|
Report Date : |
16.10.2014 |
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 : |
Corporation |
|
|
|
|
Line of Business
: |
Distribution of
pharmaceutical products |
|
|
|
|
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 |
|
STATUTORY
INFORMATION |
|
|
Order: |
Vacunas Finlay
S.A. |
|
Address in the
order: |
Ave 27, 19805 La
Coronelala Lisa Ciudad Havan, Cuba |
|
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: |
Corporation |
|
Email: |
|
|
Registered in: |
La Habana, Cuba |
|
Website: |
|
|
Manager: |
Msc. Francisco Domínguez Álvarez |
|
Staff: |
15 |
|
Activity: |
Distribution of pharmaceutical products |
|
SIC Codes: |
5122 |
|
NAICS Codes: |
5122 |
|
BANKS |
|
|
Name of the Bank: |
Banco Popular de Cuba (BPN) |
|
The company does not make its banking information
public |
|
|
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. It is controlled and
owned by the Cuban Government. |
|
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 |
|
CALL |
|
|
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.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
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.