MIRA
INFORM REPORT
|
Report Date : |
18.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
COPHARMA LTD |
|
|
|
|
Registered Office : |
Industrial Park 1 Riche Terre, P O Box 51, Port Louis |
|
|
|
|
Country : |
Mauritius
|
|
|
|
|
Date of Incorporation : |
09.04.90 |
|
|
|
|
Com. Reg. No.: |
8730 |
|
|
|
|
Legal Form : |
Private |
|
|
|
|
Line of Business : |
Importer and wholesaler/distributor of
pharmaceutical products. |
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 |
|
Maximum Credit Limit : |
USD100,000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NAME OF COMPANY
COPHARMA LTD
ADDRESS
INDUSTRIAL PARK 1 RICHE TERRE
P O BOX 51
PORT LOUIS
TEL: (230) 248-3960
FAX: (230) 248-3975
EMAIL: copharma@copharma.net
INCORPORATED
09.04.90
STATUS
Private
CO NO
8730
DIRECTORS
Mr. Jean Philippe COUVE DE MURVILLE
Mr. Marie France Gilbert MASSON
Mr. Bertrand Denis ABRAHAM
Mr. G. Patrick FANUCCI
SHAREHOLDERS SHARES
CERENA LTD 800,000
ISSUED CAPITAL
RS 8,000,000
ACTIVITIES
Importer and wholesaler/distributor of pharmaceutical products.
SIZE
Company’s offices and facilities are located at Industrial Park 1, Riche Terre.
IMPORTS
Subject imports principally from sources in South Africa and Europe.
EMPLOYMENT
25 – 50
FINANCE
Financial information not available since the previous company has been dormant since long.
BUSINESS ANTECEDANTS
Rogers & Co Ltd has been operating a pharmaceutical division for several years. After major restructuration in 2005, the pharmaceutical division business was subsequently changed into the new style “Copharma Ltd”.
The company operates within the healthcare division of Cerena Group and is a leading distributor of pharmaceutical and para-pharmaceutical products on the market. Subject has the exclusive agency and distributorship of international laboratories/manufacturers.
RELATED CONCERN
q Cerena Group – A Rogers investment operating in the manufacturing and distribution sectors in Mauritius.
AGENCY/DISTRIBUTORSHIP
q Cilag
q Glenmark
CUSTOMERS
q Retail drugstores
q Government
DEVELOPMENTS
In 2004 Copharma Ltd was appointed distributor of Glenmark in Mauritius and lately has widen its product range from existing laboratories.
The directors intend to pursue their growth strategy and to acquire new distribution rights from international manufacturers.
SECTOR
In 2004, the Government decided to impose control on the mark-up of operators in the pharmaceutical sector. Their mark-up was reduced from 14% to 11%.
CREDITWORTHINESS
Buyer is a reliable partner in this sector and as such is reported good for the applicable credit figure of USD100,000.
BANKERS
The Mauritius Commercial Bank Ltd
Barclays Bank PLC
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/normal. |
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 |
|