MIRA INFORM
REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
GALPHARM INTERNATIONAL LIMITED |
|
|
|
|
Formerly Known As : |
GAL PHARM INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
Wrafton,
Braunton, Devon Ex33 2dl |
|
|
|
|
Country : |
United Kingdom |
|
|
|
|
Financials (as on) : |
29.05.2010 |
|
|
|
|
Date of Incorporation : |
24.02.1981 |
|
|
|
|
Com. Reg. No.: |
01547168 |
|
|
|
|
Legal Form : |
Private limited with Share Capital |
|
|
|
|
Line of Business : |
Research and development into, and wholesale
supply of pharmaceutical products and chemists sundries |
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 : |
£ 300,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
United Kingdom |
a1 |
a1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
REGISTERED
NAME & COMPANY SUMMARY
|
Company Name |
GALPHARM INTERNATIONAL
LIMITED |
Company Number |
01547168 |
|
Registered Address |
- WRAFTON |
Trading Address |
Hugh House |
|
|
BRAUNTON |
|
|
|
|
DEVON |
|
|
|
|
EX33 2DL |
|
|
|
|
|
|
|
|
Website Address |
|
|
|
|
Telephone Number |
- |
Fax Number |
|
|
TPS |
- |
FPS |
No |
|
Incorporation Date |
24/02/1981 |
Company Status |
Active - Accounts Filed |
|
Previous Name |
GAL PHARM INTERNATIONAL
LIMITED |
Type |
Private limited with
Share Capital |
|
|
|
Filing Date of Accounts |
11/08/2010 |
|
Date of Change |
22/12/1995 |
Share Capital |
£105 |
|
Sic Code |
5146 |
Currency |
GBP |
|
Sic Description |
WHOLESALE OF
PHARMACEUTICAL GOODS |
||
|
Principal Activity |
Research and development
into, and wholesale supply of pharmaceutical products and chemists sundries. |
||
CREDIT
RECOMENDATION
Current Credit Limit:
|
Limit |
£300,000 |
Previous Limit |
£285,000 |
|
Contract Limit |
£9,500,000 |
|
|
Credit Rating / Limit additional comments:
Limit History
|
Date |
Limit |
|
20/08/2010 |
£300,000 |
|
22/02/2010 |
£285,000 |
|
06/02/2010 |
£255,000 |
|
08/05/2009 |
£245,000 |
|
05/04/2009 |
£310,000 |
|
20/02/2009 |
£0 |
|
14/02/2008 |
£175,000 |
|
10/11/2005 |
£20,000 |
DIRECTORS/MANAGEMENT
|
Total Current Directors |
2 |
|
Total Current Secretaries |
1 |
|
Total Previous Directors
/ Company Secretaries |
9 |
Current Directors
|
Name |
Date of Birth |
03/06/1959 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
22 |
Function |
Director |
|
Appointment Date |
09/01/2008 |
|
|
|
Address |
2 Spring Close,
Northam, Bideford, EX39 1TY |
||
|
|
http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=905848624 |
http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=905848624 |
javascript:__doPostBack('Directors1$reCurrentDirectors$ctl00$lbTraceButton','') |
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|
|
|
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|
|
|
|
Name |
Date of Birth |
09/04/1957 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
9 |
Function |
Director |
|
Appointment Date |
09/01/2008 |
|
|
|
Address |
Steepholme Corilhead
Road, , Braunton, EX33 2EW |
||
|
|
http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/DirectorSummary.aspx?Pnr=912714206 |
http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=912714206 |
javascript:__doPostBack('Directors1$reCurrentDirectors$ctl01$lbTraceButton','') |
Current Company Secretary
|
Name |
Date of Birth |
03/06/1959 |
|
|
Officers Title |
Mr |
Nationality |
British |
|
Present Appointments |
22 |
Function |
Company Secretary |
|
Appointment Date |
09/01/2008 |
|
|
|
Address |
2 Spring Close,
Northam, Bideford, EX39 1TY |
||
|
|
|
http://app.creditsafeuk.com/CSUKLive/webpages/PeopleSearch/Consumersearch.aspx?Pnr=905848624 |
javascript:__doPostBack('Directors1$reCompanySec$ctl00$lbCompSecTraceButton','') |
NEGATIVE
INFORMATION
Exact CCJ Details
There are no exact CCJ
details
Possible CCJ Details
There are no possible CCJ
details
Writ Details
There are no writ details
CCJ
|
Total Number of Exact
CCJs - |
Total Value of Exact CCJs
- |
|
|
|
Total Number of Possible
CCJs - |
Total Value of Possible
CCJs - |
|
|
|
Total Number of Satisfied
CCJs - |
Total Value of Satisfied
CCJs - |
|
|
|
Total Number of Writs - |
|
|
SHARE
& SHARE CAPITAL INFORMATION
Top 20 Shareholders
|
Name |
Individual Share Value |
|
GALPHARM HEALTHCARE LTD |
105 ORDINARY GBP 1.00 |
PAYMENT
INFORMATION
Na
GROUP
STRUCTURE & AFFILIATED COMPANIES
Group Structure Summary
|
Company Name |
GALPHARM INTERNATIONAL
LIMITED |
Company Number |
01547168 |
|
Holding Company |
GALPHARM HEALTHCARE
LIMITED |
Ownership Status |
Wholly Owned |
|
Ultimate Holding Company |
PERRIGO COMPANY |
Companies in group |
10 |
Group structure
|
Company Name |
|
Safe Number |
Registered Number |
Latest Key Financials |
Consol. Accounts |
Rating |
Limit |
Turnover |
|
|||||||||
|
|
|
|
- |
- |
- |
- |
|
||||||||||
|
|
|
|
- |
- |
- |
- |
|
||||||||||
|
|
04235859 |
29.05.2010 |
N |
95 |
£800,000 |
|
|||||||||||
|
|
05667769 |
29.05.2010 |
N |
94 |
£175,000 |
|
|||||||||||
|
|
01547168 |
29.05.2010 |
N |
94 |
£300,000 |
£37,922,000 |
|||||||||||
|
|
03190284 |
29.05.2010 |
N |
N/R |
- |
|
|||||||||||
|
|
02150722 |
29.05.2010 |
N |
84 |
£1,000 |
|
|||||||||||
|
|
01622357 |
29.05.2010 |
N |
93 |
£44,000 |
£5,318,000 |
|||||||||||
|
|
02638733 |
29.05.2010 |
N |
96 |
£275,000 |
£34,022,000 |
|||||||||||
|
|
02697913 |
31.05.2010 |
N |
83 |
£1,000 |
|
|||||||||||
FINANCIAL
INFORMATION
Profit & Loss
|
Date
Of Accounts |
29/05/10 |
(%) |
31/05/09 |
(%) |
31/05/08 |
(%) |
31/03/07 |
(%) |
31/03/06 |
|
Weeks |
52 |
(%) |
52 |
(%) |
61 |
(%) |
52 |
(%) |
52 |
|
Currency |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
(%) |
GBP |
|
Consolidated
A/cs |
N |
(%) |
N |
(%) |
N |
(%) |
N |
(%) |
N |
|
Turnover |
£37,922,000 |
5.9% |
£35,806,000 |
-5.7% |
£37,979,000 |
- |
- |
- |
- |
|
Export |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Cost of Sales |
£28,453,000 |
10.7% |
£25,699,000 |
-5.5% |
£27,194,000 |
- |
- |
- |
- |
|
Gross Profit |
£9,469,000 |
-6.3% |
£10,107,000 |
-6.3% |
£10,785,000 |
21.4% |
£8,885,450 |
7% |
£8,304,000 |
|
Wages & Salaries |
£3,091,000 |
9.3% |
£2,829,000 |
-14.9% |
£3,326,000 |
80% |
£1,848,049 |
1.9% |
£1,813,000 |
|
Directors Emoluments |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Operating Profit |
£3,283,000 |
-38.6% |
£5,345,000 |
-4.7% |
£5,611,000 |
112.7% |
£2,638,072 |
999.9% |
£53,000 |
|
Depreciation |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Audit Fees |
£35,000 |
12.9% |
£31,000 |
-6.1% |
£33,000 |
601.1% |
£4,707 |
-5.9% |
£5,000 |
|
Interest Payments |
£3,000 |
50% |
£2,000 |
-83.3% |
£12,000 |
-22.6% |
£15,502 |
-40.4% |
£26,000 |
|
Pre Tax Profit |
£3,285,000 |
-39% |
£5,383,000 |
-4.3% |
£5,625,000 |
120.5% |
£2,551,492 |
999.9% |
£52,000 |
|
Taxation |
-£1,412,000 |
-39.5% |
-£1,012,000 |
39.8% |
-£1,680,000 |
-113.1% |
-£788,197 |
-999.9% |
-£4,000 |
|
Profit After Tax |
£1,873,000 |
-57.1% |
£4,371,000 |
10.8% |
£3,945,000 |
123.7% |
£1,763,295 |
999.9% |
£48,000 |
|
Dividends Payable |
£1,200,000 |
-50% |
£2,400,000 |
-4% |
£2,500,000 |
- |
- |
- |
- |
|
Retained Profit |
£673,000 |
-65.9% |
£1,971,000 |
36.4% |
£1,445,000 |
-18.1% |
£1,763,295 |
999.9% |
£48,000 |
Balance Sheet
|
Date
Of Accounts |
29/05/10 |
(%) |
31/05/09 |
(%) |
31/05/08 |
(%) |
31/03/07 |
(%) |
31/03/06 |
|
Tangible Assets |
0 |
- |
0 |
-100% |
£28,000 |
- |
0 |
- |
0 |
|
Intangible Assets |
£1,000 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Fixed Assets |
£1,000 |
- |
0 |
-100% |
£28,000 |
- |
0 |
- |
0 |
|
Stock |
£7,111,000 |
20.4% |
£5,906,000 |
19.1% |
£4,957,000 |
-35.5% |
£7,689,142 |
31.8% |
£5,833,000 |
|
Trade Debtors |
£8,219,000 |
7.9% |
£7,620,000 |
4.4% |
£7,296,000 |
63.8% |
£4,453,768 |
18.7% |
£3,751,000 |
|
Cash |
£1,501,000 |
48.3% |
£1,012,000 |
197.6% |
£340,000 |
999.9% |
£5,154 |
-99% |
£527,000 |
|
Other Debtors |
£1,189,000 |
-50.1% |
£2,384,000 |
18.5% |
£2,012,000 |
-7.3% |
£2,169,799 |
33% |
£1,632,000 |
|
Miscellaneous Current Assets |
0 |
- |
0 |
- |
0 |
- |
0 |
- |
0 |
|
Total Current Assets |
£18,020,000 |
6.5% |
£16,922,000 |
15.9% |
£14,605,000 |
2% |
£14,317,863 |
21.9% |
£11,743,000 |
|
Trade Creditors |
£5,233,000 |
35.4% |
£3,864,000 |
-19.1% |
£4,779,000 |
-5.6% |
£5,062,948 |
22.5% |
£4,133,000 |
|
Bank Loans & Overdrafts |
0 |
-100% |
£41,000 |
- |
0 |
-100% |
£375,757 |
- |
0 |
|
Other Short Term Finance |
£3,740,000 |
-26.4% |
£5,082,000 |
78.4% |
£2,849,000 |
-23.7% |
£3,732,348 |
7.6% |
£3,468,000 |
|
Miscellaneous Current Liabilities |
£2,710,000 |
18% |
£2,297,000 |
-31.4% |
£3,348,000 |
14.1% |
£2,935,290 |
-15.5% |
£3,474,000 |
|
Total Current Liabilities |
£11,683,000 |
3.5% |
£11,284,000 |
2.8% |
£10,976,000 |
-9.3% |
£12,106,343 |
9.3% |
£11,075,000 |
|
Bank Loans & Overdrafts and LTL |
0 |
-100% |
£41,000 |
- |
0 |
-100% |
£375,757 |
70.8% |
£220,000 |
|
Other Long Term Finance |
0 |
- |
0 |
- |
0 |
- |
0 |
-100% |
£220,000 |
|
Total Long Term Liabilities |
0 |
- |
0 |
- |
0 |
- |
0 |
-100% |
£220,000 |
Capital &
Reserves
|
Date
Of Accounts |
29/05/10 |
(%) |
31/05/09 |
(%) |
31/05/08 |
(%) |
31/03/07 |
(%) |
31/03/06 |
|
Called Up Share Capital |
- |
- |
- |
- |
- |
-100% |
£105 |
- |
- |
|
P & L Account Reserve |
£6,338,000 |
12.4% |
£5,638,000 |
54.2% |
£3,657,000 |
65.4% |
£2,211,415 |
393.6% |
£448,000 |
|
Revaluation Reserve |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Sundry Reserves |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
Shareholder Funds |
£6,338,000 |
12.4% |
£5,638,000 |
54.2% |
£3,657,000 |
65.4% |
£2,211,520 |
393.6% |
£448,000 |
Other Financial
Items
|
Date
Of Accounts |
29/05/10 |
(%) |
31/05/09 |
(%) |
31/05/08 |
(%) |
31/03/07 |
(%) |
31/03/06 |
|
Net Worth |
£6,337,000 |
12.4% |
£5,638,000 |
54.2% |
£3,657,000 |
65.4% |
£2,211,520 |
393.6% |
£448,000 |
|
Working Capital |
£6,337,000 |
12.4% |
£5,638,000 |
55.4% |
£3,629,000 |
64.1% |
£2,211,520 |
231.1% |
£668,000 |
|
Total Assets |
£18,021,000 |
6.5% |
£16,922,000 |
15.6% |
£14,633,000 |
2.2% |
£14,317,863 |
21.9% |
£11,743,000 |
|
Total Liabilities |
£11,683,000 |
3.5% |
£11,284,000 |
2.8% |
£10,976,000 |
-9.3% |
£12,106,343 |
7.2% |
£11,295,000 |
|
Net Assets |
£6,338,000 |
12.4% |
£5,638,000 |
54.2% |
£3,657,000 |
65.4% |
£2,211,520 |
393.6% |
£448,000 |
Cash Flow
|
Date
Of Accounts |
29/05/10 |
(%) |
31/05/09 |
(%) |
31/05/08 |
(%) |
31/03/07 |
(%) |
31/03/06 |
|
Net Cashflow from Operations |
- |
- |
- |
- |
£3,982,000 |
936.9% |
-£475,811 |
-166% |
£721,000 |
|
Net Cashflow before Financing |
- |
- |
- |
-100% |
£711,000 |
281.3% |
-£392,120 |
-171.4% |
£549,000 |
|
Net Cashflow from Financing |
- |
- |
- |
- |
- |
100% |
-£505,115 |
-531.4% |
-£80,000 |
|
Increase in Cash |
- |
- |
- |
- |
£711,000 |
179.2% |
-£897,235 |
-242.6% |
£629,000 |
Miscellaneous
|
Date
Of Accounts |
29/05/10 |
(%) |
31/05/09 |
(%) |
31/05/08 |
(%) |
31/03/07 |
(%) |
31/03/06 |
|
Contingent
Liability |
YES |
- |
YES |
- |
YES |
- |
NO |
- |
NO |
|
Capital Employed |
£6,338,000 |
12.4% |
£5,638,000 |
54.2% |
£3,657,000 |
65.4% |
£2,211,520 |
231.1% |
£668,000 |
|
Number of Employees |
71 |
9.2% |
65 |
1.6% |
64 |
6.7% |
60 |
-1.6% |
61 |
|
Auditors |
ERNST
& YOUNG LLP |
||||||||
|
Auditor
Comments |
The
audit report contains no adverse comments |
||||||||
|
Bankers |
LLOYDS
TSB BANK PLC |
||||||||
|
Bank
Branch Code |
|
||||||||
Ratios
|
Date
Of Accounts |
29/05/10 |
31/05/09 |
31/05/08 |
31/03/07 |
31/03/06 |
|
Pre-tax profit margin % |
8.66 |
15.03 |
14.81 |
- |
- |
|
Current ratio |
1.54 |
1.50 |
1.33 |
1.18 |
1.06 |
|
Sales/Net Working Capital |
5.98 |
6.35 |
10.47 |
- |
- |
|
Gearing % |
0 |
0.70 |
0 |
17 |
49.10 |
|
Equity in % |
35.20 |
33.30 |
25 |
15.40 |
3.80 |
|
Creditor Days |
50.22 |
39.28 |
53.73 |
- |
- |
|
Debtor Days |
78.89 |
77.46 |
82.02 |
- |
- |
|
Liquidity/Acid Test |
0.93 |
0.97 |
0.87 |
0.55 |
0.53 |
|
Return On Capital Employed % |
51.83 |
95.47 |
153.81 |
115.37 |
7.78 |
|
Return On Total Assets Employed % |
18.22 |
31.81 |
38.44 |
17.82 |
0.44 |
|
Current Debt Ratio |
1.84 |
2 |
3 |
5.47 |
24.72 |
|
Total Debt Ratio |
1.84 |
2 |
3 |
5.47 |
25.21 |
|
Stock Turnover Ratio % |
18.75 |
16.49 |
13.05 |
- |
- |
|
Return on Net Assets Employed % |
51.83 |
95.47 |
153.81 |
115.37 |
11.61 |
Key Financials
|
Year to Date |
Turnover |
Pre Tax Profit |
Shareholder Funds |
Employees |
|
29/05/2010 |
£37,922,000 |
£3,285,000 |
£6,338,000 |
71 |
|
31/05/2009 |
£35,806,000 |
£5,383,000 |
£5,638,000 |
65 |
|
31/05/2008 |
£37,979,000 |
£5,625,000 |
£3,657,000 |
64 |
FOREIGN
EXCHANGE RATES
Na
ADDITIONAL
INFORMATION
Status History
|
No Status History found |
Event History
|
Date |
Description |
|
|
18/04/2011 |
Annual Returns |
|
|
20/08/2010 |
New Accounts Filed |
|
|
07/04/2010 |
Annual Returns |
|
|
22/02/2010 |
New Accounts Filed |
|
|
22/02/2010 |
New Accounts Filed |
|
|
10/05/2009 |
Annual Returns |
|
|
05/04/2009 |
New Accounts Filed |
|
|
23/04/2008 |
Annual Returns |
|
|
18/04/2008 |
Change in Reg.Office |
|
|
19/03/2008 |
Change in Reg.Office |
|
|
19/03/2008 |
Change of Company
Postcode |
|
|
14/02/2008 |
New Accounts Filed |
|
|
07/02/2008 |
New Board Member Mr R.P.
Howard appointed |
|
|
07/02/2008 |
New Company Secretary Mr
M.A. Tucker appointed |
|
|
07/02/2008 |
New Board Member Mr M.A.
Tucker appointed |
|
Previous
Company Names
|
Date |
Previous Name |
Companies House Documents |
|
22/12/1995 |
GAL PHARM INTERNATIONAL
LIMITED |
Mortgage Summary
|
Outstanding |
0 |
|
Satisfied |
2 |
NOTES
& COMMENTS
Na
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
UK Pound |
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.64.21 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.