MIRA INFORM REPORT

 

 

 

Report Date :

31.10.2008

 

IDENTIFICATION DETAILS

 

Name :

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

 

 

Registered Office :

Limassol Industrial Area, Acharnon Street, Limassol, 3056 Limassol

 

 

Country :

Cyprus

 

 

Financials (as on) :

2006

 

 

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

 

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 :

EUR 1,540,000.00

 

 

Status :

Good

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

 

NAME & ADDRESS

 

 

 

Correct Registered Name:

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

 

Address:

Limassol Industrial Area, Acharnon Street
Limassol
3056 Limassol CYPRUS

 

P.O.Box:

51166 - 3502 Limassol

 

Telephone:

+357-25553000
+357-25393444
+357-25392010

 

Fax:

+357-25390192

 

Email:

info@remedica.com.cy

 

Web:

www.remedica.com.cy

 

 

SUMMARY OF RATINGS

 

MAXIMUM CREDIT:

EUR 1,540,000.00

 

 

PAYMENT

 

GOOD FOR AMOUNT & TERMS OF INQUIRY:

Too high

 

 

COMMERCIAL MORALITY:

Good

 

FINANCIAL STRENGTH:

Good

 

CREDIT RATING:

Low Risk

 

 

 

LEGAL STATUS

 

Legal Form:

Public Limited Liability Company

Public Limited Liability Company: At least seven persons are necessary for the incorporation of a Public Limited Liability Company. Such company issues a prospectus setting out its business objectives and invites the public to subscribe for its shares. Capital is required but there is no minimum or maximum amount. The liability of the shareholders extents to the amount of the value of their shares. A public company may obtain a listing on the Cyprus Stock Exchange. Public companies are obliged to publish their financial accounts.

 

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
Public Limited Liability Company, valid since: 05.12.2000

 

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
Public Limited Liability Company valid since: 05.12.2000

 

 

COMPANY STATUS

 

Registration status: 1971 - registered company
Activity status: 1960 - active company

 

 

PRINCIPALS

 

SHAREHOLDERS

 

 

Full Name

Personal ID

Function

Nationality

EQUITY

Address

Mr. Emilios Savvides

435479

Shareholder

CYPRUS

0.00%
2 Ordinary

23, Souliou Street
2016 Limassol CYPRUS

Mr. Christakis Pattichis

117645

Shareholder

CYPRUS

2.96%
1,269,038 Ordinary

10, Christou Christovasili Street
Limassol
3091 Limassol CYPRUS

Mr. Charalambos Pattichis

633304

Shareholder

CYPRUS

55.56%
23,802,913 Ordinary

2,Giacemion Street
Limassol
4043 Germasogia CYPRUS

Mrs. Margarita Pattichis

674491

Shareholder

CYPRUS

41.48%
17,768,488 Ordinary

10, Cristou Christovasili Street
Limassol
3091 Limassol CYPRUS

Ms. Katerina Pattichi

633306

Shareholder

CYPRUS

0.00%
2 Ordinary

11, Christou Christovasili Street
3091 Limassol CYPRUS

Ms. Christiana Pattichi

674535

Shareholder

CYPRUS

0.00%
4 Ordinary

11, Christou Christovasili Street
3091 Limassol CYPRUS

Ms. Andri Aristotelous

 

Shareholder

CYPRUS

0.00%
2 Ordinary

3A, Chrysosoteros Street
4152 Limassol CYPRUS

 

MANAGEMENT

 

 

Full Name

Personal ID

Age

Function

Nationality

Qualification

Experience

Address

P&D Secretarial Services

 

 

Secretary

 

 

 

Agathaggelos Court, 3rd Floor, Office 303, 10, Georgiou street
Limassol
3041 Limassol CYPRUS

Mr. Emilios Savvides

435479

59

Director / General Manager

CYPRUS

Non Disclosed.

Non Disclosed.

23, Souliou Street
2016 Limassol CYPRUS

Mr. Christakis Pattichis

117645

81

Chairman

CYPRUS

Degree in Chemical Engineering University.

Also a Director of Remedica Limited.

10, Christou Christovasili Street
Limassol
3091 Limassol CYPRUS

Mr. Charalambos Pattichis

633304

44

Managing Director

CYPRUS

Degree in Chemistry University.

Also Director od Remedica Limited.

2,Giacemion Street
Limassol
4043 Germasogia CYPRUS

Mr. Stuart Ashworth

 

57

Director

UNITED KINGDOM

Non Disclosed.

Non Disclosed.

Melanos Avenue
8060 Paphos CYPRUS

Mr. David Garberton

 

 

Director

UNITED KINGDOM

Non Disclosed.

Non Disclosed.

Bishod Devon
Cheritton UNITED KINGDOM

Mrs. Margarita Pattichis

674491

66

Director

CYPRUS

Non Discloed.

Also Director of Remedica Limited.

10, Cristou Christovasili Street
Limassol
3091 Limassol CYPRUS

Prof. Christofer Marriotts

 

 

Director

UNITED KINGDOM

Non Disclosed.

Non Disclosed.

150,Franklin-wilkings Building
SE18WA London UNITED KINGDOM

Mr. George Gavriel

735358

 

Financial Controller

CYPRUS

Non Disclosed.

Non Disclosed.

12, Kalavardon Street
7573 Larnaca CYPRUS

 

 

ACTIVITIES

 

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%)

The company in question was established in order to get involved with the development, production (100%) and trade on a wholesale basis (100%) of pharmaceutical products for human consumption such as tablets, powders, capsules, liquids, aerosols, pessaries etc.

The company imports around 90% of raw materials and exports 90% of their production worldwide. through a selective network of representatives. They also maintain 4 vehicles for Distribution activities (the group maintains 20 vehicles).

The company’s product range includes therapeutic categories such as antibiotics, analgesics, cardiovascular drugs, CNS agents, drugs for the GItract, diuretics, antihistamines, antidiabetics, antiparkinsonian agents, hormones and synthetic substitutes, vitamins, cough medicines and expectorants, and more. They produce a variety of pharmaceutical dosage forms, including tablets, capsules, creams, ointments, aerosols, pessaries, suppositories, liquids, powders.

Business Activities
Pharmaceutical and Pharmaceutical Products
Pharmacies
Medicines Trading
Pharmaceutical Products - Wholesale and Manufacturers
Hospital Equipment - Supplies and Maintenance
Dental Equipment Supplies
Medicines Distributors
Pharmaceutical Products

Industry Classifications - NAICS
» Pharmaceutical Preparation Manufacturing
» Pharmaceutical and Medicine Manufacturing
» Pharmaceutical Preparation Manufacturing
» Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers
» Drugs and Druggists' Sundries Merchant Wholesalers
» Other Chemical and Allied Products Merchant Wholesalers
» Pharmacies and Drug Stores

Detailed Description of Industry Classifications
Pharmaceutical Preparation Manufacturing
NAICS # 325412 | This U.S. industry comprises establishments primarily engaged in manufacturing in-vivo diagnostic substances and pharmaceutical preparations (except biological) intended for internal and external consumption in dose forms, such as ampoules, tablets, capsules, vials, ointments, powders, solutions, and suspensions. Manufacturing uncompounded medicinal chemicals and their derivatives--are classified in U.S. Industry 325411, Medicinal and Botanical Manufacturing; Manufacturing in-vitro diagnostic substances--are classified in U.S. Industry 325413, In-Vitro Diagnostic Substance Manufacturing; and Manufacturing vaccines, toxoids, blood fractions, and culture media of plant or animal origin (except for diagnostic use)--are classified in U.S. Industry 325414, Biological Product (except Diagnostic) Manufacturing.

Other Chemical and Allied Products Merchant Wholesalers
NAICS # 42469 | This industry comprises establishments primarily engaged in the merchant wholesale distribution of chemicals and allied products (except agricultural and medicinal chemicals, paints and varnishes, fireworks, and plastics materials and basic forms and shapes). Merchant wholesale distribution of ammunition--are classified in Industry Group 4239, Miscellaneous Durable Goods Merchant Wholesalers; Merchant wholesale distribution of biological and medical products; botanical drugs and herbs; and pharmaceutical products intended for internal and external consumption in such forms as ampoules, tablets, capsules, vials, ointments, powders, solutions, and suspensions--are classified in Industry 424210, Drugs and Druggists' Sundries Merchant Wholesalers; Merchant wholesale distribution of farm supplies, such as animal feeds, fertilizers, agricultural chemicals, pesticides, seeds and plant bulbs,--are classified in Industry 424910, Farm Supplies Merchant Wholesalers; Merchant wholesale distribution of paints, and varnishes and similar coatings, pigments, wallpaper, and supplies, such as paint brushes and rollers,--are classified in Industry 424950, Paint, Varnish, and Supplies Merchant Wholesalers; Merchant wholesale distribution of lubricating oils and greases--are classified in Industry 424720, Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals); Merchant wholesale distribution of fireworks--are classified in Industry 423920, Toy and Hobby Goods and Supplies Merchant Wholesalers; and Merchant wholesale distribution of plastics materials and resins, and unsupported plastics film, sheet, sheeting, rod, tube, and other basic forms and shapes--are classified in Industry 424610, Plastics Materials and Basic Forms and Shapes Merchant Wholesalers.

Pharmacies and Drug Stores
NAICS # 44611 | This industry comprises establishments known as pharmacies and drug stores engaged in retailing prescription or nonprescription drugs and medicines. Retailing food supplement products, such as vitamins, nutrition supplements, and body enhancing supplements,--are classified in U.S. Industry 446191, Food (Health) Supplement Stores; and Retailing prescription and nonprescription drugs via electronic home shopping, mail-order, or direct sale--are classified in Subsector 454, Nonstore Retailers.

Drugs and Druggists' Sundries Merchant Wholesalers
NAICS # 4242 |

 

 

MOTOR VEHICLES

 

2008

Number of vans

owned: 4

Total number of vehicles

4

 

 

IMPORTS

 

EUROPE, CHINA, INDIA: 90% of import
Payment terms:
Special Agreements

 

 

EXPORTS

 

UNITED KINGDOM, AUSTRALIA, NEW ZEALAND, EUROPE, GERMANY, DENMARK, AFRICA, FAR EAST: 90% of export
Payment terms:
O/A (Open Account) 90 days

 

 

AGENCIES

 

Name

Country

Product

None.

 

 

 

 

 

 

TRADE SUPPLIERS

 

Name

Country

Product

Non Disclosed

 

 

 

 

WORKFORCE

 

NUMBER OF EMPLOYEES:

348

 

 

DESCRIPTION OF PREMISES

 

Address:

Limassol Industrial Area, Acharnon Street
Limassol
3056 Limassol CYPRUS

Type of premises:

Premises

Type of ownership:

shared

 

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 1 branche/division:

'REMEDICA HOLDINGS LIMITED' Arkadias Street, Pallouriotissa, Cyprus. These are
leased office premises. Operates as warehouse and distribution center.

 

 

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 Limited” - 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.

"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


Account numbers are not disclosed.

 

 

PRESS

 

14.10.2008, http://www.politis-news.com/cgibin/hweb?-A=826612&
Pharmaceutical industry Remedica with the Branch of Medical Visitors of KES COLLEGE T[in] Tuesday 07/10/08, in the Annex of KES COLLEGE, was realised the official statement of collaboration between pharmaceutical industry Remedica Ltd and the Branch of Medical Visitors of KES COLLEGE. The statement was realised by the Marketing director of company Remedica Ltd, Mr Andrea Chatzipanagi. Pharmaceutical industry Remedica Ltd is activated very successfully in the manufacturing industry pharmaceutical products and has received several rewards of exports. The company Remedica, in the frames of her social offer and effort of promotion of education and health in Cyprus offers in KES COLLEGE, from academic year 2008-09, an employment contract in the company Remedica for the two first graduates of the Branch of Medical Visitors, which will graduate in June of each year. It is also offered pecuniary reward of 200 Euros in the graduate of Branch with the better record, which of course will be engaged (provided that it wishes to) by Remedica.

 

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) 

2006

2005

2004

2003

 



PROFIT & LOSS

 

Sales Turnover

17,953,256.00

15,244,065.00

13,305,514.00

11,826,384.00

 

Cost of Sales

-11,627,519.00

-9,936,169.00

-8,825,571.00

-8,006,189.00

 

Gross Profit

6,325,737.00

5,307,896.00

4,479,943.00

3,820,195.00

 

Other Operating Income

311,142.00

169,304.00

899.00

170.00

 

Selling / Distribution / Promotional Expenses

-1,709,382.00

-1,412,893.00

-1,523,193.00

-1,301,033.00

 

Administrative Expenses

-956,806.00

-879,828.00

-763,053.00

-650,011.00

 

Other Operating Expenses

 

 

-8,000.00

-8,000.00

 

Operational Profit

3,970,691.00

3,184,479.00

2,186,596.00

1,861,321.00

 

Finance Costs

-658,263.00

684,740.00

-717,114.00

-887,888.00

 

Profit Before Taxation

3,312,428.00

3,869,219.00

1,469,482.00

973,433.00

 

Corporate Income Tax

-413,308.00

-381,585.00

-193,799.00

-151,380.00

 

Profit After Taxation

2,899,120.00

3,487,634.00

1,275,683.00

822,053.00

 



BALANCE SHEET

 

Property, Plant & Equipment

5,382,270.00

4,415,064.00

4,402,552.00

4,256,691.00

 

Total Fixed Assets

5,382,270.00

4,415,064.00

4,402,552.00

4,256,691.00

 

Inventory / Stock

2,670,437.00

2,736,234.00

2,152,655.00

2,324,869.00

 

Trade Debtors (receivables from customer)

6,022,946.00

3,967,235.00

3,997,777.00

2,894,863.00

 

Taxation Receivable

279,102.00

266,839.00

272,311.00

282,951.00

 

Cash in Hand & at Bank

6,134,413.00

6,541,878.00

5,731,697.00

4,499,410.00

 

Total Current Assets

15,106,898.00

13,512,186.00

12,154,440.00

10,002,093.00

 

Total Assets

20,489,168.00

17,927,250.00

16,556,992.00

14,258,784.00

 

Called up share capital (issued capital stock)

8,568,090.00

8,568,090.00

8,568,090.00

8,568,090.00

 

Reserves

78,225.00

78,225.00

78,225.00

78,225.00

 

Retained Profit / Earnings) for the year

10,154,652.00

8,060,920.00

5,130,227.00

3,854,544.00

 

Total Equity

18,800,967.00

16,707,235.00

13,776,542.00

12,500,859.00

 

CURRENT LIABILITIES

 

 

39,778.00

32,623.00

 

Trade Creditors

1,660,976.00

1,220,015.00

1,564,558.00

1,546,774.00

 

Bank Overdraft

27,225.00

 

1,176,114.00

178,528.00

 

Total Current Liabilities

1,688,201.00

1,220,015.00

2,780,450.00

1,757,925.00

 

Total Equity & Liabilities

20,489,168.00

17,927,250.00

16,556,992.00

14,258,784.00


Please note that according to the person interviewed, the sales turnover for the year 2007 are 18,765,272 CYP. However, the financial statements for the year 2007 are not yet signed by the board of directors and could not be provided at the current stage.

Please also note that the sales turnover for 2008 is expected to be around 35,000,000 Euro.

Please also note that the above financial figures are the consolitated accounts of the company.

 

RATIOS

 

2006

2005

2004

2003

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

0.16

0.22

0.09

0.07

Current ratio ( CR )
Current assets / Current liabilities

8.95

11.08

4.37

5.69

Day's supply in inventory
( Turnover / Inventory )

6.72

5.57

6.18

5.09

 

 

 

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 Limited”.

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

 

CONTACT PERSON

 

Mr. George Gavriel

Financial Director

+357 25553000

 

 

CYPRUS-FACTS AND FIGURES
Population: 792,604
Area: 9,251 SQ KM (about 35.4 percent of land is under Turkish control, and a further 1.8 percent forms part of the buffer zone along the cease-fire line.)
Capital: Nicosia
Currency: Euro
Currency Code: EUR

GDP (Purchasing Power Parity): $36.53 Billion

GDP - Composition by Sector:

GDP (Official Exchange Rate):$21.3 Billion

Agriculture: 2.7%

GDP - Real Growth Rate:4.4%

Industry: 19.2%

GDP - Per Capita (PPP): $46,900

Services: 78%

 

 



Industries:
Tourism, Food And Beverage Processing, Cement And Gypsum Production, Ship Repair And Refurbishment, Textiles, Light Chemicals, Metal Products, Wood, Paper, Stone, And Clay Products.

The area of the republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for 78% of GDP.
Tourism, financial services and real estate are the most important sectors.
Erratic growth rates over the past decade reflect the economy's reliance on tourism.
The economy in the area under government control grew by an average of 3.6% per year during the period of 2000-06, well above the EU average.

Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the Euro as its national currency on 1 January 2008.

LAST UPDATED: JUNE 2008

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.80.36

Euro

1

Rs.62.84

 

 

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