MIRA
INFORM REPORT
|
Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
PHARMACARE PLC |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
1985 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Importers,
manufacturers, marketers, distributors and exporters of pharmaceuticals. |
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 : |
Regular |
|
|
|
|
Litigation : |
Clear |
name & address
PHARMACARE PLC
Betunia Industrial
Zone
RAMALLAH
PALESTINIAN AUTHORITY
Telephone 972 2 290 06 80
Fax
972 2 290 01 89
HISTORY
A foreign public
limited company (PLC), established in 1985, and registered in the Palestinian
Authority, as per file No. 56-260028-8.
SHARE CAPITAL
Data not
forthcoming.
SHAREHOLDERS
1. GRUNENTHAL GMBH, 30%, of
2. Over 50 smaller shareholders.
GENERAL MANAGER
Basem S. Khoury,
also founder of subject.
BUSINESS
Importers,
manufacturers, marketers, distributors and exporters of pharmaceuticals.
Also operating a
drugstore in
Sales are in the
Palestinian Authority, to hospitals, pharmacies, etc., serving some 1,200
clients in the West Bank, Gaza Strip and
Over 40% of sales
are for export.
Sole
representatives of: GRUNENTHAL of
Operating from
main premises, including offices, distribution center and manufacturing facilities
in the Betunia Industrial Zone, Ramallah, Palestinian Authority.
Also operating from:
1. A distribution center in
2. A drugstore in
3. Offices in
Having 187 employees.
MEANS
Amount of stock
varies.
Subject has
submitted a prospectus to the Palestinian Securities Exchange in Ramallah and
expects to issue its shares to the public by June/July 2007, according to a
company value of US$14 million.
Other financial
data not forthcoming.
ANNUAL SALES
2005 sales claimed
to be US$ 5,900,000, of which over 40% were for export.
2006 sales claimed
to be US$ 6,200,000, of which over 40% were for export.
BANKERS
Jordan National
Bank (Al Ahli Al Urduni Bank), Ramallah Branch, Ramallah, Palestinian Authority.
Arab Bank,
Ramallah Branch, Ramallah, Palestinian Authority.
Marcentile
Discount Bank Ltd., Salach-A-Din Branch (No. 638),
HSBC Bank Middle
East Ltd., Ramallah Branch, Ramallah, Palestinian Authority, and Aman
CHARACTER AND
REPUTATION
Nothing
unfavorable learned.
Subject's products
are GMP compliant.
Subject claims to
have 15% of the Palestinian market share for pharmaceuticals.
There were 7 drug
factories in the
During 2004, the Palestinian economy started to recover for the first
time since the deterioration in the political situation in the region in
October 2000.
According to researches, GDP per capita in the Palestinian authority in
2004 summed at US$ 1,200, which is still lower than the GDP in 1999, which reached
US$ 1,500. GDP of the Palestinian Authority in 2004 was US$ 4.5 billion, 10%
increase from 2003. Other positive figures were 27% increase in exports
and 23% increase in imports.
However, the World Bank Report from 2006 states that year 2006 has been
disastrous and one of the worst years in their economic history, following the
rising of the Hamas government. It led to the suspension of donations and
financial aid from the Western world, as well as to internal conflict,
including violence, between the Hamas supporters and those of the Phatah
movement.
The main damage has been in the Gaza Strip.
According to experts reports from December 2006, total GDP of the
Palestinian Economy in 2006 was US$ 3 billion, and deteriorated to lower than
US$ 1,000 GDP per capita.
SUMMARY
Good for trade
engagements.
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 |
|
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%)