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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
LABORATORIOS FABRA S.A. |
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Registered Office : |
Echeverria 3222 P.3º Buenos Aires City, |
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Country : |
Argentina |
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Financials (as on) : |
30.06.2012 |
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Year of Incorporation : |
1952 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacture and Commercialization of Medicinal and Pharmaceutical Products |
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No. of Employees : |
140 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Argentina |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 an unprecedented 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 -
at the time the largest ever - 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 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 in 2010 rebounded strongly
from the 2009 recession, but has slowed since late 2011 even as the government
continued to rely on expansionary fiscal and monetary policies, which have kept
inflation in the double digits. The government expanded state intervention in
the economy throughout 2012. In May the Congress approved the nationalization
of the oil company YPF from Spain's Repsol. The government expanded formal and
informal measures to restrict imports during the year, including a requirement
for pre-registration and pre-approval of all imports. In July the government
also further tightened currency controls in an effort to bolster foreign
reserves and stem capital flight.
Source
: CIA
LABORATORIOS FABRA
S.A.
CUIT: 30-53447579-5
FOLLOWER OF
ACTIVITIES. INCORPORATED IN 1952. BALANCE SHEET AS OF 30/06/2012: BALANCED
ECONOMIC-FINANCIAL SITUATION WITH AN ACCEPTABLE FINAL PROFITABILITY. IT DOESN'T
REGISTER NEGATIVE. FIT FOR CREDIT IN RELATION TO YOUR RESOURCES KNOWN.
MEDICINAL AND
PHARMACEUTICAL PRODUCTS
MANUFACTURE
COMMERCIALIZATION
Business type:
Public
Limited Company
Incorporated: 06/10/2003
Registered: 17/03/2004
Duration: 99 years
End of fiscal year: June
30th
Afip nro. 56 de Avda del Libertador 1436, CABA
Miss CECILIA
PALMERI
Legal address: Echeverria 3222 P.3º Buenos Aires City, Argentine Republic.
Administration and Laboratory: Carlos Villate 5271 (1605) Munro, Buenos Aires
Province, Argentine Republic.
Phone:(54-11) 4756-1216/4153/7293
E-mail: info@fabra.com.ar
President:
FABRA
GUILLERMO JULIO
Vice-president: FABRA
MARIA GRACIELA
Alternate Director: FABRA
GUILLERMO JOSE
Subcribed and
paid-in capital: $ 8.000.000
Shareholders:
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Guillermo Julio Fabra: 50 %
Maria Graciela Fabra: 50 %
FABRA GUILLERMO
JULIO
Argentinian, married, born on 14/12/1946, LE. 7.591.607 (CUIT. 20-07591607-9),
Pharmacist, with address in Juramento 5018, Buenos Aires City.
He is registered in the following companies:
LAVIMAR S.A. Alternate Director
DROGUERIA GENERAL S.A. 2º Vice-president
FABRA MARIA GRACIELA
Argentinian, married, born on 07/10/1950, LC. 6.428.186.
FABRA GUILLERMO JOSE
Argentinian, born on 19/01/1981, DNI. 28.643.287.
Both perform parallel activities in the agricultural sector, being owners of
In 1952 Mr Julio
Alberto Fabra opened a laboratory for the elaboration of pharmaceutical
products and started performing the mentioned activities.
He operated as a sole proprietorship until 1972, year in which he together with
his children Garciela and Guillermo Fabra organize for continuing operating as
a sole proprietorship.
On 23/03/1988, the company changed its name to LABORATORIOS FABRA SOCIEDAD DE RESPONSABILIDAD
LIMITADA and his founder left the company.
In the Partners Meeting of 30/07/2003, it became a Public Limited Company and
Graciela and Guillermo became the directors of the company with the mentioned
positions and holder of all the corporate stock.
Balance Sheet at
30/06/2012, which is expressed in Pesos and in comparison with the previous
fiscal year.
Balance Sheet/s 30/06/2012 30/06/2011 30/06/2010
Total Assets $ 61.990.258,00 $ 59.063.745,00 $ 46.643.149,00
Current Assets $ 58.599.050,00 $ 55.667.537,00 $ 42.913.791,00
Banks $ 0,00 $ 0,00 $ 0,00
Accounts Receivables $ 40.673.168,00 $ 37.917.674,00 $ 27.104.385,00
Inventory $ 17.925.882,00 $ 17.749.863,00 $ 15.809.406,00
Fixed Assets $ 0,00 $ 0,00 $ 0,00
Non-Current Assets $ 3.391.208,00 $ 3.396.208,00 $ 3.729.358,00
Investments $ 0,00 $ 0,00 $ 0,00
Total Liabilities $ 21.645.824,00 $ 23.798.318,00 $ 19.628.388,00
Current Liabilities $ 21.645.824,00 $ 23.798.318,00 $ 19.277.865,00
Non-Current Liabilities $ 0,00 $ 0,00 $ 350.523,00
StockHolders Equity $ 40.344.434,00 $ 35.265.427,00 $ 27.014.761,00
Net Sales $ 87.495.101,00 $ 83.103.801,00 $ 62.776.003,00
Cost of Good Sold $ 58.366.333,00 $ 50.255.960,00 $ 38.450.734,00
Gross Result $ 29.128.768,00 $ 32.847.841,00 $ 24.325.269,00
Administrative Expenses $ 9.063.591,00 $ 7.743.918,00 $ 5.717.669,00
Selling Expenses $ 14.958.270,00 $ 13.124.399,00 $ 11.240.261,00
Financial Income $ 2.325.392,00 $ 4.375.190,00 $ 2.303.233,00
Other Expenses $ 2.297.491,00 $ 2.146.332,00 $ 1.430.981,00
Final Result $ 5.079.006,00 $ 9.750.666,00 $ 6.495.087,00
Balance Sheet Analysis
Indexes 30/06/2012 30/06/2011 30/06/2010
Current Ratio 270,72 % 233,91 % 222,61 %
Quick Ratio 187,90 % 159,33 % 140,60 %
Short Term Indebtedness 53,65 % 67,48 % 71,36 %
Debt to Equity Ratio 53,65 % 67,48 % 72,66 %
Long Term Assets to Total Assets 5,47 % 5,75 % 8,00 %
Fixed Assets to Equity 0,00 % 0,00 % 0,00 %
Total Assets to Total Liabilities 286,38 % 248,18 % 237,63 %
Debt Ratio 34,92 % 40,29 % 42,08 %
Equity Ratio 65,08 % 59,71 % 57,92 %
Investments to Assets Ratio 28,92 % 30,05 % 33,89 %
Current Investment 94,53 % 94,25 % 92,00 %
Stocks Aging Days 112,10 días 128,91 días 150,07 días
Day Sales 169,67 días 166,54 días 157,59 días
Trade Debtors To Assets 65,61 % 64,20 % 58,11 %
Total Assets Turnover 141,14 % 140,70 % 134,59 %
Net Worth Aging 216,87 % 235,65 % 232,38 %
Fixed Assets Aging Infinito % Infinito % Infinito %
Gross Profit 66,71 % 60,47 % 61,25 %
Financial Expenses on Sales Ratio 2,66 % 5,26 % 3,67 %
Commercial Exp. on Sales Ratio 17,10 % 15,79 % 17,91 %
Administrative Exp. on Sales Ratio 10,36 % 9,32 % 9,11 %
REAL ESTATE:
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Land and building located in Carlos Villate 5271 Munro, Buenos Aires Province.
Land located in Manuel Belzu 5240 Munro, Buenos Aires Province.
No title deeds were shown.
VEHICLES:
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1 van Mercedes Benz Exprinter
1 van Renault Trafic
1 automobile Ford Mondeo
1 automobile Peugeot 405
The company is
engaged in the elaboration and commercialization of pharmaceutical products.
TRADEMARKS:
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Fabra Unibios
Butarrut Darcotil
Benisan Vingioval
Corticosan Astemizol
Ampigen Dioxicolagol
FOREIGN TRADE:
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In the last twelve months it has carried out imports for a total value of US$
6.032.987 from Spain, Italy, Belgium and others.
MAIN SUPPLIERS:
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FRAIDEY S.A. (Uruguay)
PROLABOR S.A.
LABORATORIOS TAURO S.A.
* 140 EMPLOYEES
Industrial
Plant: Carlos Gardel 3190 Olivos, Buenos Aires Province, Argentine Republic.
Warehouse: Julio Zapala 6335, Carapachay, Buenos Aires Province, Argentine
Republic.
BANKS:
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BANCO MUNICIPAL DE ROSARIO Current Account Nº
020-6885/9
BANCO DE NEUQUEN Current Account Nº 233683-1
BANCO DE
BANCO CREDICOOP Current Account Nº 11809/1
BANCO DE
BANCO DE
HSBC BANK ARG. Current Account Nº
0653-21432/6
CREDIT RISK:
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MAY 2013
PROVINCIA 1.230.800
HSBC 680.200
AMEX 85.100
CREDICOOP 60.100
(Situatiòn 1 : normal)
INSURANCE:
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MAPFRE S.A.
BERKLEY SA
FEDERACION PATRONAL COOP.DE SEGUROS
It complies in due
time the commitments taken (commercial and bank) and doesn't register negative.
* WITHOUT OBJECTIONS AT PRESENT.
Bearing in mind
its good records and controlled financials, we consider feasible its credit
treatment by amounts in accordance with its known resources.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
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|
1 |
Rs.99.02 |
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Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.