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Report No. : |
327110 |
|
Report Date : |
19.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ACTAVIS SRL |
|
|
|
|
Registered Office : |
011171 Bucharest, Sector 1 – Ion Mihalache Blvd. No. 11 |
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Country : |
Romania |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
August, 1991 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale with pharmaceutical products, according to the national trade
registry updated files. |
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No. of Employees : |
203 (30.06.2014) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Romania |
B1 |
B1 |
|
Risk Category |
ECGC Classification |
|
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 |
ROMANIA - ECONOMIC OVERVIEW
Romania, which joined the EU on 1 January 2007, began the transition from Communism in 1989 with a largely obsolete industrial base and a pattern of output unsuited to the country's needs. Romania's macroeconomic gains have only recently started to spur creation of a middle class and to address Romania's widespread poverty. Corruption and red tape continue to permeate the business environment. In the aftermath of the global financial crisis, Romania signed on to a $26 billion emergency assistance package from the IMF, the EU, and other international lenders, but GDP contracted until 2011. In March 2011, Romania and the IMF/EU/World Bank signed a 24-month precautionary stand-by agreement, worth $6.6 billion, to promote fiscal discipline, encourage progress on structural reforms, and strengthen financial sector stability. In September 2013, Romanian authorities and the IMF/EU agreed to a follow-on precautionary two-year stand-by agreement, worth $5.4 billion, to continue with reforms, although Bucharest has announced that it does not intend to draw funds under the agreement. Economic growth rebounded in 2013, driven by strong industrial exports and an excellent agricultural harvest, and the current account deficit was reduced substantially. The economy closed out 2014 with 2.8% growth, down from the 3.5% posted in 2013. Industry outperformed other sectors of the economy. Exports remained the engine of economic growth, led by trade with the EU, which accounts for roughly 70% of Romania trade. In 2014, the Government of Romania succeeded in meeting its annual target for the budget deficit, the external deficit remained low, and inflation was the lowest since 1989, allowing a gradual loosening of the monetary policy throughout the year. However, progress on structural reforms has been uneven and the economy still is vulnerable to external shocks. An ageing population, weak domestic demand, tax evasion, and insufficient health-care represent top vulnerabilities.
|
Source
: CIA |
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NAME OF THE
COMPANY |
ACTAVIS
SRL |
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|
Address |
011171 Bucharest,
sector 1 – Ion Mihalache Blvd. No. 11
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|
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Phone no. |
0040-21-3514567,
3514568, 3181767, 3181777 |
Fax no. |
0040-21-3514565,
3124499 |
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Web-site |
E-mail address |
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Date of foundation |
August, 1991 |
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Present legal form |
limited liability company, entire foreign private capital |
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Registered with the
Trade Registry |
J40/8249/1991 |
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VAT no. |
1554136 |
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Registered
capital |
24,720,000 RON |
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Shareholders |
Legal persons |
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1.
ACTAVIS HOLDING CEE BV – Dutch legal person |
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Address: The
Netherlands / Baarnsche Dijk 1, 3741 LN Baarn |
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Participation |
10% |
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2. ONCOPHARMA
AG – Swiss legal person |
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Address: Switzerland
/ CH-6301 Zug – Obmoos 4 |
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Participation |
90% |
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Obligation to
publish |
According to the Financial Legislation, subject company is
obliged to lodge with the Ministry of Public
Finance its half-yearly accounts |
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EMPLOYEES |
2009 |
2010 |
2011 |
2012 |
2013 |
30.06.2014 |
|
|
TOTAL |
186 |
171 |
170 |
221 |
209 |
203 |
|
|
|
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BUSINESS ACTIVITY wholesale with pharmaceutical products, according
to the National Trade Registry updated files (NACE: 4646) ACTAVIS in the
world DUBLIN, June
15, 2015 – ACTAVIS Plc announced
that the company has adopted ALLERGAN
Plc (NYSE: AGN) as its new global
name and will begin trading today under a new symbol — AGN — after
ringing The Opening Bell at the New York Stock Exchange. The company name change follows the
acquisition of Allergan in March 2015 and the approval of the name change by
Actavis shareholders on June 5. The
combination of Allergan and Actavis created one of the world's top 10
pharmaceutical companies by revenue and a leader in a new industry model –
Growth Pharma. Allergan plc (NYSE: AGN), headquartered in Dublin, Ireland, is a
unique, global pharmaceutical company and a leader in a new industry model –
Growth Pharma. Allergan is focused on
developing, manufacturing and commercializing innovative branded
pharmaceuticals, high-quality generic and over-the-counter medicines and
biologic products for patients around the world. Allergan markets
a portfolio of best-in-class products that provide valuable treatments for
the central nervous system, eye care, medical aesthetics, gastroenterology,
women's health, urology, cardiovascular and anti-infective therapeutic
categories, and operates the world's third-largest global generics business,
providing patients around the globe with increased access to affordable,
high-quality medicines. Allergan is an industry leader in research and
development, with one of the broadest development pipelines in the
pharmaceutical industry and a leading position in the submission of generic
product applications globally. With commercial operations in approximately 100 countries, Allergan is
committed to working with physicians, healthcare providers and patients to
deliver innovative and meaningful treatments that help people around the
world live longer, healthier lives. Allergan has global headquarters in
Dublin, Ireland and U.S. Administrative Headquarters in Parsippany, New
Jersey, USA. For more information, visit Allergan's
website at www.allergan.com. For more details, please do visit www.actavis.com and www.actavis.com.ro Work-shops 1. Bucharest, sector 1 – Nicolae Titulescu
Blvd. No. 4-8, America House, West Wing Phone: + 4021 351 45 67; 351 45 68 2+3 Bucharest, sector 1 – Ion Mihalache
Blvd. No. 11 Phone: + 4021 318 17 67; 318 17 77 4+5 Bucharest, sector 1 – Soseaua Odai No. 179-185 |
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|
1. Company’s
participation |
1. SINDAN – PHARMA SRL – J40/1609/2003, VAT 15186239 |
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2. Shareholders
other participation |
1. ACTAVIS HOLDING CEE BV |
not applicable |
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2. ONCOPHARMA AG |
SINDAN – PHARMA SRL – J40/1609/2003,
VAT 15186239 |
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REAL
ESTATE (RON) |
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|
- lands & buildings |
2009 |
2010 |
2011 |
2012 |
2013 |
|
|
21,097,509 |
19,132,404 |
18,405,145 |
16,894,722 |
17,887,289 |
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TANGIBLES* |
39,215,438 RON, at 30.06.2014 *According to the accounting standards, for the middle of the year the
company is not obliged to detail its tangible assets. Therefore, the real
estates are included in “Tangibles” position among the other assets |
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BANKS |
Unicredit Tiriac Bank, ING Bank |
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MANAGEMENT ·
as officially registered with the National Trade
Registry ·
contact |
Administrator, Country Manager Mr. Dan Ivan – Romanian citizen, born on
18.10.1958 Appointed on:
24.08.2013 for undetermined period Administrator Mr. Peter
Bertil Berqvist – Swedish citizen, born on 23.06.1956 Appointed on:
24.08.2013 for undetermined period Mrs. Irina Stefanescu – market Access
& Business Development Director |
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|
CURRENCY
Exchange rate of EURO |
1 EURO = 4.2282 RON on 31.12.2009 1 EURO = 4.2848 RON on 31.12.2010 1 EURO = 4.3197 RON on 31.12.2011
1 EURO = 4.3888 RON on 30.06.2014 |
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N.B.: any
difference occurred between former reports and the present one regarding some
positions of the “Balance Sheet” or P/L Account for previous periods does not
belong to us.
The financial data
from this report are the ones officially declared by the subject with the
Ministry of Public Finance data basis for 30.06.2014. As consequence, the
responsibility for their accuracy belongs exclusively to the company.
|
|
OUR OPINION |
based upon
financial figures reported in the latest balance-sheet – 30.06.2014 - all figures are
reported in RON if otherwise not specified. |
|
|
|
|
Size |
medium, considering the number of employees |
|
Position & trend |
important position occupied in its line of business, especially due to the specific marketed products (generic oncology). The figures at hand prove a very large business volume, but with certain turnover decreases in the investigated period. The returns are also fluctuant, varying from profit to losses and vice-versa. The most recent available figures, the preliminary ones for the end of 2014, reveal positive values at the end of the past year. Nonetheless, the financial standing looks generally well and the payments behavior is correct, without delays, despite the heavy debtors’ settlements (specific to this line of business). Overall, this is a solid business and the business relationships are feasible and the credit facilities are still suitable According to some preliminary figures available with the Ministry of Public Finance, for 31.12.2014 the subject company reported the following key figures: Turnover: 318,923,461 RON = 71,154,919 EURO (1 EURO = 4,4821 RN) Gross Profit: 13,651,091 RON = 3,045,691 EURO Net profit: 11,278,536 RON = 2,516,351 EURO Total debt = 143,016,902 RON Net worth = 326,910,230 RON Total assets = Total liabilities = 469,927,132 RON |
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|
31.12.2009 |
31.12.2010 |
31.12.2011 |
31.12.2012 |
31.12.2013 |
30.06.2014 |
|
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Turnover |
|
|
|
|
|
|
|
|
RON |
459,044,834 |
414,088,573 |
330,279,371 |
358,494,955 |
319,489,270 |
143,780,021 |
|
|
EURO |
108,567,436 |
96,641,284 |
76,458,868 |
80,948,124 |
71,239,831 |
32,760,668 |
|
|
|
|
|
|
|
|
|
|
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Gross profit |
|
|
|
|
|
|
|
|
RON |
57,246,029 |
- 5,940,700 |
-14,233,696 |
30,758,433 |
14,058,910 |
-4,846,414 |
|
|
EURO |
13,539,102 |
- 1,386,459 |
-3,295,066 |
6,945,251 |
3,134,861 |
-1,104,269 |
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|
|
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|
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Net profit |
|
|
|
|
|
|
|
|
RON |
43,993,251 |
- 8,192,118 |
-16,131,988 |
25,284,389 |
12,854,570 |
-5,201,091 |
|
|
EURO |
10,404,723 |
- 1,911,902 |
-3,734,516 |
5,709,212 |
2,866,317 |
-1,185,083 |
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CREDITS & LOANS
(ACTIVE BALANCE) |
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|
30.06.2014 |
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N/A |
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BALANCE CLAIMS-DEBTS |
Positive |
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Total claims; no further details are available |
320,326,271 |
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Total debts |
161,782,213 |
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- Short term; no further details are available |
159,954,476 |
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- Medium term; no further details are available |
1,827,737 |
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Correct, no delays reported
PAYMENTS INCIDENTS
|
BALANCE
CLAIMS-DEBTS, as officially recorded with the Payment
Incident Bureau |
No
incidents reported in the period 16.06.2014 – 16.06.2015 |
|
|
|
|
BLACKLISTING (international sanctions) |
Not applicable |
|
|
2009 |
2011 |
2012 |
2013 |
30.06.2014 |
2014* |
|
|
Generally very good |
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Liquidity
analysis |
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|
- current ratio |
1.21 |
1.16 |
1.24 |
4.12 |
2.67 |
2.96** |
|
- quick ratio |
1.02 |
1.02 |
0.83 |
3.01 |
2.05 |
2.26** |
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|
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Solvability
analysis |
Very good in the
past two years |
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- the borrowing ratio (total debts/net worth) |
1.48 |
2.04 |
0.73 |
0.29 |
0.53 |
0.44 |
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|
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Profitability
analysis (%) |
Recovered from
losses; moderate |
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|
- return on capital |
Loss |
Loss |
8.60 |
4.12 |
Loss |
3.45 |
|
- return on assets |
Loss |
Loss |
4.96 |
3.19 |
Loss |
2.40 |
|
- gross profit margin |
Loss |
Loss |
8.58 |
4.40 |
Loss |
4.28 |
|
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|
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Activity analysis |
Heavy settlements
of debtors, but specific to its line of business |
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|
- debtor’s days |
359 |
601 |
168 |
285 |
401 |
365 |
|
- creditor’s days |
77 |
66 |
50 |
33 |
n/a |
n/a |
|
Stocks turnover, times/period |
5 |
5 |
4 |
3 |
1.5 |
3 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.85 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.72.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
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|
-- |
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.