MIRA INFORM REPORT

 

 

Report Date :

17.08.2007

 

IDENTIFICATION DETAILS

 

Name :

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

 

 

Registered Office :

Limassol Industrial Area, Acharnon Street, 3056 Limassol, P. O.Box : 51166 - 3502 Limassol

 

 

Country :

Cyprus

 

 

Date of Incorporation :

01.01.1960

 

 

Com. Reg. No.:

C3559 Nicosia

 

 

Legal Form :

Public Limited Liability Company

 

 

Line of Business :

Manufacture of medical and surgical equipment and orthopaedic appliances
Manufacture of basic pharmaceutical products
Wholesale of pharmaceutical goods

 

 

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

 

NAME & ADDRESS

 

 

Correct Registered Name:           REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

Address:                                   Limassol Industrial Area, Acharnon Street
3056 Limassol CYPRUS

P.O.Box:                                   51166 - 3502 Limassol

Telephone:                                +357-25-393444
+357-25-553000
+357-25-392010

Fax:                                         +357-25-390192

Email:                                       info@remedica.com.cy

Web:                                        www.remedica.com.cy

 

 

LEGAL STATUS

 

 

Legal Form:                               Public Limited Liability Company

Date of foundation:                     01.01.1960

Registration number and city:      C3559 Nicosia

Registration date:                       08.04.1971

Present Style Adopted on:          20.12.2000

Former legal form:                      Private Limited Liability Company, valid since: 08.04.1971

Former registration name:           PATTICHIS CHEMICAL COMPANY LIMITED, valid since: 08.04.1971, until:

20.12.2000
REMEDICA HOLDINGS LIMITED, valid since: 20.12.2000, until: 30.08.2005

 

Former company names:            PATTICHIS CHEMICAL COMPANY LIMITED
REMEDICA HOLDINGS LIMITED

 

 

Former Legal Form:                    Private Limited Liability Company valid since: 08.04.1971

 

 

 

 

PRINCIPALS

 

SHAREHOLDERS:

 

Full Name

Function

Nationality

EQUITY

Address

Mr. Charalambos Pattichis

Shareholder

Cypriot

55.56%
23,802,913 Ordinary

 

Mrs. Margarita Ch. Pattichi

Shareholder

Cypriot

41.48%
17,768,490 Ordinary

 

Mr. Christakis Pattichis

Shareholder

Cypriot

2.96%
1,269,038 Ordinary

 

Mr. Emilios Savvides

Shareholder

Cypriot

0.00%
2 Ordinary

 

Mrs. Katerina Pattichi

Shareholder

Cypriot

0.00%
2 Ordinary

 

Mrs. Andri Aristotelous

Shareholder

Cypriot

0.00%
2 Ordinary

 

Mrs. Christiana Pattichi

Shareholder

Cypriot

0.00%
2 Ordinary

 

 

 

MANAGEMENT:

 

Full Name

Age

Function

Qualification

Experience

Address

Mr. Stuart Ashworth

56

Director

N/A

N/A

Melanos Avenue
8060 Paphos CYPRUS

Mr. Christakis Pattichis

80

Chairman

Has a degree in Chemical Engineering

Also a Director of Remedica Limited,Interpack Limited and Margit Pattichis Limited

10,Christou Christovasili Street
3091 Limassol CYPRUS

Mr. Emilios Savvides

55

Director / General Manager

N/A

N/A

33,Souliou Street
Limassol CYPRUS

Mr. Charalambos Pattichis

43

Managing Director

N/A

N/A

2,Giasemion Street
3043 Limassol CYPRUS

Mrs. Margarita Chr. Pattichis

65

Director

N/A

N/A

10,Christou Christovasili Street
3091 Limassol CYPRUS

Prof. Christofer Marriotts

 

Director

N/A

N/A

150,Franklin-wilkings Building
SE18WA London UNITED KINGDOM

Prof. David Ganderton

 

Director

N/A

N/A

Crooked Chimneys,Cheritton
EX6 6JL London UNITED KINGDOM

Mr. Loucas Eleftheriou

 

Production Manager Dept.

N/A

N/A

CYPRUS

Mr. Antonis Pattichis

 

Marketing Manager

N/A

N/A

CYPRUS

Mr. George Gavriel

 

Financial Director

N/A

N/A

CYPRUS

 

 

 

ACTIVITIES

 

Importers & Wholesalers & Distributors & Manufacturers & Exporters

 

OPERATIONS

 

NACE
3310 Manufacture of medical and surgical equipment and orthopaedic appliances
2441 Manufacture of basic pharmaceutical products
5146 Wholesale of pharmaceutical goods

SIC
main activity
2833 Medicinal Chemicals and Botanical Products

5191 Farm Supplies (except lawn and garden supplies sold via retail method)
2834 Pharmaceutical Preparations

Analysis: Importers (90%),
Local Purchases (10%)
Distributors (4 vehicles)
Exporters (90% of production).

Manufacturers (100%), Wholesalers (100%): Pharmaceutical products for human consumption such as tablets, powders, capsules, liquids, aerosols, pessaries etc.

 

 

MOTOR VEHICLES

 

                                                2007

Number of vans  owned:              4

Total number of vehicles 4

 

 

IMPORTS

 

EUROPE, CHINA, INDIA

Payment terms:

Special Agreements

 

 

EXPORTS

 

WORLD
Payment terms:
L/C Base at Sigth
O/A (Open Account) 90 days

 

 

AGENCIES

 

Name               Country            Product

None.               

 

 

TRADE SUPPLIERS

 

Name               Country            Product

Unknown                      

 

 

NUMBER OF EMPLOYEES

 

348

 

 

 

 

DESCRIPTION OF PREMISES

 

HEADQUARTERS:     The company is operating from new 3-storey premises, which are located at the address given overleaf. Their premises comprised of a modern and well equipped factory, the offices and warehouses. They share premises with the related companies.

 

 

BRANCHES

 

Subject has 2 branches/divisions

'REMEDICA HOLDINGS LIMITED' Archarnon Street, Ypsonas, 4181, Limassol, Cyprus.

'REMEDICA HOLDINGS LIMITED' Arkadias Street, Pallouriotissa, Cyprus. These are leased office premises.

 

 

RELATED COMPANIES

 

Sister Company
CHR. PATTICHIS INVESTMENTS LIMITED , CYPRUS

Sister Company
INTERPAK LIMITED , CYPRUS

Sister Company
PATTICHIS CHEMICAL INDUSTRIES LIMITED , CYPRUS , National ID: LIM007810

Subsidiary Company
REMEDICA LIMITED , CYPRUS , National ID: LIM011802

"Interpak Limited" - Sister company, involves in the trade of pharmaceutical products for human consumption.

"Remedica Limitedtd” - Subsidiary company. They are acting as manufacturers of pharmaceutical products. They have been awarded with several prizes for exports since most of their production is exported (about 95%). Their premises are located next to the factory of the company in question, which is located at the address given overleaf. The company’s sales turnover is over CYP 10.000.000.

"Chr. Pattichis Investments Limited” – Sister investment company.

"Pattichis Chemical Industries Limited" – Sister company.

 

BANKERS

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED
117, Arch.Makarios III Ave, 3021 Limassol,Tel.:357 25855700 Fax:357 25335029

MARFIN POPULAR BANK PUBLIC CO. LIMITED
121-123 Arch. Makarios III,P.O. Box 51139,City Area, Limassol,Tel:357 25750000, Fax:357 25854723

 

 

SHARE CAPITAL

 

Registered capital:                        CYP 30,000,000.00       since 05.12.2000

Number of Ordinary:                                    150,000,000       

Value per share of Ordinary:                            CYP 0.20       

 

Issued capital:                               CYP 8,568,089.80         since 05.12.2000

Number of                      Ordinary:                 42840449         

Value per share of          Ordinary:                 CYP 0.20         

 

Paid-up capital:                            CYP 8,568,089.80         since 05.12.2000

of which paid in cash:                      CYP 8,568,089.80        

 

 

 

 

CHARGES


None in current years

 

 

FINANCE

 

Amounts shown in Cyprus Pounds (CYP) 

2005

2004

2003

 



PROFIT & LOSS

 

Sales Turnover

15,244,065.00

13,305,514.00

11,826,384.00

 

Cost of Sales

-9,936,167.00

-8,825,574.00

-8,006,189.00

 

Gross Profit

5,307,898.00

4,479,940.00

3,820,195.00

 

Selling / Distribution / Promotional Expenses

-1,412,894.00

-1,523,193.00

-1,301,033.00

 

Profit Before Taxation

3,869,219.00

1,469,478.00

973,433.00

 

Net Profit

3,487,224.00

1,275,679.00

822,053.00

 

Other (Expenses) / Income

-6,000.00

-8,000.00

-8,000.00

 

Other Income (other revenues)

169,304.00

75,757.00

170.00

 

Operating Income / (Loss)

3,184,480.00

2,261,450.00

1,861,321.00

 

Financial Costs

684,739.00

-791,972.00

-887,888.00

 

Taxation

-381,995.00

-193,799.00

-151,380.00

 



BALANCE SHEET

 

Fixed Assets

4,415,071.00

4,402,555.00

4,256,691.00

 

Property, Plant & Equipment

4,415,071.00

4,402,555.00

4,256,691.00

 

Inventory / Stock

2,736,234.00

2,152,655.00

2,324,869.00

 

Taxation Receivable

266,444.00

272,304.00

282,951.00

 

Cash in Hand & at Bank

6,541,880.00

5,731,696.00

4,499,410.00

 

Total Current Assets

13,511,394.00

12,036,430.00

10,002,093.00

 

Total Assets

17,926,465.00

16,438,985.00

14,258,784.00

 

Reserves

78,225.00

78,225.00

78,225.00

 

Retained Profit / Earnings) for the year

8,060,521.00

5,130,223.00

3,854,544.00

 

Total Shareholders Equity

16,706,836.00

13,776,538.00

12,500,859.00

 

Bank Overdraft

 

 

178,528.00

 

Total Current Liabilities

1,219,629.00

2,662,447.00

1,757,925.00

 

Total Equity & Liabilities

17,926,465.00

16,438,985.00

14,258,784.00

 

Share Capital

8,568,090.00

8,568,090.00

8,568,090.00

 

Borrowings

 

1,176,113.00

 

 

Creditors

1,219,629.00

1,486,334.00

1,546,774.00

 

Amount Due to Subsidiary Company / ies

 

 

32,623.00

 

Total Liabilities

1,219,629.00

2,662,447.00

1,757,925.00

 

 

 

 

RATIOS

 

2005

2004

2003

Return on assets ( ROA )
Net profit before tax and interest/ Total assets

0.22

0.09

0.07

Debt ratio
(Long-term liabilities + Short-term payables + Accruals and deferred income) / Total Assets

0.07

0.16

0.12

Current ratio ( CR )
Current assets / Current liabilities

11.08

4.52

5.69

Day's supply in inventory
( Turnover / Inventory )

5.57

6.18

5.09

 

 

PAYMENT

 

No complaints

 

 

GOOD FOR AMOUNT & TERMS OF INQUIRY

 

Unable to comment
We cannot comment on such high amount given in your inquiry.

 

 

COMMERCIAL MORALITY

 

Good

 

 

FINANCIAL STRENGTH

 

Good

 

 

GENERAL COMMENTS

 

Mr. Pattichis started his premises in 1960 by setting up a plant for producing carbondioxide (CO2). In 1971 he incorporated "Pattichis Chemical Ltd" and started manufacturing aerosol, cosmetics and insecticides.

Later on, the production of CO2 as well as aerosol, cosmetics insecticides, house cleaning chemicals, etc., has stopped and they have started the production of pharmaceuticals, exclusively.

About 90% of the company’s production is exported to 80 countries all over the world. The company is closely co-operated with its sister company "Remedica Ltd”.

In 2000, the company became a Public concern and changed also its name to "Remedica Holdings Limited".

 

 

 

 

Contact Person:         Mr. George Gavriel

Position:                    Financial Director

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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