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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
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Name : |
DENVER FARMA S.A. |
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Registered Office : |
Esmeralda 1066,
2o."G", (1099), Buenos Aires City, Repúblic |
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Country : |
Argentina |
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Financials (as on) : |
30.06.2012 |
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Date of Incorporation : |
21.09.1988 |
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Legal Form : |
Limited company |
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Line of Business : |
Medical Specialties, Processing, Marketing |
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No. of Employees : |
88 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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) |
|
Argentina |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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
DENVER FARMA S.A.
CUIT No.: 33-62928265-9
BEGINNER OF ACTIVITIES, INCORPORATED IN 1988.
BALANCE SHEET AT 30/06/2012. NO REGISTRA ITS ADVERSE CREDIT HISTORY. FIT FOR
NEW MODERATE CREDITS WITH GUARANTEE.
MEDICAL SPECIALTIES
PROCESSING
MARKETING
Legal form:
Limited company
Created:
21/09/1988
Insc.R.P.de Commerce: 04/10/1988 No.6938,Lo.105,ToA
I.G.P.J.: Register No.: 122.637
Duratión: 04/10/2087
End of fiscal year: June 30
Afip Nro:
56 de Avda del Libertador 1436 de Vicente Lopez
Legal Address: Esmeralda 1066,
2o."G", (1099), Buenos Aires City, Repúblic Argentina.
Operative Address and Administrative: Natalio Querido 2285, Munro (1603),
Buenos Aires, Repúblic Argentina.
Tel.: (54-011) 4756-5436/5295
Fax.: (54-011) 4762-3425
E-mail: abastecimiento@denverfarma.com.ar
President:
AQUILES ESTEBAN ROSSI
V.President: JOSE LUIS TOMBAZZI
Directors: MABEL TERESA ROSSI
LUCAS ESTEBAN ROSSI
Alternates: LUCIANO JOSE TOMBAZZI
MARCELA MABEL TOMBAZZI
Using of signature: President and Vicepresident.
The share capital of the company is set to
the sum of $ 300,000, represented by the same amount of ordinary bearer shares
one vote each, v/n., $ 1,00.-
ROSSI AQUILES ESTEBAN:
argentino, married, 07/01/1951, DNI.No. 8.402.304 (CUIT No.20-08402304-4)
address in Larrumbe 12, 2do."C", Martínez, Province Buenos Aires.
TOMBAZZI JOSE LUIS:
argentino, married, 19/08/1954, DNI.No. 11.217.282 (CUIT No.20-11217282-4)
address in Asunción 4514, 3er.piso, Buenos Aires City.
Registered in DROGUERIA GENERAL S.A.
n 1988 and in order to tackle the
exploitation of the activities being developed, has been legally established
business owner who, for the purposes intended, it is established at the
addresses set out in due course.
It is our understanding that it is an integral part of any economic group or
their managers participate alongside in any company other than the already
mentioned is timely.
BALANCE SHEET AT 30/06/2011 AND 30/06/2012,
EXPRESSED IN PESOS ARGENTINOS, EXCHANGE: 1 DOLAR = $ 5,60.-
30.06.2011
30.06.2012
----------
-----------
CASH INVESTMENTS, CREDITS 24.670.103
40.077.329
INVENTORIES 12.732.825
16.444.605
TOTAL ASSETS CURRENT 37.402.928
56.521.934
ASSETS NON-CURRENT 20.417.504
21.156.003
TOTAL ASSETS 57.820.432
77.677.937
DEBTS 20.912.728 28.701.253
SALARIES AND SOCIAL CHARGES 2.051.657
3.233.820
LIABILITIES CURRENT 22.964.385
31.935.073
LIABILITIES NON-CURRENT -
1.688.571
TOTAL LIABILITIES 22.964.385
33.623.644
NET WORTH 34.856.047 44.054.293
TOTAL GENERAL 57.820.432
77.677.937
VENTAS NETAS 76.818.160
118.518.030
COSTO DE VENTAS -40.938.592
- 68.364.964
GANANCIA BRUTA 35.879.568
50.153.066
DEBTS COMERCIALIZATION -16.371.853
- 23.946.012
SUB TOTAL 11.819.584
15.801.791
OTROS INCOMES AND EXPENSES -
3.953.287 -3.953.545
FINAL RESULT 7.866.297
11.848.246
BUILDINGS:
---------
The fixed assets of the company are occupied property in their efforts which,
taken together, have significant market value.
Basically is dedicated to the development
and commercialization of drugs essentially treating the production of generics.
It has modern production units covering a broad spectrum of dosage forms with
procedures validated by the World Health Organization.
Its lines are represented by generic set out:
* Allergy *
Anesthesia
* Anxiolytics * flu
* Antiosteoporotic *
Wormers
* Antisepsis * Cardiology
* Dermatology * Diabetology
* Pain/Inflammation *
Gastroenterology
* Gynecology * Ear drops
* Infectious * Neurology
* Contrast Media * Nutrition
* Ophthalmology * Psychiatry
* respiratory tract *
Various
Concrete imports among other countries from Switzerland, China and India among
other countries, not being marked its foray into the export market.
* 88 EMPLOYEES
FOREIGN TRADE:
--------------
In the last twelve months it has carried out imports for a total value of u$s.
2.577.477 from:
INDIA.......................... U$S
863.685
SWIZERLAND..................... U$S
777.358
URUGUAY........................ U$S
368.528
OTHERS COUNTRIES...............U$S 568.906
Among the company the following brands:
ALAGER ALIAPRES
ANZOLDEN BOLONA
PANCLOFLEX PARCETIN
SENTUL STILENCIL
TYLOFORMIN ZOLATIDEN
CLOTRIDEN DENVER
BIO
DORTIDEN GLAUCODEN
MIFEPIL OFTALOOK
OTOBIOTIC PANCLOBIOTIC
Industrial plant: Centro Industrial Garin,
Escobar, Buenos Aires.
Banks:
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BANCO DE GALICIA Y BS.AIRES S.A. Munro
Credit Risk:
------------
JUNE 2013
BANCO PROVINCIA DE BUENOS AIRES........ $ 2.448.000
BANCO DE GALICIA Y BUENOS AIRES.......
$ 1.681.500
AMERICAN EXPRESS....................... $ 247.400
SITUATION 1: NORMAL COMPLIANCE
INSURANCE:
----------
LIBERTY S.A.
It doesn't register that could affect its
commercial concept.
According to our consultations, it complies in due time the commitments taken
and has a good concept.
* FULFILLMENT: WITHOUT OBJECTIONS
We consider feasible the credit treatment
with this company by moderate amounts.
For higher amounts, we suggest taking appropriate guarantees.
* FIT FOR NEW MODERATE CREDITS
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.22 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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 |
|
<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.