|
Report Date : |
01.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
VACUNAS FINLAY S.A. |
|
|
|
|
Registered Office : |
Calle 212 No. 3112 e/31 y 37, La Lisa
Ciudad Habana, |
|
|
|
|
Country : |
Cuba |
|
|
|
|
Date of Incorporation : |
17.06.1905 |
|
|
|
|
Legal Form : |
Societe Anonyme |
|
|
|
|
Line of Business : |
promotes, markets, sells and distributes pharmaceutical and biological
products in domestic and international markets |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Cuba |
B2 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
CUBA - ECONOMIC OVERVIEW
The government continues to
balance the need for loosening its socialist economic system against a desire for
firm political control. The government in April 2011 held the first Cuban
Communist Party Congress in almost 13 years, during which leaders approved a
plan for wide-ranging economic changes. Since then, the Cuban government has
slowly and incrementally implemented limited economic reforms, including
allowing Cubans to buy electronic appliances and cell phones, stay in hotels,
and buy and sell used cars. The Cuban government also opened up some retail
services to "self-employment," leading to the rise of so-called
"cuentapropistas" or entrepreneurs. Recent moves include permitting
the private ownership and sale of real estate and new vehicles, allowing
private farmers to sell agricultural goods directly to hotels, and expanding
categories of self-employment. Despite these reforms, the average Cuban's
standard of living remains at a lower level than before the collapse of the
Soviet Union and the resulting downturn of the 1990s. Since late 2000,
Venezuela has been providing oil on preferential terms, and it currently
supplies over 100,000 barrels per day of petroleum products. Cuba has been
paying for the oil, in part, with the services of Cuban personnel in Venezuela,
including some 30,000 medical professionals
|
Source
: CIA |
|
Legal Name: |
VACUNAS FINLAY S.A. |
|
Trade Name: |
VACUNAS FINLAY |
|
ID: |
NA |
|
Date Created: |
1995 |
|
Date Incorporated: |
17/06/1905 |
|
Legal Address: |
Calle 212
No. 3112 e/31 y 37, La Lisa Ciudad Habana, Cuba |
|
Operative Address: |
Calle 212 No.
3112 e/31 y 37, La Lisa Ciudad Habana, Cuba |
|
Telephone: |
(53 7)
271-6553, 271-6557 |
|
Fax: |
(53 7)
273-1218 |
|
Legal Form: |
Sociedad
Anonima |
|
Email: |
|
|
Registered in: |
La Habana,
Cuba |
|
Website: |
|
|
Manager: |
Msc.
Francisco Dommguez Alvarez |
|
Staff: |
15 |
|
Activity: |
Distribution
of pharmaceutical products |
|
SIC Codes: |
5122 |
|
Name of the
Bank: |
Banco Popular de
Cuba (BPN) |
|
The company does
not make its banking information public |
|
|
HISTORY |
|
|
The company
started business in |
|
PRINCIPAL ACTIVITY
|
|
|
VACUNAS FINLAY S.A.
is Cuban company that promotes, markets, sells and distributes pharmaceutical
and biological products in domestic and international markets. |
|
|
Products/Services
description: |
Vaccines |
|
Trademarks: |
VA-MENGOC-BC® |
|
Sales are: |
Wholesale |
|
Clients: |
QUALITY PHARMA
EIRL |
|
Competitors: |
BioCubaFarma |
|
Suppliers: |
INSTITUTO FINLAY |
|
Operations area:
|
National &
International |
|
The company does
not import |
|
|
The company
exports to |
Peru, Ecuador,
Colombia |
|
The subject
employs |
15 employees |
|
Payments: |
Regular |
|
|
|
LOCATION
|
|
|
Headquarters : |
Calle 212 No.
3112 e/31 y 37, La Lisa Ciudad Habana, Cuba |
|
Branches: |
The company does
not have branches |
|
Business Overview:
|
Cuban health
expenditure is the lowest in the Americas region. Nearly all health
expenditure will be accountable to the public sector in the 2011-2016 period.
Due to fluctuating GDP rates, expenditure as a percentage of GDP is expected
to oscillate between 11.6% and 12.9% in the forecast period. Given that all
medical care is officially free, private expenditure is limited to unofficial
payments to officials and healthcare professionals, and health tourism.
Locally-produced drugs do not operate in a market as such, and therefore it
is difficult to place a value on them. The economy is
expected to do well in the 2011-2016 period, and the Economist Intelligence
Unit (EIU) believes that mid-term economic policy is expected to be focused
on making the economic system more flexible and promoting more private
initiatives. The Cuban pharmaceutical market is the smallest in the Americas
region. Espicom projects a moderate CAGR in dollar terms between 2011 and
2016. The Cuban
pharmaceutical market increased in value by five times in the 1995-2010
period. Cuba has developed a well-established pharmaceutical industry based
on the formulation or manufacturing of generic medicines. An important Cuban
biotechnology industry has also been developed. The government
is responsible for domestic production, which represents between 80% and 90%
of the market. In order to strengthen domestic pharmaceutical production, the
Ministry of Basic Industry (MINBAS) formed the Chemical Pharmaceutical
Business Group (QUIMEFA) in 2001. There were 28
pharmaceutical producers registered in 2010. Production increased by four
times between 1997 and 2008. Competitive
Landscape The competitive
landscape section provides comparative company analyses and rankings by US$ sales
and % share of total sales - for the total pharmaceutical sector, as well as
the OTC, generics, and distribution sub-sectors. - See more at:
http://www.espicom.com/cuba-pharmaceutical-market.html#sthash.F83oJTal.dpuf |
|
GROUP STRUCTURE
AND SUBSIDIARY COMPANIES |
|
|
Listed at the
stock exchange: |
NO |
|
Capital: |
NA |
|
Shareholders %: |
This is a
private company, subsidiary of Instituto Finlay S.A. Instituto Finlay
S.A., is controlled and owned by the
Cuban Government. The Institute has
230 employees and its annual revenues are: For its lowest
years: USD 5 000 000 It has reached
in its best years: USD 100 000 000 Instituto
Finlay S.A. is supported by the Cuban Government. Its managers and president are highly
related to the Government. This institute
is indeed the one that has been preparing the diets for Fidel Castro during
the last years. Instituto Finlay
S.A.'s are guaranteed by the Cuban Government. However, although the
Institute has always had a well established business, high revenues and has
managed to commerce despite the US block, it is important to consider the
Cuban debts with other countries (Cuba owns to Uruguay USD 30 000 000) and
the fact that its high complicated for Cuban to obtain the chemical material
to produce its vaccines, it mainly imports from Japan and sometimes when it
need material from the US, it has to contract a foreign country to but the
material and then export these material to Cuba, which makes the prices
really high. |
|
Management: |
Msc. Francisco
Domínguez Álvarez, President |
|
Related Companies: |
Instituto Finlay
S.A., Cuba |
FINANCIAL INFORMATION
|
|
|
This is a
private company which does not make its financial information public. We
contacted the company but they refused to confirm. The following information
has been provided by outside sources. |
|
|
Currency |
USD |
|
Year |
2013 |
|
Revenue |
250 000 |
|
Cash Flow |
NORMAL |
LEGAL FILINGS
|
|
|
No
legal/criminal were connected to the subject |
|
SUMMARY
|
|
|
Vacunas Finlay S.A.
is a Cuban company dedicated to the research and commerce of pharmaceutical
products. |
|
RISK INFORMATION
|
|
|
Payments |
Regular |
|
Cash |
Medium |
|
Indebtedness |
Controlled |
|
|
|
INTERVIEWEE
|
NA |
|
POSITION |
Sales |
|
COMMENTS |
The person contacted
confirmed name of the company, suppliers, foundation and manager. He refused
to provide more information or any financial data. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.