MIRA INFORM REPORT

 

 

Report Date :

30.09.2014

 

IDENTIFICATION DETAILS

 

Name :

LABORATORIO PABLO CASSARA S.R.L

 

 

Registered Office :

Carhue 1096, Capital Federal (1408), Capital Federal

 

 

Country :

Argentina

 

 

Date of Incorporation :

1948

 

 

Legal Form :

Sociedad de Responsabilidad Limitada

 

 

Line of Business :

Manufacture of pharmaceutical products

 

 

No. of Employees :

380

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Argentina

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 2012 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 2012 the government also further tightened currency controls in an effort to bolster foreign reserves and stem capital flight. During 2013, the government continued with a mix expansionary fiscal and monetary policies and foreign exchange and imports controls to limit the drain in Central Bank foreign reserves, which nevertheless dropped US $12 billion during the year. GDP grew 3% and inflation remained steady at 25%, according to private estimates. In October 2013, the government settled long-standing international arbitral disputes (including with three US firms) dating back to before and following the 2002 Argentine financial crisis. In early 2014, the government embraced a series of more orthodox economic policies. It devalued the peso 20%, substantially tightened monetary and fiscal policies, and took measures to mend ties with the international financial community, including: engaging with the IMF to improve its economic data reporting, reaching a compensation agreement with Repsol for the expropriation of YPF, and presenting a proposal to pay its arrears to the Paris Club

Source : CIA

 

 

 

Statutory

 

Order:

LABORATORIO PABLO CASSARA S.R.L

Address in the order:

SALADILLO 2450- l',PISO,UNIDAD 2 (C1440FEX) BUENOS AIRES,

 

ARGENTINA

Comments:

The address corresponds to Fundacion Pablo Cassara that works

 

together with the company.

Legal Name:

LABORATORIO PABLO CASSARA SRL

Trade Name:

Cassara Biotech

CUIT:

30-52585827-4

Date Created:

1948

Date Incorporated:

01/05/1905

Legal Address:

Carhue 1096, Capital Federal (1408), Capital Federal, Argentina

Operative Address:

Carhue 1096, Capital Federal (1408), Capital Federal, Argentina

Telephone:

54 11 4981-4792

Fax:

54 11 4981-1538

Legal Form:

Sociedad de Responsabilidad Limitada

Email:

icassara(5)lDc.com.ar

Registered in:

HIPOLITO YRIGOYEN N°370 PLANTA BAJA 1086 CIUDAD

 

AUTONOMA BUENOS AIRES

Website:

www.lDC.com.ar

Manager:

Jorge Alberto Cassara

Staff:

380

Activity:

Pharmaceutical/Medicine Manufacturing

SIC Codes:

2833

NAICS Codes:

325411

 

 

 

 

 

 

BANKS

 

 

According to Argentinian Central Bank, the company maintains credit lines with the following banks:

BANK

AMOUNT IN AR$

BANCO CREDICOOP COOPERATIVO LIMITADO

13264,6

BANCO SANTANDER RIO S.A.

10241,3

HSBC BANK ARGENTINA S.A.

8775,3

BANCO PATAGONIA S.A.

8473

BBVA BANCO FRANCES S.A.

6429,2

AMERICAN EXPRESS ARGENTINA S.A.

85,8

 

 

 

 

 

According to the classification of banking relations of Argentina,
the company operates with the following level: 1.

 

This is the highest classification in the system. It means that the
company/person is fulfilling correctly its current Credit
obligations. This is therefore positive information that will
enable the granting of any line of credit.

 

 

 

There are no rejected checks for the company.

 

 

 

HISTORY

 

 

In 1948 Dr. Pablo Cassara began his pharmaceutical activities
In 1972 aerosol technology is incorporated
In 1987 The company exports to Chile antiasthmatic aerosols.
In 1990 it is associated with a group of scientists to develop biotechnologists
and producing medicinal recombinant proteins
In 1992 It launches its first biotech product: Interferon alfa
In 1995 It started the local development of the vaccine, Hepatitis B.

Based on the success of AgB, in 2000 Aventis Pasteur, a world leader in enterprise
vaccines, obtained license AgB technology to produce their own vaccine in Argentina and exported to the world, again recognizing the
quality of science Argentina

In 2000 the company created a joint venture company in Holland with Rhein Biotech to enter biotech products manufactured in Argentina to the European Economic Community
In 2000 the company created the product line MeDiSol, Drug Solidarity, facilitating access to
medication to the entire population.

 

 

 

MAIN ACTIVITY

 

 

Laboratorio Pablo Cassará S.R.L  is dedicated to the manufacture of pharmaceutical products. The company works with pharmaceutical alliances to distribute worldwide.

 

Products/Services:


Acido Fusidico Cassara
Acido Hialuronico Cassara
Adrenalina Atropina Cassara
Aerotrop
Aerovent
Ag-B 20 Ug
Ag-B 10 Ug
Aimafix D.I. 500 Ui-Unidad I-Importado
Airtal Importado
Alamx Forte 1.5 G
Albulair
Alfacort 2.5 Gr/100 Gr
Almax
Ambainal
Amino Nutril
Amoxi Ewe 500 Mg-Unidad Ii
Anagen
Anatoxal Bi-Te Berna Ni�os Importado
Antimicotico Cassara
Apracur Antifebril
Apracur Biotic
Apracur Descongestivo
Aseptigel Nş 2
Aseptigel Nş 5
Aseptigel Nş 6
Asmopul
Aspimed
Astezol
Atopix
Aulin 50 Mg
Avirostac
Azelastina Cassara
Ba�olar
Beclometasona Dipropionato Cassara
Betacort Plus
Betametasona Cassara 0.6 Mg
Betametasona Clotrimazol Gentamicina Cassara
Betaxolol Pablo Cassara
Bio
Bisteroid 20 Mg
Brucelhapten
Bucoxane
Buflomed 450 Mg
Bupicaina 0.25 %
Butocort
Butocort Hfa
Carboplatino 150 Unidad Ii
Carboplatino 150 Cassara
Carteolol Cassara
Cefadrox 250 Mg
Cerumex
Cidine Importado
Ciprofloxacina Cassara
Clamoxol Duo
Clenbuterol Cassara
Clidan
Clidan B
Clo 5
Cloranfenicol- Neomicina Cassara
Clotrimazol Betametasona Cassara
Combiderm
Decurare 30 Mg
Decurare 50 Mg
Dermaseb Importado
Dermexane
Dermoperative
Desmopresina Cassara
Directocalm
Directol
Dobucard
Dopatropin
Dormid
Ebastel 100 Mg %
Ebastel 10 Mg
Eko 1
Eko 2
Emoclot 1000 Ui - Amp. Disolv. - Unidad Ii
Epogen 1000 Ui
Erimicin
Eritral
Eritromicina Cassara

Amonth many others

Trademarks:

ANTIR CASSARA
ASEPTORAL
GENTACORT CASSARA
HYPERSURF
PABLO CASSARA
RINOSOL CASSARA
TRICOPEPTIDO
VETALONE

Sales:

Wholesale

 

Clients:

Pharmos S.A.
Saladillo 2452, Buenos Aires, Capital Federal

Distributors

Hospitals

 

Competitors:

Laboratorios Esme Saic
Lazar y Cia Sa
Menarini Arg Lab Farmaceuticos Sa

 

Suppliers

Instituto Biológico Contemporáneo S.A.
Av. Chivilcoy 304
C1407AEF
Tel: +54 11 4674-0312
CABA, Buenos Aires
Argentina

MBSoft S.A.
Argentina

Piramal Critical Care
50 Cobham Dr, Orchard Park,
NY 14127, USA

FERSINSA GB S.A. DE C.V.
CARRETERA SALTILLO-MONTERREY
KM.12.5 RAMOS ARIZPE SC
RAMOS ARIZPE MX

Operations Area:

National & International

 

The company imports from:

USA, Hong Kong, Mexico

 

The company exports to

worldwide

 

The company employs

380 employees

 

Payments:

Regular-made on a 30-45 day basis monitored over the last 6 months

 

 

LOCATION

 

Headquarters  :

Carhue 1096, Capital Federal (1408), Capital Federal, Argentina

 

Branches:

The company does not have branches

Business Industry:

The structure and composition of the Argentina national accounts show that the pharmaceutical industry and pharmaceutical and chemical industry account for about 7% of the total value added of the industry, and 4.4% on a gross value of production.

Overall employment of personnel in the industry both in direct labor and indirect labor is around 27,000 and 100,000 people, respectively. The proportion of technicians and university graduates from different professions is relatively higher than in other areas, prompting the industry to consider implementing corporate policies that encourage the repatriation of Argentine scientists. This action, which already has several backgrounds, would provide high training and experience of human resources, and emigrated gained experience in countries of the developed world.

Most of the local market is supplied by national laboratories. These account for 57% of domestic sales.

However, there is an important difference between local and international relative to the share of imports in total sales of each segment to the domestic market laboratories.

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

 

 

Listed at the stock exchange:

NO

 

Capital:

AR$ 8 000 000 (estimated)

 

Shareholders %:

This is a private company. The main shareholders are:

Jorge Alberto Cassará
María Luz Cassará
Solange Cassará
Christian Marcelo Cassará.

Management:

Jorge Alberto Cassará
Ariel Hernán Cortina, Human Resources
Gustavo Garcia, Manager
Vicente Gorrini, Manager

Related Companies:

CASSARA BIOTECH SA
Caaguazu 7171, Capital Federal
(1408), Capital Federal,
Argentina

FUNDACIÓN PABLO CASSARÁ
Cristina Villanueva
Saladillo 2468
Ciudad Autónoma de Buenos Aires
Buenos Aires
Argentina

 

 

FINANCIAL INFORMATION

 

 

This is a private company that does not make its financial statements publish. The following information has been provided by our outside sources.

 

 

 

 

Currency

USD

Year

2013

Turnover

9 500 000

The cash flow is

Normal

 

 

EXPORTS-ANUAL FOB

 

2009

8.600.431

2010

7.738.174

2011

11.326.515

2012

13.352.808

2013

11.467.158

2014

2.227.714

 

 

LEGAL FILINGS

 

 

There are no legal/criminal connected to the company.

 

 

SUMMARY

 

 

Laboratorio Pablo Cassara is company dedicated to the manufacture of pharmaceutical products which exports to Latin America, Europe
Asia.

The company has a medium sized structure and more than 50 years of experience in the business.

It was founded by Don Pablo Cassara and has always been managed by the Cassará Family.

The company shows a good payment behaviour according to the Central Bank of Argentina and has important alliances with pharmaceutical products worldwide.

The company's main distributor of its products is Pharmos S.A.

It has maintaned a regular amount of exports in the last years, however; the amount exported up to now shows a decrease, although 2014 has not yet finished.

 

 

 

 

 

RISK INFORMATION

 

 

Since July 30th, Argentina entered into a Selective Default. The
country failed to accomplish payment to the holdouts but
continues to meet other payment obligations.
The country is not following the considerations made by the US
Supreme Court to pay the holdouts of its debt restructuration
process (2005 and 2010). The parts had the opportunity to
settle an agreement with the help of a facilitator appointed by
the NY Count in which the case was handled in the first place.
The period of grace began in June 30th, and was accomplished
in July 30th, with no positive results. The country expects to
achieve an agreement with the holdouts after December 2014.
That is when the RUFO clause is expired.
The expiration of Rights Upon Future Offers (RUFO) will exclude
the bondholders from the preceding restructuring processes
(2005-2010), from claiming a better agreement, should the
country had accomplished with the holdouts.
Restriction systems for the purchase of foreign currency and
restrainement of international trade. Inflation. Possible
economic recession for the second half of the year.

DEBTS

Controlled-It has a total bank debt of AR$ 47269,3=USD 5627,2

PAYMENTS

Regular-made on a 30-45 day basis monitored over the last 6 months

CASH FLOW

Normal

 

 

ENTERVIEW

 

NAME

Hernán

POSITION

Administrative Department

COMMENTS

The person contacted confirmed address, activity. He refused to provide us with more information.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.42

UK Pound

1

Rs.99.72

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.