN CARLOS:
Argentinian, married, born on 04/11/1949, Pharmacist, LE. 4.366.310. He is
registered in the following companies:
>
QUIMICA MONTPELLIER S.A.
President
> DISPROFARMA S.A.
Director
> DATA S.A.
Director
> INSTITUTO SAN JORGE-BAGO S.A.
Director
> CIA.ARGENTINA DE SEGUROS VICTORIA S.A. Director
> PROMOFARMA S.A.
Director
BAGO SEBASTIAN:
Argentinian, married, Bachelor in Business Administration, born on 27/06/1944,
LE. 4.445.158. He is registered in the following companies:
>
DISPROFARMA S.A.
President
> DATA S.A.
President
> INSTITUTO SAN JORGE-BAGO S.A.
President
> PROMOFARMA S.A.
President
> QUIMICA MONTPELLIER S.A.
Director
> CIA.ARGENTINA DE SEGUROS VICTORIA S.A. President
According to our
registered information, these businesses were started by mid-1934 by Mr
Sebastiàn Bagó.
He operated as a sole proprietorship until 1967, year in which together with
this family, he created LABORATORIOS BAGO S.A. as follower of activities,
operating nowadays in the previously exposed addresses.
Fits to highlight that for many years the company had a Centre of Medical
Information in Avda.Belgrano 990 of Buenos Aires City.
During the course of 1945 it opened a Pharmaceutical Plant for the elaboration
of antibiotics.
In 1948 it opened an Industrial Centre in City Bell, with the objective of
producing synthesis drugs. In 1974 it intensified the export of medicinal
specialities and basic drugs of its own production.
It is the leader of a business group, which is integrated by the following
companies with its corresponding shareholding:
>
LABORATORIOS GAUTIER BAGO S.A. 100,00
%
> LABORATORIOS BAGO DE BOLIVIA S.A. 89,00
%
> LABORATORIOS BAGO DE GUATEMALA S.A. 80,00 %
> BIOGENESIS BAGO S.A.
76,56 %
> LABORATORIOS BAGO DE CHILE S.A.
49,00 %
> NUTRICIA BAGO S.A.
49,00 %
> ARMSTRONG LABORATORIOS DE MEXICO S.A. 39,99 %
> LABORATORIOS BAGO LTDA.
35,22 %
> DATA S.A.
33,48 %
> LABORATORIOS BAGO DE COLOMBIA S.A. 20,20
%
> GRAMON-BAGO DE URUGUAY S.A.
12,00 %
> LABORAT.FARMACEUT.ECUATORIANOS BAGO S.A. 5,00 %
> LABORATORIOS BAGO DEL PARAGUAY S.A. 5,00
%
> LABORATORIOS BAGO DEL PERU S.A.
5,00 %
> LABORATORIOS BAGO DE PANAMA S.A.
5,00 %
Economic-Financial Position
As an answer, he
supplied a figures of the Balance Sheet as of 30/06/2011.
30/06/2010 30/06/2011
> DISP.INV.CRED.OTHERS $
188,422,540 248.498.144
> INVENTORIES $
107,244,171 160.678.417
> ASSETS CURRENT $
295,666,711 409.176.561
> ASSETS NON CURRENT $ 45,987,075 39.249.939
> TOTAL ASSETS $
341,653,786 448.426.500
> DEBTS $
141,544,308 211.076.796
> SALARIES-CHARGES SOCIAL $ 16,995,052 20.452.948
> LIABILITIES CURRENT $ 158,539,360 231.529.744
> LIABILITIES NON CURRENT $ 3,171,256 4.635.695
> TOTAL LIABILITIES $
161,710,616 236.165.439
> NET WORTH $
179,943,170 212.261.061
> TOTAL GENERAL $
241.653.786 448.426.500
STATEMENTS INCOME:
------------------
>
NET SALES $
777,037,797 777.759.781
> COST OF SALES $ -
257,046,888 -318.468.235
> GROS PROFIT LOSS $
521,144,941 459.291.546
> EXPENSES COMERCIALIZ. $ -
260,040,000 -351.581.435
> EXPENSES ADMINISTRA. $ -
50,822,757 -58.298.829
> SUB TOTAL $
210,282,184 48.411.282
> OTHERS INCOMES AND EXPENSES $ - 148,467,865
7.697.449
> FINAL RESULT $
61.814.319 57.108.731
REAL ESTATE:
------------
> Necochea s/n.,
The properties located in Calle 44 No.1429,
VEHICLES:
---------
150 units.
No title deeds were shown as to verify if its assets are unencumbered.
Parent/Related Companies
LABORATORIOS
GAUTIER BAGO S.A. 100,00 %
LABORATORIOS BAGO DE BOLIVIA S.A. 89,00 %
LABORATORIOS BAGO DE GUATEMALA S.A. 80,00 %
BIOGENESIS BAGO S.A.
76,56 %
LABORATORIOS BAGO DE CHILE S.A. 49,00
%
NUTRICIA BAGO S.A.
49,00 %
FEBASA S.A.
49,00 %
ARMSTRONG LABORATORIOS DE MEXICO S.A. 39,99 %
LABORATORIOS BAGO LTDA.
35,22 %
DATA S.A.
33,48 %
LABORATORIOS BAGO DE COLOMBIA S.A. 20,20 %
BF BIOSCIENCES
20,00 %
GRAMON-BAGO DE URUGUAY S.A.
12,00 %
LABORATORIOS BAGO DEL ECUADOR S.A. 5,00 %
LABORATORIOS BAGO DEL PARAGUAY S.A. 5,00 %
LABORATORIOS BAGO DEL PERU S.A.
5,00 %
LABORATORIOS BAGO DE PANAMA S.A. 5,00
%
BIOPROFARMA S.A.
5,00 %
Evolution and Results
The company is
engaged in the elaboration of medicinal specialities for human use and
pharmaceutical products, reason why it has an important infrastructure and
modern organization, maintaining the level of the most important international
companies.
In 2006/2007 it elaborated 26.202.413 units betwen its three pharmaceutical
plants in the country.
LA PLATA PHARMACEUTICAL PLANT:
------------------------------
Its total production was of 22.577.491 units.
During the fiscal year in the Department of Solid Products it was completed the
total automation of 3 dishes for recovering of compounds of
The Department of Liquid Products (injectable section) installed and validated
an automatic autoclave for the final sterilization of products, or national
origin of
The Department of Fitting-out of Products acquired 2 stucco machines totally
automated, of national origin for cases with hot-mel zipper (evidence of
opening), building 2 grouping machines and balers for finished products.
LA RIOJA PHARMACEUTICAL PLANT:
------------------------------
The total production was of 6.786.783 units.
The Productive, Warehouses and Services Area started up a gauge equipment of
temperature for maintenance and started the installation of electronic
supressors for the protection of productive equipment (1° stage). It launched a
new autoelevator Jungheinrich ETV10 in Warehouses and a particles counter in
the Clean Area of Production.
Inside the Control Area of Quality, in the Physicochemical Control Section, it
received and put in regime the Detector of Repar if diodes for HPLC for which
the staff received intensive training from the support for the use of this new
detector.
The Microbiology Section modified and enlarged the Infertile Area of sampling
in Quality Control with the systed of air cascade. It carried out
microbiological evaluations over all the products of the Planta in
Finally, the Section of Control of Fitting-out Materials collaborated with
Industrial Engineering in the evaluation of advances of improvements of
suppliers. Besides, in all the mentioned sectors the plan of staff training was
continued.
CITY BELL PHARMACEUTICAL PLANT:
-------------------------------
During the fiscal year this plant produced 30 tons of medicaments and 3 tons of
infertile products for the supply of the other plants, as well as plants of
other labds of the country and abroad.
It improved the performance of production through optimization of the
management of synthesis and the best energetic use. Production capacities of
the different units of the plant were enlarged due to new processes and
appointemnt of each one of them of synthesis of specific chemical families.
At the beginning of the year the production at industrial level of biliary
acids, obtaining a consolidation of the operation and qualitiy in the following
months. These products supply all the needs of the company and started the
commercialization to third parties.
Fits to highlight that it also intruded important changes in the Management of
Quality Control and in the Protection to the Environment.
MAIN PRODUCTS:
--------------
>
BAGO B1, B6, B12 > ESTREPTOCARBOCAFTIAZOL
> LEUCOTROFINA > SECALBUM
> ULCOZOL > INOTROPIN
> UROSEPTAL > DIOXAFLEX
> PLENACOR´D > DIOXAFLEX PLUA
> DIUREX > BAGOVIT
A PLUS
> BACTIURIL > BAGOHEPAT
> BIL 13 >
ENTEROBACTICEL
> KLOSIDOL > PLENACOR
> GLIOTEN > INCORIL
> PERMICAPS > DIOXAFLEX B12
> GLIOTENZIDE > DIUREX A
> SEPTILISIN > BACTICEL
> LONGEVITAL > TRIFAMOX
> BAGOVIT A > PEN DI BEN
> ANAFLEX >
NUTRICIA/BAGO
> NUTRILON PEPTI-JUNIOR > OSTEOBON
> CARVEDIL D > LIVIANE
> FOLINEMIC 1 > ANGIOMAX
> RESIBANT > ANAFLEX
MUJER PERLAS
> CEFALEX VL > LUMILAC
> NORFEN >
CLIMALONA
> HYALART
It carries out imports from Germany, USA, Mexico, Belgium, Austria, France,
Bolivia, India, China, Spain and Netherlands, carrying out exports to
Mercosur's members, Korea and Russia.
MAIN SUPPLIERS:
---------------
NATIONAL:
---------
> GSP S.A.
> CARDINAL HEALTH ARGENTINA S.A.
> BERKES LADISLAO AGUSTIN
> FARMAGRAFICA S.A.
> IBARRA Y ASOCIADOS S.A.
> ADECCO ARGENTINA S.A.
> LIMPIOLUX S.A.
> PARAVISI S.A.
> QUIMICA MONTPELLIER S.A.
FOREIGN:
--------
INGERLUDE COMPANY (USA)
CHEM LATINA LTD. (England)
RHONE POULENC BIOCHEMIE (France)
CHEMO S.A. (Switzerland)
BASELUK (Switzerland)
HOSPIRA (USA)
IBSA (Switzerland)
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value os US$
18.179.366 from the following countries:
USA .............................. US$ 5.666.458
SWITZERLAND....................... US$ 1.239.845
NETHERLANDS ...................... US$ 2.560.396
OTHERS ........................... US$ 8.712.667
* 1.209 EMPLOYEES
> Delegación
Córdoba Boulevard Illia 342 Planta Baja
(5000) Córdoba
Tel: (0351) 425-4075
> Delegación Rosario Urquiza 1549 - PB
(S2000ANQ) Rosario
Tels.: (0341) 449-1909/448-8122
Fax: (0341) 449-1906
Servipharma: (0341) 449-1909/448-8122
> Delegación Tucumán Av. Salta 681
(T4000ITO) San Miguel de Tucumán
Tel.: (0381) 4-300-300
Servipharma: (0381) 421-5806
> Delegación Paraná 9 de Julio 282
(E3100AEF) Paraná - Entre Ríos
Tels. / Fax: (0343) 431-9074/421-9682
Fax: (0343) 431-9074/421-9682
Servipharma: (0343) 423-3809
> Delegación Mendoza Suipacha 1385 - Barrio Arizu
(5501) Godoy Cruz, Mendoza
Servipharma: (0261) 424-9967
> Delegación Resistencia Avda. Wilde 186
(H3500BTO) Resistencia - Chaco
Tel. / Fax: (03722) 43-3007
Servipharma: (03722) 44-9846
> Delegación Bahía Blanca Belgrano 474
(B8000IJJ) Bahía Blanca
Tel. / Fax: (0291) 451-7214
Servipharma: (0291) 453-4234
> Delegación
(B1900CHS)
Tel.:
Fax: (0221) 423-7400
Servipharma: (0221) 423-7400
> Delegación Mar del Plata
(B7600DMC) Mar del Plata
Tel: (0223) 493-1144
Fax: (0223) 492-1232
Servipharma: (0223) 492-1232
BANKS:
------
> BCO. FRANCES
> BCO. DE VALORES
> BCO. CREDICOOP
> GALICIA
> HSBC
> STANDARD BANK
CREDIT RISK:
------------
DECEMBER 2012
NACION
12/12 1 28,000,000
FRANCES 12/12 1 20,456,000
MACRO 12/12 1 14,573,200
CREDICOOP 12/12 1 13,701,600
VALORES 12/12 1 11,719,000
SANTANDER RIO 12/12 1 11,647,800
COMAFI 12/12 1 10,392,500
HSBC BANK 12/12 1 1,067,900
AMEX 12/12 1 201,100
STANDARD BANK 12/12 1 52,700
(1) Normal Fulfillment.
INSURANCE:
----------
SEGUROS VICTORIA S.A.
It is commercially
related with local and foreign companies. Some of them give it their credit
support, not making up to now objections about its payment record.
* FULFILLMENT: NOT OBJECTED
Bearing in mind
what has been exposed hereby, we consider feasible the credit treatment with
this company by amounts of current importance with the adoption of appropriate
guarantees.
* FIT FOR OPERATIONS OF CURRENT IMPORTANCE.
CREDIT LIMIT
USD 10613053
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
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.