MIRA INFORM REPORT

 

 

Report Date :

09.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MEDICAL INTERNATIONAL LABORATORIES CORPORATION S.A.

 

 

Registered Office :

Nueva Andrés Bello 1940-1960 Independencia, 8390598, Santiago / XIII Región Metropolitana

 

 

Country :

Chile

 

 

Date of Incorporation :

01.06.1990

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacturing and commercialization of pharmaceuticals and medicinal substances.

 

 

No of Employees :

400

 

 

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 :

Unknown

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)

Chile

A2

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

CHILE - ECONOMIC OVERVIEW

 

Chile has a market-oriented economy characterized by a high level of foreign trade and a reputation for strong financial institutions and sound policy that have given it the strongest sovereign bond rating in South America. Exports of goods and services account for approximately one-third of GDP, with commodities making up some three-quarters of total exports. Copper alone provides 19% of government revenue. From 2003 through 2013, real growth averaged almost 5% per year, despite the slight contraction in 2009 that resulted from the global financial crisis. Chile deepened its longstanding commitment to trade liberalization with the signing of a free trade agreement with the US, which took effect on 1 January 2004. Chile has 22 trade agreements covering 60 countries including agreements with the European Union, Mercosur, China, India, South Korea, and Mexico. Chile has joined the United States and nine other countries in negotiating the Trans-Pacific-Partnership trade agreement. The Chilean Government has generally followed a countercyclical fiscal policy, accumulating surpluses in sovereign wealth funds during periods of high copper prices and economic growth, and generally allowing deficit spending only during periods of low copper prices and growth. As of 31 December 2012, those sovereign wealth funds - kept mostly outside the country and separate from Central Bank reserves - amounted to more than $20.9 billion. Chile used these funds to finance fiscal stimulus packages during the 2009 economic downturn. In May 2010 Chile signed the OECD Convention, becoming the first South American country to join the OECD.

 

Source : CIA

 

 

 

 

 

 

IDENTIFICATION

CORRECT COMPANY NAME

MEDICAL INTERNATIONAL LABORATORIES CORPORATION S.A.

TRADE NAME

MINTLAB CO. SA

TAXPAYER REGISTRATION

RUT 965813705

MAIN ADDRESS

Nueva Andrés Bello 1940-1960 Independencia

POSTAL CODE

8390598

DEPT/PROV/REGION/STATE

Santiago / XIII Región Metropolitana

COUNTRY

CHILE

TELEPHONE

(562) 5624300 - 5624465 - 5624386

CORPORATE E-MAIL

contactenos@mintlab.com

COMMENTS

 

 
Correct legal name is as stated.
FAX: 562 562 4359

 

EXECUTIVE SUMMARY

Date of foundation

1996

Capital stock

Ps$3,445,684,000.= Pesos

permanent employees

400

Chief Executive

LARENA G., GONZALO

Disposition

Declined. For security reasons and/or competition.

Financial Situation

FAIR

Payments policy

Without rating (No payment experience traced)

Number of times that this company was required: 3

 

 

LEGAL STRUCTURE

LEGAL STATUS

Joint-Stock Company

 

 

DATE OF INCORPORATION

1/06/1990

 

 

PLACE OF REGISTRY

Santiago

 

 

NOTARY OFFICE

Humberto Quezada Moreno

DURATION

Perpetual

REGISTRATION

Pages 16.136 No.8.088 of Registry of Commerce

 

 

INITIAL CAPITAL

Ps$38,000,000.= Pesos

 

 

CURRENT PAID-IN CAPITAL

Ps$3,445,684,000.= Pesos

LAST CAPITAL INCREASE

12/05/2000 (Decrease)

CURRENT EXCHANGE RATE (US$)

Ps$597.56 per 1 USD

 

 

COMMENTS

 

 
Subject's incorporation was published on page 8 the Official Gazette on June 22nd.
 
No shareholders structure was available.
 
Mr. Ricardo Alarcon is no longer Subject's General Manager. They denied to provide the name of the current General Manager and Legal Representative under confidentiality policies.
 
It is part of SOCOFAR Group.

 

DIRECTORS - EXECUTIVES – SHAREHOLDERS

FULL NAMES / COMPANY NAME

TITLE

%PART.

SINCE

LARENA G., GONZALO

Finance Manager

 

 

KAL, BENJAMIN

Commercial Manager

 

 

HOFMANN, CRISTIAN

Plant Manager

 

 

ORTEGA CORDOVA, RUFINO

Adm. and Finance Manager

 

 

 

 

BUSINESS HISTORY

 
By Public Deed dated September 13th, 1991, before Notary in and for Santiago Humberto Quezada Moreno, published on page 12 of the Official Gazette on October 19th, 1991, capital stock increased from $38.000.000 to Ps$113,000,000, divided in 113.000 shares without par value.-
 
By Public Deed dated September 25th, 1992, before Notary in and for Santiago Raúl Undurraga Laso de Santiago, published on page 11 of the Official Gazette on October 2nd, 1992, capital stock increased from Ps$113,000,000 to Ps$247,266,594, divided  in 378.349 shares without par value.-
 
By Public Deed dated October 26th, 1993, before Notary in and for Santiago Sergio Rodríguez Garcés, published on page 10 in the Official Gazette on November 17th, 1993, capital stock increased from Ps$247,267,100 to Ps$547,267,100, divided in 678.350 shares without par value.-
 
By Public Deed dated April 26th, 1994, before Notary in and for Santiago Sergio Rodríguez Garcés, published on page 15 in the Official Gazette on June 16th, 1994, capital stock decreased, it was agreed to void the increase published on in page 10 on November 17th, 1993.- Capital stock will be increased from Ps$247,267,100 to Ps$489,295,880 , divided in 601.418 shares without par value.-
 
By Public Deed dated June 16th, 1994, before Notary in and for Santiago Sergio Rodríguez Garcés, published on page 15 in the Official Gazette on June 22nd, 1994, the text published on the Official Gazette on June 16th, 1994 was amended, stating that 223.068 new shares must be paid no later than October 1st, 1994.-
 
By Public Deed dated October 11th, 1994, before Notary in and for Santiago Sergio Rodríguez Garcés, published on page 9 in the Official Gazette on November 29th, 1994, capital stock increased from Ps$489,295,880 to Ps$664,519,880, divided in 780.218 shares without par value.-
 
By Public Deed dated August 31st, 1995, before Notary in and for Santiago Sergio Rodríguez Garcés, published on page 16 in the Official Gazette on September 4th, 1995, capital stock increased from Ps$664,519,880 to Ps$1,401,045,672, divided in 1.560.436 shares without par value.-
 
By Public Deed dated December 9th, 1998, before Notary in and for Santiago Iván Torrealba Acevedo, published on page 15 in the Official Gazette on December 22nd, 1998, capital stock increased from Ps$1.401.045.672, divided in 1.560.436 shares, fully subscribed and paid, to Ps$4.374.056.033, divided in 3.964.606 shares without par value, all of them of the same series. Also, the Articles of Incorporation were amended: the business purpose was extended and now included the exploitation of laboratories in all its forms, awards with domestic and foreign firms, manufacturing with other companies, and any other industrial business, commercial, investment, import or import that the Board decides to perform, without limitation whatsoever.
 
By Public Deed dated December 5th, 2000, before Notary in and for Santiago Iván Torrealba Acevedo, published on page 15 in the Official Gazette on January 18th, 2001, capital stock decreased from Ps$4,374,056,033 to Ps Ps$3,445,683,819, divided in 3,964,606 shares without par value.-
 
By Public Deed dated April 4th, 2006, before Notary in and for Santiago René Benavente Cash, published on page 28 in the Official Gazette on April 11th, 2006, the Articles of incorporation was amended: the number of Directors increased from 4 to 5 members.

 

 

RELATED COMPANIES TO SUBJECT COMPANY OR TO MAJORITY SHAREHOLDER

COMPANY NAME

COUNTRY

TAX REG.

RELATION %

ARTICULOS MEDICOS MEDILINE LTDA.

CHILE

786376009

Related

CENTRO DE ESPECIALIDADES FARMACEUTICAS LTDA.

CHILE

783504405

Related

FARMACIAS CRUZ VERDE S.A.

CHILE

898072002

Related

FARMACIAS CRUZ VERDE S.A.

CHILE

898072002

Related

MUNNICH-PHARMA MEDICAL LTDA.

CHILE

804474005

Related

SOCOFAR S.A.

CHILE

915750001

Related

 

 

BUSINESS

SIC Classification


W - SALUD HUMANA: LABORATORIOS FARMACEUTICOS, CLINICAS, HOSPITALES,FARMACIAS- (Salud Humana:Clinicas, Hospitales, Farmacias, Laboratorios Farmaceuticos, clinicos, Rayos X, Ecografías,etc.)

Main activity

The Company is engaged in the manufacturing and commercialization of pharmaceuticals and medicinal substances.

 

Products: laxatives, vitamins, calcium, antibiotics, analgesics, erectile dysfunction medication, antibacterial medicines, etc.

 

100% Wholesaler

O P E R A T I O N S

Import

Yes

Country

USA, Europena and Asian countries

Export

No

% Credit SALES / Terms

100%

% DOMESTIC PURCHASES

30%

% FOREIGN PURCHASES

70%

SELLING TerritorY

100% Domestic market

EMPLOYEES

400

LOCATION

PREMISES

Rented

OTHER PREMISES

 
The Betalactamic antibiotics plant has a production capacity of 10 million commercial units per year, on a surface of 800 sqm.
The main plant has a total built surface of 7,800 sqm and its annual production reaches 48 million commercial units.

Comments

 

 
Own brands: ABEJITO, ABRADEN, ACEVAL; AFLUCOL, AGOTOX, ALMAXOL, AMIGDEN, BENIDEC, CALCIVORIN, DEFAMIGSOL, DENTA-ALIV, FLUMOL, GENTO, GRIPPODINA, PEDIAFUR, PRAZOL, ZETAMINT, AMPICILINA, TRELIBEC FORTE, CALCIMIN, ZILFIC, KETOPROFENO, AXANT.
 
Main clients: 
- Soc. Farmaceutica Cruz Verde Ltda.
- Farmacias Ahumada S.A.,
- Salcobrand S.A.
- Central de Abastecimiento del Sistema Nacional del Servicio de Salud

 

FINANCIAL INFORMATION

Disposition

Declined. For security reasons and/or competition.

Interviewee(s)

Gonzalo Larenas G.

Position(s)

Finance Manager

Information provided

 
Mr. Gonzalo Larenas G. stated that Subject has had radical restructuration changes in all estates. Information will be only revealed to companies Subject has relations with. Therefore, he recommended to only consider him since he assisted us and is authorized to make decisions.
 
This report has been prepared based on information obtained from external sources. No figures of balance sheets were available.

 

 

FINANCIAL SITUATION

 
FAIR
Despite having no financial statements available, we were informed that the company has been operating 18 years in the market. Medium-sized company.

Property of company comments

 

 
REAL ESTATES: Subject has not real properties on its behalf. 
 
VEHICLES: It leases Vehicles for the development of its activities. 
 
MACHINERY AND FACILITIES.  It has, baler,  container automatic line, sign-maker, and the other needed element.

 

 

 

 

 

INSURANCE

COMPANY

AGAINST

LIBERTY CIA. DE SEG. GRALES. S.A.

Several risks

Main fixed assets of the company (general detail)

 

 
Insurance covers risk for assets in general.

 

TRADE REFERENCES, CREDIT BUREAU, LAWSUITS, BANKS

 

(Confidential Information)

TRADE REFERENCES

Note : Other suppliers did not provide information or could not be consulted

 

Supplier

Country

BENKEL HNOS. Y CIA. LTDA.

CHILE

BRENNTAG CHILE COMERCIAL E INDUSTRIAL LTDA.

CHILE

DISTRIBUIDORA PORTLAND S.A.

CHILE

FARET S.A.

CHILE

IMPRESOS AUTOADHESIVOS LTDA.

CHILE

INDURA S.A.

CHILE

PLASTICOS BURGOS S.A.

CHILE

REUTTER S.A.

CHILE

INGENIERIA LERP LTDA

CHILE

FIBRO SONOCO S.A.

CHILE

PLASTICOS BIO BIO S.A.

CHILE

MASONITE CHILE S.A.

CHILE

CHINA EXPORT & CREDIT CORPORATION (SINOSURE)

CHINA

 


THE FOLLOWING INFORMATION IS REPORTED BY RISK INFORMATION CENTER

No reported banking debt.

 

 

Comments :

 

Subject works with: BANCO DE CHILE. BANCO SANTANDER.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.35

UK Pound

1

Rs.98.71

Euro

1

Rs.77.47

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.