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UNITED
KINGDOM, AUSTRALIA,
NEW ZEALAND, EUROPE, GERMANY, DENMARK,
AFRICA, FAR EAST: 90% of export
Payment terms:
O/A (Open Account) 90 days
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Agencies:
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Non Retrievable
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Trade Suppliers:
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None Retrievable
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Description Of Premises
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Address:
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Limassol
Industrial Area, Acharnon
Street
Limassol
3056 Limassol CYPRUS
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Type of
premises:
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Premises
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Type of
ownership:
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shared
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Headquarters:
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The company
is operating from 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.
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Branches:
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Subject
maintains 1 branch:
'REMEDICA HOLDINGS LIMITED' Arkadias
Street, Pallouriotissa, Cyprus. These are
leased office premises. Operates as warehouse and distribution center.
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Affiliated
Company
CHR. PATTICHIS INVESTMENTS LIMITED , CYPRUS , National ID: C116772
Affiliated Company
INTERPAK LIMITED , CYPRUS , National ID: C3562
Affiliated Company
M.E.B.A. LEMESOU LIMITED , CYPRUS , National ID: C67378
Affiliated Company
PATTICHIS CHEMICAL INDUSTRIES LIMITED , CYPRUS , National ID: C120769
Subsidiary Company
REMEDICA LIMITED , CYPRUS , National ID: C14435
PLEASE NOTE ADDITIONAL INFORMATION ON RELATED COMPANIES:
"Interpak Limited" - Affiliated Company registered in Cyprus
under the registration number CC3562. This concern is involved with the
trade of pharmaceutical products for human consumption.
"Remedica Limited” - Subsidiary Company registered in Cyprus on
30.07.1980 under the registration number C14435. 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” – Affiliated company registered
in Cyprus
in 2000 under the registration number C116772. Operates as an Investment
Company.
"Pattichis Chemical Industries Limited" – Affiliated company
registered in Cyprus
in 2001 under the registration number C120769.
"M.E.B.A. LEMESOU LIMITED" - Affiliated company registered in Cyprus in
14.12.1994 under the registration number C67378.
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Bankers
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BANK OF CYPRUS
PUBLIC COMPANY LIMITED
117, Arch.Makarios III Ave, 3021 Limassol,Tel.:357 25855700 Fax:357
25335029
MARFIN POPULAR BANK PUBLIC CO LTD
121-123 Arch. Makarios III,P.O. Box 51139,City Area, Limassol,Tel:357
25750000, Fax:357 25854723
Account numbers are not disclosed.
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Press
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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.
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Auditors / Accountants
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Date:
31.12.2008
Financials have been audited
Company: BDO Philippides Limited, 146, Archbishop Makariou III Avenue, Alpha Tower,
3021 Limassol, Cyprus. Tel: +35722496000.
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Share Capital
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Registered capital:
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EUR
51,000,000.00 since 01.01.2008
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Number of Ordinary:
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150,000,000
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Value per share of Ordinary:
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EUR 0.34
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Issued capital:
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EUR
14,565,752.66 since 01.01.2008
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Number of Ordinary:
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42840449
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Value per share of Ordinary:
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EUR 0.34
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Paid-up capital:
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EUR
14,565,752.66 since 01.01.2008
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Finance
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2009
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2008
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2007
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2006
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PROFIT & LOSS
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Sales Turnover
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11855906 EUR
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13740911 EUR
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18765272 CYP
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17953256 CYP
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Cost of Sales
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-9618932 EUR
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-11169403
EUR
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-13196130
CYP
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-11627519
CYP
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Gross Profit
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2236974 EUR
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2571508 EUR
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5569142 CYP
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6325737 CYP
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Other Operating Income
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2837640 EUR
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383422 CYP
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311142 CYP
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Selling / Distribution / Promotional Expenses
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-936359 EUR
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-748868 EUR
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-1574030 CYP
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-1709382 CYP
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Administrative Expenses
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-391567 EUR
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-349391 EUR
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-1085651 CYP
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-956806 CYP
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Operational Profit
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909048 EUR
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4310889 EUR
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3292883 CYP
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3970691 CYP
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Finance Costs
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-33043 EUR
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-995973 CYP
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-658263 CYP
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Financial Income
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3330000 EUR
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120882 EUR
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Profit Before Taxation
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4206005 EUR
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4431771 EUR
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2296910 CYP
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3312428 CYP
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Corporate Income Tax
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-97631 EUR
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-151049 EUR
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-287459 CYP
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-413308 CYP
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Profit After Taxation
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2009451 CYP
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2899120 CYP
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Net Profit
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4108374 EUR
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4280722 EUR
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BALANCE SHEET
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Property, Plant & Equipment
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1248052 EUR
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1343448 EUR
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5509329 CYP
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5382270 CYP
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Investment in Affiliated and Associated Units
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12052868 EUR
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12052868 EUR
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Total Fixed Assets
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13300920 EUR
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13396316 EUR
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5509329 CYP
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5382270 CYP
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Inventory / Stock
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146239 EUR
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3679169 CYP
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2670437 CYP
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Trade Debtors (receivables from customer)
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1338064 EUR
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5989148 EUR
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5848215 CYP
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6022946 CYP
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Taxation Receivable
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279130 EUR
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342258 CYP
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279102 CYP
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Cash in Hand & at Bank
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4007736 EUR
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4011400 EUR
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10007645 CYP
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6134413 CYP
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Claims towards associated companies
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6772368 EUR
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Total Current Assets
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12543538 EUR
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10000548 EUR
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19877287 CYP
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15106898 CYP
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Total Assets
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25844457 EUR
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23396864 EUR
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25386616 CYP
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20489168 CYP
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Reserves
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73698 EUR
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73698 EUR
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Other Reserves
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78225 CYP
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78225 CYP
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Retained Profit / Earnings) for the year
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5756084 EUR
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4646545 EUR
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11650017 CYP
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10154652 CYP
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Total Equity
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20395534 EUR
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19285996 EUR
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20296332 CYP
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18800967 CYP
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CURRENT LIABILITIES
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-24565 EUR
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Trade Creditors
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5473489 EUR
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3566768 EUR
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1778887 CYP
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1660976 CYP
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Taxation Due
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544100 EUR
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Bank Overdraft
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3311397 CYP
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27225 CYP
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Total Current Liabilities
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5448923 EUR
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4110868 EUR
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5090284 CYP
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1688201 CYP
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Total Equity & Liabilities
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25844457 EUR
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23396864 EUR
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25386616 CYP
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20489168 CYP
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SHARE CAPITAL
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14565753 EUR
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14565753 EUR
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8568090 CYP
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8568090 CYP
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Financial Statements were provided by the subject.
Please note that the financial figures for years 2009 and 2008 are
individual figures for the subject and are expressed in EURO, while figures
for years 2007 and before are the consolitated accounts of the company and
are expressed in Cyprus Pounds.
In addition, note that the financial figures for year 2009 are draft
figures.
Financial accounts are available at the Department of Registrar of
Companies, provided that the company has submitted the compulsory accounts.
The annual general meeting of a company is convened within eighteen months
of the date of its registration. Forty two days later the company should
file its first annual return with the Registrar of Companies. Once a year,
the annual return must be submitted. This should be done within fifteen
months from the previous annual return, without disregarding the calendar
year (sections 118, 120 and 125 cap. 113).
All Cypriot Companies, whether local or international, must maintain
accurate books of accounts, which should reflect the true and correct
position of their conduct, as well as give adequate explanation of their
operations.
The Cypriot Company Law, which is closely modeled on its English
counterpart, entails that company accounts must comprise of the following:
- Directors' report.
- Auditor's report.
- Financial statements as prescribed by International Financial Reporting
Standards (IFRS) and consolidated Financial Statements in case of parent
companies (unless specifically exempted).
Audited financial statements and an Income Tax Return are required for all
companies, even companies with no taxable income and/or dormant companies.
Registered Branches (in Cyprus)
of foreign companies are not legally bound to compile full separate branch
accounts however when taxed on the island, are obliged to do so for income
tax purposes.
Additionally they have to submit accounts of the main company, translated
into Greek, to the Department of Registrar of Companies.
Partnerships are exempt from any requirement to prepare audited accounts,
but they are legally bound to keep proper books of account which must be
available for scrutiny by individual partners.
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Ratios
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2009
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2008
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2007
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2006
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Current
ratio - 2 is an acceptable result, but even 1,8 is considered excellent
in bank practice
Current Assets / Current Liabilities
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2.30
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2.43
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3.90
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8.95
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Quick ratio
(QR ) - 1 is an excellent result, but anything above 0,8 is considered
good
(Current Assets - Inventory) / Current Liabilities
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2.30
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2.43
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3.90
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8.95
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Return on
assets ( ROA )
Net Profit After Tax / Total assets
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0.16
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0.18
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-
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-
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Return on
equity ( ROE )
Net Profit After Tax / Total Equity
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0.20
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0.22
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-
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Return on
sales ( ROS )
Net Profit x 100 / Sales Turnover
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34.65
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31.15
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-
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Day's supply
in inventory
Sales Turnover / Inventory
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81.07
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-
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5.10
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6.72
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Collection
Period Ratio (in days)
Accounts Receivable x 365 / Sales Turnover
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41.19
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159.09
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113.75
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122.45
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Cash
Liquidity Ratio
Liquid Assests / Current Liabilities x 100
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73.55
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97.58
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196.60
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363.37
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Receivables
Ratio (%)
Accounts Receivable / Current Liabilities x 100
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24.56
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145.69
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114.89
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356.77
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Current
Assets Ratio (%)
(Current Assets - Accounts Receivable) / Current Liabilities x 100
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230.20
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243.27
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390.49
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894.85
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Shareholder Equity Increase Ratio (%)
Total Equity / Share Capital x 100
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140.02
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132.41
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236.88
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219.43
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GENERAL COMMENTS
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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".
We contacted the company in question and talked to Mr Michalis Cocconis,
financial controller, who confirmed general details of this report and also
provided us with the subject's latest financial statements.
Please note that according to Mr Cocconis, finacial statements of year 2010
will be audited by the end of April 2011.
A check against our records revealed that no negative payment incidents
against Subject Company, such as unpaid invoices, dishonoured cheques and
utility bills, bankruptcies exist etc.
SECTOR ANALYSIS
Wholesale, Industrial, Retail & Services Sectors
The industrial sector, the wholesale and retail trade sector and the
services sector are all open to non-resident investors. For the industrial
and the wholesale and retail trade sectors, the Central Bank handles
applications where foreign participation is below 50%. Where foreign
participation exceeds 50%, or the investment is more than CyP750.000,
applications are handled jointly by the Central Bank and the Ministry of
Commerce, Industry and Tourism.
For services, up to 100% foreign participation is allowed and the Central
Bank handles the applications.
Tremetoushiotis Developers Ltd
(Ref: http://www.top-properties.com/legal-information.html)
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Contact Person:
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Mr Michalis
Cocconis
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Financial Controller
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357-25553000
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CYPRUS-FACTS AND FIGURES
Population: 1,084,748
Area: 9,251 SQ KM (about 33.4 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
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GDP (Purchasing Power Parity): $22.85 Billion
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GDP - Composition by Sector:
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GDP (Official Exchange Rate):$23.22 Billion
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Agriculture: 2.1%
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GDP - Real Growth Rate: -0.8%
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Industry: 19.%
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GDP - Per Capita (PPP): $21,200
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Services: 78.9%
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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.
Changing growth rates over the past decade reflect the economy's reliance
on tourism.
Due to the global crisis, Cyprus
economy entered into recession in the middle of 2009. The budget deficit
reached the level of 3.5% of GDP, violating EU's budget deficit criteria
of no more than 3% of GDP.
Therefore, in order to prevent country's weakening finances, the
government intents to implement measures to cut the cost of the state
payroll, tax evasion, and amend social benefits.
Last Updated: March 2010
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