MIRA INFORM REPORT

 

 

Report Date :

05.04.2011

 

IDENTIFICATION DETAILS

 

Name :

INDIES PHARMA JAMAICA LTD

 

 

Registered Office :

Unit 5 Montego Bay Trade Centre, Howard Cooke Blvd Montego Bay

 

 

Country :

Jamaica

 

 

Date of Incorporation :

18.04.2005

 

 

Com. Reg. No.:

68041

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Pharmaceutical company

 

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 :

USD 1,000,000.00

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Jamaica

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS – JAMAICA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system


Economic Risk: High

Currency: 100 JMD = 1.17 USD

Branch Situation: Stable

 

 

IDENTIFICATION

 

Legal Name:

Indies Pharma Jamaica Ltd

 

 

Legal Address

Unit 5 Montego Bay Trade Centre, Howard Cooke Blvd Montego Bay, Jamaica

 

 

Telephone:

(876) 940-7984 / 7985

Registration Number :

68041

Fax:

(876) 940-7980 / 6940

Legal Form:

Limited Liability Company

Email:

indiespharma@gmail.com / guna.muppuri@indiespharma.com

Registered in:

Jamaica

Website:

http://www.indiespharma.com/

Date Created:

April 18, 2005

Manager:

Guna Sekhar Muppuri - President and CEO

Date Incorporated:

-

Staff:

67

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Pharmaceutical company

 

 

BANKS

 

Name of the Bank

Scotia Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

BUSINESS

 

HISTORY

 

The company has been operating since April 18th, 2005.

PRINCIPAL ACTIVITY

 

The subject company is engages in the pharmaceuticals product distribution.

Products/Services description:

 

It offers a comprehensive package of scientific, technical, medical education and pharmaceutical consultancy services in addition to its marketing and distribution services.

Sales are:

 

Wholesale

Brands:

 

Indies Pharma.

Clients:

 

Manufacturers, drug store, etc.

Operations area:

 

National, International, Local

The company export to the Caribbean Region, USA.

The subject employs 67 employee(s)

PAYMENTS

 

made on a 50 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

The company is headquartered at Unit 5 Montego Bay Trade Centre, Howard Cooke Blvd Montego Bay, Jamaica.

Comments on location:

 

The administrative office and operations of the company.

Branches:

 

No branches were reported.



Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The company is privately held and Dr. Guna S. Muppuri is one of the major shareholders of the company.

Management:

 

Dr. Guna S. Muppuri, President and CEO

Dr. Ramesh B. Peramsetty, Director

Dr. Sridhar R. Korsapati, Director

Mr. Venugopal N. Kuntamukkala, Director

Mrs. Vishnu V. Muppuri, Director and Company Secretary

Related Companies:

 

Pristine Pharma U.S.A.

 

 

 

 

 

 

 

 

 

 

 

 

 




Financials - COMMERCIAL TRENDS AND FORECAST

 

As a private company the subject does not publish any financial statements.

 

Mr. Muppuri (CEO) has set a target of over $400 million in sales by 2010/11.

 

However our financial sources could provide us with the following data.

 

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

 

Currency

DATE

 

 

USD

2009

 

 

Turnover

389,900,000

 

 

Operating Income

10,600,000

 

 

Net Income

8,900,000

 

 

Net worth

25,000,000

 

 

Bank liabilities

10,000,000

 

 

The cash flow is

normal

 

 

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.



 Rating

 

Local credit bureau gave a normal credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 

 

 Final Opinion

 

The company has 6 years of experience. They currently have the support of 67 employees for this reason it is considered a medium sized company.

 

The profitability is correct, the indebtedness is controlled, the cash is normal, and the payments are regular.

 

A credit line may be considered for USD 1,000,000.00

 

 

SUMMARY


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

 

Profitability

CORRECT

Public

NO

 

 

Indebtedness

CONTROLLED

Payments

REGULAR

 

 

Cash

NORMAL

 

 

 

 



APPENDIX

 

Comments

 

We tried to contact Mr. Muppuri several times but he never was available to help us.

 

We sent an email directly to him but so far we have not received any answer.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.65

UK Pound

1

Rs.71.93

Euro

1

Rs.63.24

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.