MIRA
INFORM REPORT
|
Report Date : |
26.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SOFARIMEX-INDUSTRIA QUIMICA E FARMACEUTICA SA |
|
|
|
|
Registered Office : |
Avenida das Indústrias - Alto Colaride Agualva-Cacem
2735-213-Agualva-Cacem |
|
|
|
|
Country : |
Portugal |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
19.11.1984 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
·
Manufacture of medicines ·
Manufacture, import, export and marketing of chemicals and pharmaceuticals, dermofarmacêuticos,
veterinary, cosmetic and perfumery products
and toiletries, cleaning and disinfection, dietary
products, medicinal teas and other
food, reagents and reactive
supplements, tests , vaccines, surgical
and related material. |
|
|
|
|
No. of Employees : |
230 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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) |
|
Portugal |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
PORTUGAL - ECONOMIC OVERVIEW
Portugal has become a diversified and increasingly
service-based economy since joining the European Community - the EU's
predecessor - in 1986. Over the following two decades, successive governments
privatized many state-controlled firms and liberalized key areas of the
economy, including the financial and telecommunications sectors. The country
qualified for the Economic and Monetary Union (EMU) in 1998 and began
circulating the euro on 1 January 2002 along with 11 other EU members. The
economy grew by more than the EU average for much of the 1990s, but the rate of
growth slowed in 2001-08. The economy contracted 2.5% in 2009, before growing
1.4% in 2010, but GDP fell again in 2011 and 2012, as the government began
implementing spending cuts and tax increases to comply with conditions of an
EU-IMF financial rescue package, agreed to in May 2011. GDP per capita stands
at roughly two-thirds of the EU-27 average. Portugal also has been increasingly
overshadowed by lower-cost producers in Central Europe and Asia as a destination
for foreign direct investment, in part because its rigid labor market hindered
greater productivity and growth. However, the government of Pedro PASSOS COELHO
has enacted several measures to introduce more flexibility into the labor
market, and, this, along with steps to reduce high levels of public debt, could
make Portugal more attractive to foreign investors. The government reduced the
budget deficit from 10.1% of GDP in 2009 to 4.5% in 2011, an achievement made
possible only by the extraordinary revenues obtained from the one-time transfer
of bank pension funds to the social security system. The budget deficit
worsened in 2012 as a sharp reduction in domestic consumption took a bigger
bite out of value-added tax revenues while rising unemployment benefits
increased expenditures more than anticipated. Poor growth prospects over the
next year have reinforced investors' concerns about the government's ability to
achieve its budget deficit targets and regain full access to bond market
financing when the EU-IMF financing program expires in 2013.
|
Source
: CIA |
Identification
|
Name |
SOFARIMEX-INDUSTRIA QUIMICA E FARMACEUTICA SA |
|
V.A.T. Number / NIF |
501925627 |
|
Address |
Avenida das Indústrias - Alto Colaride |
|
Locality |
Agualva-Cacem |
|
Postal Code |
2735-213-AGUALVA-CACEM |
|
Municipality |
SINTRA |
|
District |
LISBOA |
|
Telephone |
214328200 |
|
Fax |
214320109 |
|
E-Mail |
mail@sofarimex.pt |
|
Web Site |
www.sofarimex.pt |
|
|
|
|
C.A.E.(Rev 3) |
21201- Manufacture of medicines |
Summary
|
Legal Form |
Joint Stock Company |
|
Constitution |
19-11-1984 |
|
V.A.T. Number / NIF |
501925627 |
|
Employees |
230 |
|
Capital |
9.000.000,00 |
|
Sales in : 31-12-2012 |
28.486.405,00 |
|
Shareholders Funds in: 31-12-2012 |
17.463.609,00 |
|
Credit Risk Level |
Reduced Credit Risk |
|
Payments |
Good |
|
Actual Condition |
In activity |
Financial Highlights
|
|
31-12-2010 |
|
31-12-2011 |
|
31-12-2012 |
|
Net Sales |
31.385.805,00 |
|
27.347.455,00 |
|
28.486.405,00 |
|
Net Income For the Year |
4.068.131,00 |
|
3.671.711,00 |
|
4.718.992,00 |
|
Shareholders Funds |
15.972.906,00 |
|
16.144.617,00 |
|
17.463.609,00 |
|
Stocks |
4.165.068,00 |
|
4.302.318,00 |
|
4.580.228,00 |
|
LIABILITY |
12.869.296,00 |
|
7.957.722,00 |
|
6.491.078,00 |
|
ASSETS |
28.842.202,00 |
|
24.102.339,00 |
|
23.954.687,00 |
Business Concept
|
Consulted sources say that the subject has been respecting its
payments and commercial commitments, so credit connections with this company
are recommended. |
All the amounts are express in Euros, otherwise you will be advised
Governing Bodies
|
Board of Director's |
|
|
THEBAR DAVID DE OLIVEIRA MIRANDA |
Board of Director's President |
|
JOAO FRANCISCO DAVID DE OLIVEIRA MIRANDA |
Administrator |
|
MANUEL JOAO DA ASSUNCAO OLIVEIRA |
Administrator |
|
|
|
|
Fiscal Board |
|
|
LUIS FILIPE SOARES GASPAR |
Fiscal Board Substitute |
|
MAZARS & ASSOCIADOS-SOCIEDADE REVISORES OFICIAIS DE CONTAS SA |
Unique Fiscal |
Legal Structure
|
Registed on the Register Record Office of Sintra with the Register
Number 501925627 previous number 8613 in 19-11-1984 |
|
Constitution celebrated in 19-11-1984 published on Diário da República
of 12-12-1984 |
|
To oblige the company it is necessary 1 signatures |
|
Changes to Society |
|
In 14-06-2010 on Portal MJ of 10-08-2010 board of director's change |
|
|
In 28-01-2009 on Portal MJ of 28-01-2009 board of director's change |
|
|
In 14-09-2007 on Portal MJ of 27-09-2007 change in to a joint stock
company |
|
|
In 28-06-1996 on Diário da República number 220 of 21-09-1996 increase
of capital Error!
Hyperlink reference not valid.
|
|
|
In 16-05-1994 on Diário da República number 139 of 18-06-1994 capital
change |
Capital
|
The Capital is 9.000.000,00 , divided in 1800000 shares , with a
nominal value of 5,00 |
|
|
with the following shareholders |
|
THEGEST, SGPS SA |
9.000.000,00 |
100% |
Shareholders / Partners Companies
|
|
|
|
NAME |
THEGEST, SGPS SA |
|
Funtion |
Shareholder |
|
Address |
Estrada Nacional 117-2 |
|
Locality |
Vale Da Pedra |
|
C.A.E. |
64202-Actividades das sociedades gestoras de participações sociais não
financeiras |
Activities
|
Line of Business |
Percentage |
|
Manufacture, import, export and marketing of chemicals and pharmaceuticals, dermofarmacêuticos, veterinary, cosmetic and perfumery
products and toiletries, cleaning and disinfection,
dietary products, medicinal teas and
other food, reagents and reactive supplements, tests , vaccines,
surgical and related material. |
100% |
|
Type of Clients |
Retailers/Wholesalers |
|
|
|
Sales Conditions |
Contract |
|
|
|
Sales Area |
|
|
|
|
Country |
80% |
Foreign |
20% |
|
Imports |
20% |
from |
FRANÇA,ALEMANHA |
|
Exports |
20% |
to |
ALEMANHA,AUSTRALIA,AUSTRIA,BELGICA,BULGARIA,CANADA,CROÁCIA,ESLOVAQUIA,ESLOVENIA,ESPANHA,FRANÇA,HOLANDA,HUNGRIA,ITALIA,POLONIA,REINO UNIDO,REPÚBLICA CHECA,SUIÇA |
|
Trade Marks |
|
Sofarimex |
Banks and Financial Institutions
|
BANCO ESPIRITO SANTO, SA |
Benfica |
|
MILLENNIUM BCP |
Alges |
|
BANCO SANTANDER TOTTA SA |
Benfica |
Incidents
|
Legal Actions |
|
Date |
Process |
Author |
Type |
Amount |
Judicial District |
Court |
Situation |
|
|
209965/12.6YIPRT |
|
Especial Cump.Obrig. Pecuniarias DL 269/98 |
457,03 |
Comarca da Grande Lisboa-Noroeste-Juízos de Sintra |
|
|
Employees
|
Total |
230 |
|
|
|
|
|
|
Insurance
|
Companhia de Seguros A Social |
|
Sociedade Portuguesa de Seguros |
|
Companhia de Seguros Victória |
Head Office and Installations
|
Head office and installations Avenida das Indústrias - Alto Colaride,
Agualva-Cacem, 2735-213, AGUALVA-CACEM, Tel:214328200, Fax:214320109 |
Special Information
|
Event |
General Description |
|
Quality Certification |
A titular é uma empresa certificada pelas normas NP EN ISO 9001:2000,
NP EN ISO 14001:2004 e OHSAS 18001:1999. |
Financial Demonstration SNC
|
Balance Sheet SNC |
||
|
CoinEURO |
|
Date31-12-2012 |
|
|
||
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
Variação (%) |
|
|
|
|||
|
ASSET |
|
|||
|
|
|
|
|
|
|
Non-current assets |
|
|||
|
Tangible fixed assets |
8.272.578,00 |
10.227.003,00 |
11.834.768,00 |
(19,11) |
|
Intangible assets |
279.084,00 |
217.120,00 |
217.120,00 |
28,54 |
|
Total |
8.551.662,00 |
10.444.123,00 |
12.051.888,00 |
(18,12) |
|
|
|
|
|
|
|
Current assets |
|
|
||
|
Inventories |
4.580.228,00 |
4.302.318,00 |
4.165.068,00 |
6,46 |
|
Costumers |
153.457,00 |
11.167,00 |
3.268.058,00 |
1.274,20 |
|
State and other public entities |
618.244,00 |
603.575,00 |
562.678,00 |
2,43 |
|
Shareholders/partners |
8.997.501,00 |
7.705.488,00 |
8.295.079,00 |
16,77 |
|
Other accounts receivable |
991.877,00 |
958.120,00 |
409.298,00 |
3,52 |
|
Deferrals |
36.160,00 |
54.342,00 |
31.904,00 |
(33,46) |
|
Cashier and bank deposits |
25.558,00 |
23.206,00 |
58.229,00 |
10,14 |
|
Total |
15.403.025,00 |
13.658.216,00 |
16.790.314,00 |
12,77 |
|
TOTAL ASSET |
23.954.687,00 |
24.102.339,00 |
28.842.202,00 |
(0,61) |
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS AND LIABILITIES |
|
|
||
|
|
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
||
|
Capital |
9.000.000,00 |
9.000.000,00 |
9.000.000,00 |
|
|
Legal reserves |
1.606.393,00 |
1.422.808,00 |
1.172.808,00 |
12,90 |
|
Net retained |
2.138.224,00 |
2.050.098,00 |
1.731.967,00 |
4,30 |
|
Total |
12.744.617,00 |
12.472.906,00 |
11.904.775,00 |
2,18 |
|
Net income for the period |
4.718.992,00 |
3.671.711,00 |
4.068.131,00 |
28,52 |
|
TOTAL OF SHAREHOLDERS FUNDS |
17.463.609,00 |
16.144.617,00 |
15.972.906,00 |
8,17 |
|
|
|
|
|
|
|
LIABILITY |
|
|
||
|
|
|
|
|
|
|
Non-current liiabilities |
|
|
||
|
Financing obtained |
305.873,00 |
992.429,00 |
1.886.934,00 |
(69,18) |
|
Total |
305.873,00 |
992.429,00 |
1.886.934,00 |
(69,18) |
|
|
|
|
|
|
|
Current liabilities |
|
|
||
|
Suppliers |
879.878,00 |
377.941,00 |
3.301.701,00 |
132,81 |
|
State and other public entities |
1.500.871,00 |
1.322.712,00 |
647.875,00 |
13,47 |
|
Shareholders/partners |
|
940.382,00 |
749.814,00 |
|
|
Financing obtained |
2.809.420,00 |
3.478.014,00 |
4.753.160,00 |
(19,22) |
|
Other payable accounts |
952.336,00 |
782.569,00 |
1.445.160,00 |
21,69 |
|
Deferrals |
42.700,00 |
63.675,00 |
84.652,00 |
(32,94) |
|
Total |
6.185.205,00 |
6.965.293,00 |
10.982.362,00 |
(11,20) |
|
TOTAL LIABILITIES |
6.491.078,00 |
7.957.722,00 |
12.869.296,00 |
(18,43) |
|
TOTAL SHAREHOLDERS FUNDS AND LIABILITIES |
23.954.687,00 |
24.102.339,00 |
28.842.202,00 |
(0,61) |
|
|
|
|
|
|
|
INCOME STATEMENT |
|
|
||
|
|
|
|
|
|
|
INCOME AND EXPENSES |
|
|
||
|
Sales and services |
28.486.405,00 |
27.347.455,00 |
31.385.805,00 |
4,16 |
|
Variation in production inventories |
391.515,00 |
418.610,00 |
(1.491.573,00) |
(6,47) |
|
Cost of goods sold and materials consumed |
10.525.291,00 |
10.990.085,00 |
10.575.549,00 |
(4,23) |
|
Suppliers and external services |
4.933.048,00 |
4.648.379,00 |
5.342.527,00 |
6,12 |
|
Personnel costs |
5.704.158,00 |
5.573.464,00 |
5.939.370,00 |
2,34 |
|
Impairment of inventories (losses/revearsals) |
(68.333,00) |
424.847,00 |
(70.549,00) |
(116,08) |
|
Impairment of receivables (losses/revearsals) |
20.857,00 |
4.901,00 |
(2.808,00) |
325,57 |
|
Other income and gains |
456.837,00 |
509.248,00 |
283.452,00 |
(10,29) |
|
Other expenses and losses |
588.806,00 |
160.786,00 |
527.570,00 |
266,20 |
|
Result before depreciation, financing costs and taxes |
7.630.930,00 |
6.472.851,00 |
7.866.025,00 |
17,89 |
|
Expenses/reversals of depreciation and amortization |
2.200.181,00 |
2.298.134,00 |
2.736.746,00 |
(4,26) |
|
Operating result (before financing costs and taxes) |
5.430.749,00 |
4.174.717,00 |
5.129.279,00 |
30,09 |
|
Interest and similar income obtained |
829.423,00 |
882.737,00 |
386.210,00 |
(6,04) |
|
interest and similar expenses incurred |
189.392,00 |
209.703,00 |
195.696,00 |
(9,69) |
|
Net before taxes |
6.070.780,00 |
4.847.751,00 |
5.319.793,00 |
25,23 |
|
Income tax of the period |
1.351.788,00 |
1.176.040,00 |
1.251.662,00 |
14,94 |
|
Net profit for the period |
4.718.992,00 |
3.671.711,00 |
4.068.131,00 |
28,52 |
RATIOS SNC
|
Closing Date |
31-12-2012 |
31-12-2011 |
31-12-2010 |
|
|
|
|
|||
|
TURNOVER RATIOS |
|
|||
|
Shareholder's Funds Profitability |
0,27 |
0,227 |
0,255 |
|
|
Assets Profitability |
0,227 |
0,173 |
0,178 |
|
|
Sales Net Profitability |
0,166 |
0,134 |
0,13 |
|
|
|
|
|
|
|
|
EFFICIENCY RATIOS |
|
|
||
|
Medium Term Receivable |
1,966 |
0,149 |
38,006 |
|
|
Asset Rotation |
1,189 |
1,135 |
1,088 |
|
|
|
|
|
|
|
|
PRODUCTIVITY RATIOS |
|
|
||
|
Productivity |
3,149 |
2,935 |
3,504 |
|
|
|
|
|
|
|
|
SHORT TERM RATIOS |
|
|
||
|
General Liquidity |
2,49 |
1,961 |
1,529 |
|
|
Reduced Liquidity |
1,75 |
1,343 |
1,15 |
|
|
Immediate Liquidity |
0,004 |
0,003 |
0,005 |
|
|
|
|
|
|
|
|
MEDIUM LONG TERM RATIOS |
|
|
||
|
Financial Autonomy |
0,729 |
0,67 |
0,554 |
|
|
Solvability |
2,69 |
2,029 |
1,241 |
|
|
Borrowed Capital Structure
|
0,953 |
0,875 |
0,853 |
|
|
General Debt |
0,178 |
0,277 |
0,416 |
|
|
Medium Long Term Debt |
0,018 |
0,061 |
0,118 |
|
|
Debt Structure |
0,953 |
0,875 |
0,853 |
|
|
Capital Structure |
57,094 |
16,268 |
8,465 |
|
|
|
|
|
|
|
|
Operational and Financial
Risk |
|
|
||
|
Operational Leverage Level
|
3,307 |
3,918 |
4,057 |
|
|
Financial Leverage Level |
0,895 |
0,861 |
0,964 |
|
|
Combined Leverage Level |
2,96 |
3,373 |
3,911 |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.58 |
|
|
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.