MIRA
INFORM REPORT
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Report Date : |
22nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
MEDOCHEMIE LIMITED |
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Registered Office : |
1 - 10,
Constantinoupoleos, 51409 – Limassol, Limassol |
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Country : |
Cyprus |
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Financials (as on) : |
31/12/2004 |
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Date of Incorporation : |
1976 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, wholesalers of pharmaceutical
products (i.e. antibiotics, antimicrobials, antivirus & fungostastic
drugs, painkillers, gastrointestinal drugs, cardio vascular drugs, etc |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME & ADDRESS
Name Inquired Under : MEDOCHEMIE LTD
Correct
Registered Name : MEDOCHEMIE LIMITED
Street : 1 -
10, Constantinoupoleos
Postal Code : 3011
- Limassol
P.O.Box : 51409
- Limassol
Postal Code : 3505
- Limassol
Locality :
Limassol
Town :
Limassol
Tel :
25572052 / 25867600
Fax :
25561485 / 25560863
E-Mail :
office@medochemie.com
Web-site :
www.medochemie.com
LEGAL STATUS
Private Limited Liability Company
Note: The
company became Public on 13/07/2000. The company became private on 29/06/2005.
Legal Status
(Cont.):
Date Founded: 1976
Trade
Registration No. & Town: 7761 - Nicosia
Date Registered:
11/02/1976
PRINCIPALS
Shareholders/Partners/Proprietor
Name Equity Nationality
Mr.
Andreas Pittas 67.335.635 Cypriot
Mrs.
Doris Pitta 122.527 Cypriot
Mr.
Pitta Constantinos 1 Cypriot
Mrs.
Dafni P. Diogenous 1 Cypriot
Mrs.
Ioli Pitta 1 Cypriot
Mrs
Karantoki Demetra 74.172 Cypriot
Mr.
Fang Shao-Yo- 67.568 Taiwan
Mr.
Gilberto De Laco 94.595 Italian
Directors/Managers
Name Position
Mr. Andreas
Pittas Managing
Director/General Manager
Mrs. Demetra
Karantoki Director
Mrs. Dafni Pitta
Diogenous Director
Mrs. Ioli Pitta Director
Mr. Christos
Mavrelis Director
Mr. Yiannakis
Plastiras Production
Manager
Mr. Achilleas
Tsangaris Financial
Controller
Mrs. Magda Markou Quality
Control Manager
Mr. Stelios Stylianides Secretary
RELATED COMPANIES
Parent/Subsidiary/Sister/Associate:
“Biogena Ltd” -
Sister company, manufacturers of pharmaceutical raw materials.
“Medochemie
Romania SRL” - Subsidiary company, dealing with the marketing
and distribution of pharmaceuticals in Romania.
Related Companies
(Cont.):
“Medofarma Ltd” -
Subsidiary company, dealing with the marketing and distribution of
pharmaceuticals in Bulgaria.
“Metokemie M” -
Subsidiary company, dealing with the marketing and distribution of
pharmaceuticals in Russia.
“Medochemie
Thailand Ltd” – Subsidiary company, based in Bangkok.
They also have Representation
offices in Yugoslavia, Slovakia, Ukraine and Vietnam, Baltic States,
Kazakhstan, Algeria , Armenia and Moldova.
“Derek Marketing”
– Sister company, dealing
with the distribution of pharmaceutical in Singapore.
OPERATIONS
Mode of
Operation:
Importers (100% - raw materials)
Exporters (95% of production)
Activities:
Manufacturers (100%), Wholesalers (100%):
pharmaceutical products (i.e. antibiotics, antimicrobials, antivirus &
fungostastic drugs, painkillers, gastrointestinal drugs, cardio vascular drugs,
etc.
No of Employees
(Categorise): 560 persons
AGENCIES
Name Country Product
None.
TRADE SUPPLIERS
Name Country Product
“Antibiotics
International” Korea Pharmaceutical
Product
“Helvoet Farma
Italia” Italy Pharmaceutical
Product
“Nuova Ompi SRL” Italy Pharmaceutical
Product
Import From:
Europe (i.e. Italy, Spain, Switzerland, etc), Japan, Far East, etc.
Import Terms:
Credit facilities, L/C base, CAD.
Export To: Europe, Africa and Asia (Middle & Far
East).
Export Terms: L/C
base (mainly).
DESCRIPTION OF PREMISES
Headquarters:
The company is operating from owned premises
comprised of offices, factory and warehouse,
located at the address given overleaf.
Their factory is well equipped with modern
machinery, for the production of peals, tablets, syrups and creams.
Branches:
They run seven more factories/units, five located
at Ayios Athanasios Industrial Area and one at the old industrial area at
Ypsonas in Limassol, for the production of other types of medicine. The other
one is located at the New Port also in Limassol city.
The company maintains offices (owned) in the center
of Limassol city, located on 33, Theklas Lysiotes Street.
The overseas distribution is effected through
appointed agents, distributors and their own offices. These offices are located
in countries such as: Greece – Athens, Yugoslavia – Belgrade, Slovakia –
Bratislava, Romania – Bucharest, P.R. China – Hong Kong, Ukraine – Kiev, Russia
– Moscow, Czech Rep. – Prague and Bulgaria – Sofia.
BANKERS
Main Banker
Bank of Cyprus Ltd.
Corner
121,Gr.Digeni & G.Neophytou,
Linopetra
Tel:25855200 Fax:25583965
Also Co-operate at a lesser extend with the Main
Branches:
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National Bank of Greece (Cyprus) Ltd
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Hellenic Bank Ltd
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Arab Bank Ltd.
BANKERS (Cont.):
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Cyprus Popular Bank Ltd.
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Commercial Bank of Greece S.A.
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Alpha Bank
FINANCES
Currency:
Cyprus Pounds.
Registered Capital: CYP 100.000.000
Paid Up Capital: CYP 13.538.900
Sales Turnover: CYP
22.301.014 (2000)
CYP
26.000.000 (2001)
CYP
28.000.000 (2002)
CYP
30.750.000 (2003)
CYP
27.312.982 (2004)
CYP
35.865.588 (2005)
CYP
42.000.000 (2006-Projected)
Economic Results: Positive.
Total Average
Stock: CYP 9.000.000 (2006)
Total Fixed Assets: CYP 18.840.000 (2006)
Charges:
02/03/79 Float.charge CYP 40.000 in f/o Bank
of Cyprus Ltd
14/03/86 Mortgage CYP 35.000 in f/o Bank of Cyprus Ltd
15/03/86 Float.charge CYP 200.000 in f/o Bank
of Cyprus Ltd
11/04/96 Float.charge CYP 260.000 in f/o Bank
of Cyprus Ltd
09/07/96 Mortgage CYP 575.000 in f/o Bank of Cyprus Ltd
09/07/96 Mortgage CYP 250.000 in f/o Bank of Cyprus Ltd
04/04/97 Float.charge CYP 1.100.000 in f/o National
Bank of Greece (Cyprus)
Ltd
04/06/97 Float.charge CYP 800.000 in f/o Bank
of Cyprus Ltd
30/06/98 Mortgage CYP 450.000 in f/o Commercial Bank of Greece
S.A.
16/07/98 Float.charge CYP 600.000 in f/o Bank
of Cyprus Ltd
04/09/98 Mortgage CYP 350.000 in f/o Commercial Bank of Greece
S.A.
06/07/99 Mortgage CYP 330.000 in f/o Bank of Cyprus Ltd
07/07/99 Float.charge CYP 650.000 in f/o Bank
of Cyprus Ltd
28/06/02 Float.charge CYP 1.000.000 in f/o National
Bank of Greece
Cyprus)
Ltd
11/10/02 Float.charge CYP 1.000.000 in f/o National
Bank of Greece
(Cyprus)
Ltd
16/12/02 Float.charge EUR 7.827.900 in f/o Cyprus
Popular Bank Ltd
27/12/02 Float.charge CYP 2.000.000 in f/o Bank
of Cyprus Ltd
Finances/Charges (Cont.):
14/05/04
Mortgage CYP 565.000 in
f/o Bank of Cyprus Ltd
08/06/04
Mortgage CYP 700.000 in f/o
Bank of Cyprus Ltd
08/06/04
Mortgage CYP 200.000 in f/o Bank
of Cyprus Ltd
10/06/04
Float.charge CYP 2.200.000 in f/o
Bank of Cyprus Ltd
20/09/04 Float.charge CYP 1.500.000 in f/o
Bank of Cyprus Ltd
02/12/04 Float.charge CYP 500.000 in f/o Cyprus
Popular Bank Ltd
01/12/04 Mortgage CYP 400.000 in f/o Commercial Bank of Greece
S.A.
01/12/04 Mortgage CYP 300.000 in f/o Commercial Bank of Greece
S.A.
01/12/04 Fixed charge CYP 1.000.000 in f/o Commercial
Bank of Greece
S.A.
27/07/04 Mortgage CYP 400.000 in f/o National Bank of
Greece
(Cyprus)
Ltd
20/12/04 Float.charge CYP 500.000 in f/o Alpha
Bank Limited
11/02/05 Fixed charge CYP 400.000 in f/o Hellenic
Bank Limited
19/04/05 Float.charge CYP 2.500.000 in f/o Bank
of Cyprus Ltd
19/01/06 Float.charge CYP 5.500.000 in f/o Cyprus
Popular Bank
04/07/06 Mortgage CYP 1.250.000 in
f/o Alpha Bank Limited
04/07/06 Mortgage CYP 1.250.000 in
f/o Alpha Bank Limited
Note: Please find
below the companies Profit and Loss and Balance sheet for the year ended 31
Dec. 2004
PAYMENT
No complaints
Commercial
Morality: Good
Financial
Strength: Good
Good for Amount
& Terms of Inquiry: Yes
GENERAL COMMENTS
The present limited liability company was
incorporated in 1976. It is one of the leading pharmaceutical companies, acting
as manufacturers and importers of pharmaceutical products. The major part of
their production (about 95%) is exported to many different countries of Europe,
Africa and Asia (more than 65 countries). The other 5% is sold locally on
wholesale base.
Throughout the years of its operation the company
has continuously expanded and been recognised, locally and overseas. During all
these years
General Comments (Cont.):
it has been awarded by Government Export Awards and
Awards from the Cyprus Employees & Industrial lists Federation for Exports
to EU Countries.
In 2001, the concern established new offices in
Holland, Thailand, Lithuania and Kazakhstan.
In 2002 the company was awarded with Special
Exports Award. They have also completed the new inhalation
therapy-manufacturing unit in Cyprus.
Additionally, as the persons interviewed said, the
subject during the years 2003-2004 bought a pharmaceutical company in Holland.
No further detailed information was provided.
The company is ably run and managed by Mr. Pittas,
a qualified physician, assisted by a team of qualified scientists. Mr. Pittas
is also the Chairman of the Employers’ Federation.
PROFIT & LOSS ACCOUNT
For the year ended 31 December 2004
2004 2003
CYP CYP
Sales Turnover 35.865.588 27.312.982
Cost
of Sales (22.448.593) (16.003.894)
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Gross
Profit 13.416.995 11.309.088
Other
Income 8.006 7.498
Administration
expenses (2.098.648) (1.548.980)
Distribution
Expenses (6.352.004) (4.988.829)
Other
Expenses (548) -
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Operational
Profit 4.973.801 4.788.777
Finances
Expenses (1.729.013) (2.160.028)
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Profit before Taxation 3.244.788 2.618.749
Taxation (520.818) (457.554)
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Net Profit for the Year 2.723.970 2.161.195
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CONSOLITADED BALANCE SHEET
For the year
ended 31 December 2004
2004 2003
CYP CYP
ASSETS
Non Current Assets
Fixed
Assets 17.526.461 16.900.793
Intangible
Assets 2.034.208 2.173.783
Investments
in Affiliate companies 1.392.023 1.662.685
Other
investments 75.876 76.424
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21.028.568 20.813.685
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CURRENT ASSETS
Stocks 7.772.488 8.839.641
Debtors & Prepayments 22.687.950 16.868.253
Cash in Hand & at Bank 861.740 1.050.307 Directors Accounts - 205.398
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31.322.178 26.963.599
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Total Assets 52.350.746 47.777.284
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SHAREHOLDERS CAPITAL & LIABILITIES
Capital & Reserves
Share Capital 13.538.900 13.538.900
Reserves 7.215.205 5.924.464
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20.754.105 19.463.364
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LONG-TERM LIABILITIES
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Long Term Loans 10.196.620 10.793.924
Deferred Taxation 149.301 154.781
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10.345.921 10.948.705
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CURRENT LIABILITIES
Convertible
Bonds 150.000 150.000
Creditors
& Expenses Due 2.891.345 2.938.655
Short
Term Loans 16.942.133 13.162.221
Taxation 1.267.242 1.114.339
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21.250.720 17.365.215
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Total Shareholders Capital & Liabilities 52.350.746 47.777.284
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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