MIRA INFORM REPORT

 

 

Report No. :

328406

Report Date :

25.06.2015

 

IDENTIFICATION DETAILS

 

Name :

GENOMMA LABORATORIES ARGENTINA SA

 

 

Registered Office :

Agencia Nro 41, 11 De Septiembre 4223 / 4225, 1429 Ciudad Autonoma Buenos Aires

 

 

Country :

Argentina

 

 

Date of Incorporation :

25.04.2007

 

 

Legal Form :

Sociedad Anónima

 

 

Line of Business :

Manufacturer of Pharmaceutical Industry.

 

 

No. of Employees :

60

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Argentina

C1

C1

 

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. In October 2013, the government settled long-standing international arbitral disputes dating back to before and following the 2001 Argentine financial crisis. During 2014, the government continued with expansionary fiscal and monetary policies and foreign exchange and imports controls. Between 2011 and 2013, Central Bank foreign reserves had dropped $21.3 billion from a high of $52.7 billion. In July 2014, Argentina and China agreed on an $11 billion currency swap; the Argentine Central Bank has received the equivalent of $3.2 billion in Chinese yuan, which it counts as international reserves.

 

In 2014, the government also took some 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 agreeing to pay $ 9.7 billion in arrears to the Paris Club over five years, including $606 million owed to the United States. In July 2014, Argentina made its first payment to Paris Club creditors since the country’s 2001 financial crisis. At the same time, the Argentine government in July 2014 entered a technical default on its external debt after it failed to reach an agreement with holdout creditors in the US. The government’s delay in reaching a settlement and the continuation of interventionist and populist policies are contributing to high inflation and a prolonged recession, according to private analysts.

 

Source : CIA

 

 

 

Company Name and address

 

Legal Name:

GENOMMA LABORATORIES ARGENTINA SA

Trade Name:

Genomma Lab Argentina

CUIT:

30-71012195-4

Date Created:

2007

Date Incorporated:

25/04/2007

Legal Address:

LIBERTADOR DEL AV. 6680 Piso:2
1428-CIUDAD AUTONOMA BUENOS AIRES

Operative Address:

Domingo de Acassuso 3780
Olivos,  1636
Argentina

Telephone:

54 11 4781-9390 / 4786-1723 / 4784-1481

Fax:

54 11 4781-9390

Legal Form:

Sociedad Anónima

Email:

info@genommalab.com.ar

Registered in:

AGENCIA NRO 41
11 DE SEPTIEMBRE 4223 / 4225
1429 CIUDAD AUTONOMA BUENOS AIRES

Website:

www.genommalab.com.ar

Contact:

MáXimo Juda, President

Staff:

60

Activity:

Pharmaceutical Manufacturing Industry

 

 

 

 

BANKS

 

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

BANK

AMOUNT IN THOUSANDS AR$

BANCO PATAGONIA S.A.

109957,7

BANCO SANTANDER RIO S.A.

5604,6

AMERICAN EXPRESS ARGENTINA S.A.

444,6

BANCO DE GALICIA Y BUENOS AIRES S.A.

0,6

 

The Argentine Central Bank provides a classification number, according to the entity’s financial situation.

In this case, company received classification 1:

 

This is the highest classification in the system. It confirms that the  company is fulfilling correctly its current Credit  obligations

 

There are no rejected checks

 

 

 

 

History

 

 

The company is based in Olivos, Argentina. As of 2007, Genomma Laboratories Argentina S.A. operates as a subsidiary of Genomma Lab Internacional SAB de CV.

 

 

 

 

PRINCIPAL ACTIVITY

 

Genomma Laboratories Argentina S.A. sells pharmaceutical products.

Products/Services description:

Pharmaceutical products 

Brands:

Affair
Ah Micol
Alert
Alliviax
Anstk
Asepxia
Bengue
BioElectro
Cicatricure
Coledia
Colonia Sanborns
Dalay
Dermoprada
Devlyn
English Lady
Estomacurol
Felgo
Fermodyl
Gargax
Genoprazol
Goicoechea
Henna Egipcia

Sales are:

Wholesale

Clients:

GENOMMA LAB PERU SA
Peru

Suppliers:

HELLMANN WORLDWIDE LOGISTICS
Argentina

GENOMMA LAB INTERNATIONAL,SAB DE CV
Mexico

PRODUCCIONES INFOVISION, S.A. DE C.
Mexico

Operations area:

National and International

The company imports from

Mexico

The company exports to

Latin America

The subject employs

60 employees

Payments:

Regular-on a 45 day basis

 

Source: BCRA

 

 

 

 

LOCATION

 

Headquarters :

Domingo de Acassuso 3780
Olivos,  1636
Argentina

Branches:

The company does not have branches

Industry:

Companies in this industry manufacture and process pharmaceutical products.

Demand for pharmaceuticals is driven by the desire to cure illness and disease. The profitability of individual companies depends on their ability to discover and market new drugs. Large companies benefit from their economies of scale in research, manufacturing, and marketing. Small companies can compete effectively by specializing in drugs that target one or two specific ailments and by partnering with larger drugmakers..

Drugs are chemicals with beneficial biological activity. Modern drug development is an outgrowth of recent research into the specific causes of illness and disease, coupled with advances in chemistry and industrial technology that allow scientists to manufacture chemicals to improve these conditions. 

 

 

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

NO

Capital:

AR$ 254 900

Shareholders:

As of 2007, Genomma Laboratories Argentina S.A. operates as a subsidiary of Genomma Lab Internacional SAB de CV.

Genomma Lab Internacional, S.A.B. de C.V.
Durango No 332 Int 102
Ciudad de México, D.F.

 

Genomma reported net sales growth of 14.5% in EBITDA and 14.7% for the Second Quarter of 2014

Management:

MáXimo Juda, President
Alejandro Ciero, Subdirector

Related Companies:

Genomma La balso has offices at:

 

Bolivia

Brasil

Chile

Colombia

Costa Rica

Ecuador

El Salvador

Guatemala

Honduras

México

Nicaragua

Panamá

Perú

FINANCIAL INFORMATION

 

This is a private company which does not make its financial figures public.

2013 AR$

 

Revenue

80 501 000

Net Income

9 024 000

Total Equity

20 587 800

Cash Flow

Good

 

 

 

Genomma Lab Internacional, S.A.B. de C.V.

 

Revenue                           $868.865

Operating Income            $224.614

Net Income                       $134.029

Cash                                   $135.151

Total Assets                   $1,327.147

Total Liabilities                $660.9091 

 

LEGAL FILINGS

 

 

 

 

There are no legal connected to the subject

 

 

 

GENOMMA LABORATORIES ARGENTINA SA - 08/05/2014
By Special Meeting of 04.07.2014, it was resolved:

a) Change of jurisdiction of the Province of Buenos Aires to the jurisdiction of the Autonomous City of Buenos Aires, establishing headquarters as street Juana Manso 205, Floor 7, CABA, thus reforming the art. 1 Bylaws.

 

 

SUMMARY

 

Genomma Laboratories Argentina S.A. sells pharmaceutical products. 

 

The company is controlled by Genomma Lab from Mexico and has a small sized struture.

 

It deals with well known brands from the industry and shows various credit lines with national Banks.

 

According to the Central Bank, it has a good payment behaviour without negative.

 

Its profitability is positive.

 

 

RISK INFORMATION

 

 

DEBTS

Controlled

PAYMENTS

No Complaints 

CASH FLOW

Normal

STATUS

Active  

 

 

INTERVIEW

 

NAME

NA 

POSITION

Administrative

COMMENTS

The person contacted confirmed activity and group.  

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.66

UK Pound

1

Rs.100.50

Euro

1

Rs.71.31

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

 

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.