MIRA INFORM REPORT

 

 

Report Date :

21.10.2013

 

IDENTIFICATION DETAILS

 

Name :

HOVIONE FARMACIENCIA SA

 

 

Registered Office :

Quinta de Sao Pedro - Lugar de Sete Casas Loures Lisboa

 

 

Country :

Portugal

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

08.04.1959

 

 

Com. Reg. No.:

500135495

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Research, manufacture and marketing of pharmaceutical products.

 

 

No. of Employees :

563

 

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)

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                           HOVIONE FARMACIENCIA SA

V.A.T. Number / NIF    500135495

Address                       Quinta de Săo Pedro - Lugar de Sete Casas

Locality                       Loures

Postal Code                 2674-506-LOURES

Municipality                LOURES

District                        LISBOA

Telephone                   219829000

Fax                              219829388, 219836801

E-Mail                          weblink@hovione.com

Web Site                      www.hovione.pt

                    

C.A.E.(Rev 3)   21100- Manufacture of basic pharmaceutical products

           

 

 

Summary

 

 

Legal Form                       Joint Stock Company

Constitution                      08-04-1959

V.A.T. Number / NIF          500135495

Employees                        563

Capital                              13.750.000,00

Sales in : 31-12-2012         81.867.037,00

Shareholders Funds in: 31-12-2012      39.937.319,00

Credit Risk Level               Reduced Credit Risk

Payments                          Good

Credit Recommendation   Credit Worthy

Actual Condition               In activity

           

 

All the amounts are express in Euros, otherwise you will be advised

 

Financial Highlights

 

 

 

31-12-2010

 

31-12-2011

 

31-12-2012

Net Sales

75.072.647,33

82.616.921,50

81.867.037,00

Net Income For the Year

3.591.146,38

5.184.873,27

4.810.572,00

Shareholders Funds

30.161.749,41

35.484.358,85

39.937.319,00

Stocks

15.358.049,47

21.545.656,19

22.887.820,00

LIABILITY

63.226.290,86

76.605.521,36

80.071.504,00

ASSETS

93.388.040,27

112.089.880,21

120.008.823,00

 

 

Business Concept

 

 

Consulted sources say that the subject has been respecting its payments and commercial commitments, so credit connections with this company are recommended.

 

 

 

Governing Bodies

 

 

 

Board of Director's

FRANCISCO XAVIER BELO VAN ZELLER

Administrator

LUIS ANTONIO ANDRADE DA SILVA GOMES

Administrator

NOE MANUEL CARREIRA DA CONCEICAO

Administrator

DIANE DE LANCASTRE HOUSSEMAYNE DU BOULAY VILLAX

Board of Director's President

GUIDO DU BOULAY VILLAX

Delegate Administrator

PETER PAL DU BOULAY VILLAX

Administrator

MIGUEL MARIA DE OLIVEIRA BARREIROS CALADO

Administrator

 

Fiscal Board

KPMG & ASSOCIADOS-SOCIEDADE DE REVISORES OFICIAIS DE CONTAS SA

Unique Fiscal

JOAO ALBINO CORDEIRO AUGUSTO

Fiscal Board Substitute

 

 

Legal Structure

 

 

Registed on the Register Record Office of Loures with the Register Number 500135495 previous number 1172 in 10-11-1996

Constitution celebrated in 08-04-1959 published on Diário da República number 112 of 12-05-1959

To oblige the company it is necessary 2 signature

 

Changes to Society

 

In 11-06-2013 on Portal MJ of 10-09-2013 board of director's change

In 28-06-2010 on Portal MJ of 26-10-2010 board of director's change

In 22-06-2007 on Portal MJ of 25-09-2007 board of director's change Clique para ver detalhes

(nomeaçăo do conselho de administraçăo para 2007/2009)

In 10-01-2007 on Portal MJ of 19-02-2007 board of director's change Clique para ver detalhes

(cessaçăo de funçơes de administrador)

In 14-11-2006 on Portal MJ of 19-02-2007 board of director's change Clique para ver detalhes

(nomeaçăo de administrador)

 

 

Capital

 

 

The Capital is 13.750.000,00 , divided in 2750000 shares , with a nominal value of 5,00

 

 

with the following shareholders

 

HOVIONE HOLDING LTD

10.725.000,00

78%

 

 

Activities

 

 

Line of Business

Percentage

Research, manufacture and marketing of pharmaceutical products, services and technological processes, patents, trademarks, and information in the area of health sciences

100%

 

 

Type of Clients

Private Companies

 

 

Sales Conditions

Credit 30/60/90/120 days

 

 

Sales Area

 

 

 

Foreign

100%

 

 

Imports

72,22%

 

 

Exports

100%

to

ALEMANHA,ANGOLA,AUSTRALIA,CANADA,CHINA, REPUBLICA POPULAR,COREIA, REPUBLICA DA,ESPANHA,ESTADOS UNIDOS DA AMERICA,FRANÇA,HOLANDA,INDONESIA,IRĂO, REP ISLAMICA DO,IRLANDA,ITALIA,JAPĂO,MACAU,MALASIA,POLONIA,REINO UNIDO,REPÚBLICA CHECA,SUECIA,SUIÇA,TAIWAN

 

Trade Marks

 

Hovione

 

 

Banks and Financial Institutions

 

 

CAIXA GERAL DE DEPOSITOS, SA

Loures

BANCO BPI, SA

Praça do Município - Lisboa

MILLENNIUM BCP

Avenida Estados Unidos da América - Lisboa

BANCO SANTANDER TOTTA SA

Lisboa-Rua Áurea

BANCO BILBAO VIZCAYA ARGENTARIA (PORTUGAL), SA

Avenida da Liberdade-Lisboa

 

 

Incidents

 

 

Legal Actions

 

Date

Process

Author

Type

Amount

Judicial District

Court

Situation

28-01-2011

406981/10.3YIPRT

PT Comunicacoes, SA

Especial Cump.Obrig. Pecuniarias DL 269/98

1.743,29

Lisboa - Tribunal de Pequena Instância Cível

 

 

21-09-2010

6909/10.6TCLRS

Aaf - S.A., Sociedade Unipersonal

Sumária

14.248,18

Loures - Tribunal de Família e Menores e de Comarca

 

 

 

 

 

Employees

 

 

Total

563

 

 

Insurance

 

 

Tranquilidade Seguros SA

 

 

Head Office and Installations

 

 

Head office and installations Quinta de Săo Pedro - Lugar de Sete Casas, Loures, 2674-506, LOURES, Tel:219829000, Fax:219829118

 

Special Information

 

 

Event

General Description

Quality Certification

A titular encontra se certificada pela norma NP EN ISO 14001:2004 no âmbito da Investigaçăo, desenvolvimento e fabricaçăo de produtos farmacêuticos

 

 

Financial Demonstration SNC

 

Balance Sheet SNC

CoinEURO

 

Date31-12-2012

 

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

Variaçăo (%)

 

 

 

ASSET

 

 

 

 

 

Non-current assets

 

Tangible fixed assets

44.961.407,00

42.122.947,07

42.579.094,71

6,74

Intangible assets

 

5.279.938,37

4.735.916,18

 

Biological assets

5.848.822,00

 

 

 

Other financial assets

42.448,00

42.448,33

33.448,33

 

Deferred tax assets

5.045.749,00

6.817.489,22

5.291.764,77

(25,99)

Total

55.898.426,00

54.262.822,99

52.640.223,99

3,01

 

 

 

 

 

Current assets

 

 

Inventories

22.887.820,00

21.545.656,19

15.358.049,47

6,23

Costumers

9.139.617,00

7.357.359,49

8.424.313,11

24,22

Advances to suppliers

33.676,00

51.823,32

35.637,89

(35,02)

State and other public entities

2.282.637,00

2.991.355,43

1.019.056,06

(23,69)

Other accounts receivable

9.067.765,00

1.530.158,58

1.585.541,83

492,60

Deferrals

224.974,00

509.075,26

61.034,00

(55,81)

Financial assets held for trading

 

16.835.578,58

 

 

Cashier and bank deposits

20.473.908,00

7.006.050,37

14.264.183,92

192,23

Total

64.110.397,00

57.827.057,22

40.747.816,28

10,87

TOTAL ASSET

120.008.823,00

112.089.880,21

93.388.040,27

7,06

 

 

 

 

 

SHAREHOLDERS FUNDS AND LIABILITIES

 

 

 

 

 

 

 

SHAREHOLDERS FUNDS

 

 

Capital

13.750.000,00

13.750.000,00

13.750.000,00

 

Other shareholders funds instruments

400.000,00

400.000,00

400.000,00

 

Legal reserves

1.301.439,00

1.042.194,93

862.637,61

24,87

Other reserves

997.343,00

 

667.665,68

 

Net retained

16.769.203,00

11.900.287,87

8.543.993,43

40,91

Revaluation surplus

 

984.534,57

 

 

Other shareholders funds changes

1.908.762,00

2.222.468,21

2.346.306,31

(14,12)

Total

35.126.747,00

30.299.485,58

26.570.603,03

15,93

Net income for the period

4.810.572,00

5.184.873,27

3.591.146,38

(7,22)

TOTAL OF SHAREHOLDERS FUNDS

39.937.319,00

35.484.358,85

30.161.749,41

12,55

 

 

 

 

 

LIABILITY

 

 

 

 

 

 

 

Non-current liiabilities

 

 

Provisions

193.888,00

 

 

 

Financing obtained

34.765.120,00

47.490.598,54

34.188.310,00

(26,80)

Diferred taxes liabilities

510.190,00

566.904,49

622.199,11

(10,00)

Total

35.469.198,00

48.057.503,03

34.810.509,11

(26,19)

 

 

 

 

 

Current liabilities

 

 

Suppliers

12.760.365,00

15.093.943,90

8.880.332,79

(15,46)

State and other public entities

762.404,00

657.914,40

773.056,35

15,88

Financing obtained

22.062.821,00

 

9.604.985,21

 

Other payable accounts

6.794.064,00

10.474.424,81

5.398.525,87

(35,14)

Deferrals

1.665.624,00

2.321.735,22

2.131.981,55

(28,26)

Other financial liabilities

557.028,00

 

1.626.899,98

 

Total

44.602.306,00

28.548.018,33

28.415.781,75

56,24

TOTAL LIABILITIES

80.071.504,00

76.605.521,36

63.226.290,86

4,52

TOTAL SHAREHOLDERS FUNDS AND LIABILITIES

120.008.823,00

112.089.880,21

93.388.040,27

7,06

 

 

 

 

 

INCOME STATEMENT

 

 

 

 

 

 

 

INCOME AND EXPENSES

 

 

Sales and services

81.867.037,00

82.616.921,50

75.072.647,33

(0,91)

Variation in production inventories

3.079.237,00

2.789.265,78

1.865.657,67

10,40

Work for the entity itself

728.123,00

1.152.585,60

1.124.114,42

(36,83)

Cost of goods sold and materials consumed

(32.482.494,00)

39.613.003,92

33.587.502,38

(182,00)

Suppliers and external services

(15.766.591,00)

14.756.708,72

14.439.788,49

(206,84)

Personnel costs

(24.482.954,00)

22.478.589,80

21.206.027,73

(208,92)

Impairment of inventories (losses/revearsals)

(314.889,00)

 

468.772,97

 

Provisions (increases/reductions)

(193.888,00)

(968.018,33)

 

(79,97)

Other income and gains

6.187.791,00

7.033.430,50

6.916.264,22

(12,02)

Other expenses and losses

(5.782.305,00)

6.289.709,77

8.150.528,22

(191,93)

Result before depreciation, financing costs and taxes

12.839.067,00

11.422.209,50

7.126.063,85

12,40

Expenses/reversals of depreciation and amortization

(3.591.138,00)

3.411.960,95

3.165.758,89

(205,25)

Operating result (before financing costs and taxes)

9.247.929,00

8.010.248,55

3.960.304,96

15,45

Interest and similar income obtained

1.982.021,00

 

2.147.683,00

 

interest and similar expenses incurred

(4.368.209,00)

4.280.817,27

2.801.931,52

(202,04)

Net before taxes

6.861.741,00

3.729.431,28

3.306.056,44

83,99

Income tax of the period

(2.051.169,00)

(1.455.441,99)

(285.089,94)

40,93

Net profit for the period

4.810.572,00

5.184.873,27

3.591.146,38

(7,22)

 

 

RATIOS SNC

 

 

Closing Date

31-12-2012

31-12-2011

31-12-2010

 

 

 

 

TURNOVER RATIOS

 

Shareholder's Funds Profitability

0,12

0,146

0,119

 

Assets Profitability

0,077

0,071

0,042

 

Sales Net Profitability

0,059

0,063

0,048

 

 

 

 

 

 

EFFICIENCY RATIOS

 

 

Medium Term Receivable

40,748

32,504

40,958

 

Asset Rotation

0,682

0,737

0,804

 

 

 

 

 

 

PRODUCTIVITY RATIOS

 

 

Productivity

(4,671)

1,913

1,956

 

 

 

 

 

 

SHORT TERM RATIOS

 

 

General Liquidity

1,437

2,026

1,434

 

Reduced Liquidity

0,924

1,271

0,894

 

Immediate Liquidity

0,459

0,245

0,502

 

 

 

 

 

 

MEDIUM LONG TERM RATIOS

 

 

Financial Autonomy

0,333

0,317

0,323

 

Solvability

0,499

0,463

0,477

 

Borrowed Capital Structure

0,557

0,373

0,449

 

General Debt

1,423

1,338

1,452

 

Medium Long Term Debt

0,87

1,338

1,133

 

Debt Structure

0,557

0,373

0,449

 

Capital Structure

1,126

0,738

0,866

 

 

 

 

 

 

Operational and Financial Risk

 

 

Operational Leverage Level

12,365

5,369

10,475

 

Financial Leverage Level

1,348

2,148

1,198

 

Combined Leverage Level

16,668

11,533

12,549

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.