MIRA INFORM REPORT

 

 

Report No. :

339265

Report Date :

07.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SAVANT PHARM S.A.       

 

 

Registered Office :

Esteban Echeverria 1050 Vicente Lopez, Buenos Aires B1602ABC

 

 

Country :

Argentina

 

 

Financials (as on) :

30.06.2013

 

 

Year of Establishment :

1994

 

 

Legal Form :

Sociedad Anonima

 

 

Line of Business :

Pharmaceutical Manufacture Company.

 

 

No. of Employees :

193

 

 

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

 

 

STATUTORY INFORMATION

 

Order:

Savant Pharma SA

Address in the order:

Complejo Industrial, Ruta 19 KM 204 El Tio Adi Cordora

Legal Name:

SAVANT PHARM S.A.

Trade Name:

SAVANT PHARM

CUIT:

30-66915988-5

Date Created:

1994

Date Incorporated:

20/02/2004

Legal Address:

Esteban Echeverria 1050 Vicente Lopez, Buenos Aires B1602ABC Argentina

Operative Address:

Esteban Echeverria 1050 Vicente Lopez, Buenos Aires B1602ABC Argentina

Telephone:

424007  54 3576 491347 54 3576 491346  54 3576 491342

Fax:

54 3576 491347

Legal Form:

SOCIEDAD ANONIMA

Email:

info@savant.com.ar

Registered in:

AGENCIA SAN FRANCISCO
J.L. DE CABRERA N° 1641 PB
2400 CORDOBA

Website:

www.savant.com.ar

Contact:

Mauro Gastón Bono, President

Staff:

193

Activity:

Pharmaceutical Manufacturing Industry

 

 

BANKS

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

BANK

AMOUNT IN AR$

BANCO DE GALICIA Y BUENOS AIRES S.A.

31279,6

BANCO SUPERVIELLE S.A.

23853,3

BANCO ITAU ARGENTINA S.A.

16354,2

BANCO DE INVERSION Y COMERCIO EXTERIOR

16315,4

BBVA BANCO FRANCES S.A.

5625,8

INDUSTRIAL AND COMMERCIAL BANK OF CHINA

4404,4

BANCO MACRO S.A.

3427,9

BANCO SANTANDER RIO S.A.

3329,3

BANCO DE LA PROVINCIA DE CORDOBA S.A.

2518,2

CITIBANK N.A.

2349,5

F.F. SUPERVIELLE LEASING 9

2349,5

BANCO INDUSTRIAL

7,6

 

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

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

 

There are no rejected checks

History:

 

 

SAVANT PHARM SA is a public company founded in the town of El Tio, San Justo Department of the Province of Cordoba, Argentina dated June 15, 1994 under the name  Laboratorios Fabop SRL.

PRINCIPAL ACTIVITY

 

 

This is a pharmaceutical manufacture company.

Products/Services description:

LIPEND
Atorvastatin. Treatment of hyperlipidemia. Effective in decreasing LDL and triglycerides.
FABOACID
Indicated for short-term treatment of active duodenal ulcer or active benign gastric ulcer.
REPLIDERM
For all skin fungus. Athlete’s foot and skin infections.

Brands:

ABRAMOX ACTIVARSE ACTIVARSE SAVANT PHARM ALFINAR ALMAXIMO ALMAXIMO PLACER INTENSO ALTEXINA ANGIOSARTAN ARTISAMIN ARTISAMINA ATIBAX BUXIFOL CALCIDOX CALMATRON CANDIREX CANSIS CARTIATO CERCINI COLERIT CONNECTRADE CORONAX DAXUM DAZOMET DAZOTRON DESTUL DISMIBEN FABOP DOVIDOX DOY, DAME DRACONE DRONOPLAN EBLUT EL MAS PECHO FRIO ENSIOLAC ETISUX FABOP EXACOLIN F FABOP F7-GEL FABAMOX FABOACID FABOCEF FABODROX FABOFLEM FABOFUROX FABOGESIC FABOLERGIC FABOMAX FABOMICINA FABONAZOL FABONIX FABOP FABOP F FABOP, EFECTIVIDAD Y CONFIANZA FABOPCILINA FABOPEN FABOPXICAM FABOSIC FABOP FABOTEN FABOTENOL FABOTENSIL FABOTOP FABOTRANIL FABOTRIM FABOXETINA FABOXIM FABOZEPAM FABOZOL FABOP FABOZOLAM FABOZOLINA FERROLI FABOP FIEBROL FIEBROLEX FIEBROLITO FLEXIPLEN GASTRIX GRIPABEN FABOP INIPRON FABOP LEKIO LIPOBLOCK LIPOFIN FABOP LYNCIS MAS SALUD MEJOR VIDA NUEVAPINA PHORAX PLACER INTENSO PONTRIL PRAUX PREVENPLAC PRUNUS PSICOTOP FABOP QUE EL FRIO NO TE DETENGA RAZOLAM FABOP REFLUPRAZOL SABIOS CONSEJOS PARA UNA VIDA MAS SANA SAMARUC SAVANT PHARM SAVANT PHARM, MAS SALUD MEJOR VIDA SAVANT WIN SINEKIN SINEKIN FABOP SOFERAX TAXENIL TECEPIN TOSTOP FABOP TROMBOTAZOL TUBACTIM UNATOMA VISIOFIX VITARUM VITARUM, SALUD PARA TODOS ZELOVA FABOP ZIDIMA ZOOM FABOP

Sales are:

Wholesale

Clients:

PROSALUD FARMA SA
Paraguay

OQ PHARMA SAC
Peru

Suppliers:

NA 

Operations area:

National and International

The company imports from

India, China

The company exports to

Latin America

The subject employs

193 employees

Payments:

No Complaints-made on a 45-60 day basis-monitored over the lat 6 months

 

 

LOCATION

 

Headquarters :

Esteban Echeverria 1050 Vicente Lopez, Buenos Aires B1602ABC Argentina

Branches:

Industrial Plant
Ruta 19 km 204
El Tío, Córdoba – Argentina
TE: +54-3576-491346

                              

Related Companies:

SAVANT PHARM SA exercised or, where necessary, exerted significant influence in the following companies during the period covered by the financial statements:

1) The Brand Band S.A. (Company Resident in Argentina), this stake was sold dated October 10, 2013.

2) Telligen S.A. (Company Resident in Argentina).

 

 

 

 

GROUP STRUCTURE AND SUBSIDIARY COMPANIES

 

Listed at the stock exchange:

YES

Capital

$ 9.900.000

 

Amount and Currency. The total amount of the global emission of Negotiable Obligations (non-convertible), with or without special security, with placement approved by the Extraordinary Meeting No. 16 held on July 20, 2011 is up $ 15 million series (Fifteen million pesos) or its equivalent in US dollars.
Within the overall issue of issuance of Notes SMEs in force, the maximum amount outstanding shall not exceed $ 15,000,000 (Fifteen Million Pesos) or its equivalent in US dollars.

Shareholders:

This is a public company. It is not controlled by only one company or person.

Major holder is:
Mauro Bono

Management:

Mauro Gastón Bono, President 
Ivanna Andrea Mandolesi, Vicepresidente
Leandro Carlos Roberi, Vocal

 

 

FINANCIAL INFORMATION

 

According to data from the Balance of SAVANT PHARM SA, published in the Bulletin of the Stock Exchange of Buenos Aires, net sales of goods and services in 2013 totaled $ 50 million. Outcome indicators show an EBITDA of 16% on sales.

 

 

 

We attach latest financial figures.

Exports
Annual FOB USD

 

2015

585.596

2014

2.736.265

2013

4.427.120

2012

5.795.565

2011

2.047.204

 

 

 

 

LEGAL FILINGS

 

There are no legal connected to the subject

 

 

 

 

SUMMARY

 

SAVANT PHARM SA is a public company founded in the town of El Tio, San Justo Department of the Province of Cordoba, Argentina dated June 15, 1994 under the name  Laboratorios Fabop SRL.

 

It is dedicated to the manufacture and wholesale of pharmacetical products.

 

It is well established in business with positive profitability and no negative. 

 

 

 

 

RISK INFORMATION

 

DEBTS

Controlled

PAYMENTS

No Complaints

CASH FLOW

Normal

STATUS

Active

 

 

 

 

INTERVIEW

 

NAME

Paola 

POSITION

Administrative 

COMMENTS

She confirmed address, industrial plant, CUIT, President, staff. 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.40

UK Pound

1

Rs.101.19

Euro

1

Rs.73.89

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

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.