MIRA
INFORM REPORT
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Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
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Name : |
CENTRALE D'ACHAT
DE MEDICAMENTS ESSENTIELS ET CONSOMMABLES MEDICAUX |
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Registered Office : |
Zone Industrielle Rue 1‑143,
Nouakchott |
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Country : |
Mauritiana |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.03.2002 |
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Com. Reg. No.: |
2002‑14 |
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Legal Form : |
State Owned Concern |
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Line of Business : |
Retail sale of medical and
orthopaedic goods in specialised stores |
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No. of Employees : |
41 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Mauritania |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
mAURITIANA - ECONOMIC OVERVIEW
Half the population still depends on agriculture and livestock for a livelihood, even though many of the nomads and subsistence farmers were forced into the cities by recurrent droughts in the 1970s and 1980s. Mauritania has extensive deposits of iron ore, which account for nearly 40% of total exports. The nation's coastal waters are among the richest fishing areas in the world but overexploitation by foreigners threatens this key source of revenue. The country''s first deepwater port opened near Nouakchott in 1986. Before 2000, drought and economic mismanagement resulted in a buildup of foreign debt. In February 2000, Mauritania qualified for debt relief under the Heavily Indebted Poor Countries (HIPC) initiative and nearly all of its foreign debt has since been forgiven. A new investment code approved in December 2001 improved the opportunities for direct foreign investment. Mauritania and the IMF agreed to a three-year Poverty Reduction and Growth Facility (PRGF) arrangement in 2006. Mauritania made satisfactory progress, but the IMF, World Bank, and other international actors suspended assistance and investment in Mauritania after the August 2008 coup. Since the presidential election in July 2009, donors have resumed assistance. Oil prospects, while initially promising, have largely failed to materialize, and the government has placed a priority on attracting private investment to spur economic growth. The Government also emphasizes reduction of poverty, improvement of health and education, and privatization of the economy. Economic growth remained above 5% in 2010-11, mostly because of rising prices of gold, copper, iron ore, and oil.
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Source : CIA |
Company name
CENTRALE D'ACHAT DE
MEDICAMENTS ESSENTIELS ET CONSOMMABLES MEDICAUX
Rating Briefing
Payment Record: NO
COMPLAINTS
This rating is based on available data. In the event of
additional information a possibility for a different rating applies.
Registration Briefing
Registration Number: 2002‑14
Registration Date: 20/03/2002
Legal Form: STATE
OWNED CONCERN
Latest Financials: December
31, 2007
Financial Briefing
Nominal Capital: 1,370,000,000
Mauritanian Ouguiya
Issued Capital: N/A
Turnover: 1,160,942,432
Mauritanian Ouguiya
Net Profit: 112,161,775
Mauritanian Ouguiya
Net Worth: 861,347,006
Mauritanian Ouguiya
Company Details
Company Name: CENTRALE
D'ACHAT DE MEDICAMENTS ESSENTIELS ET
CONSOMMABLES MEDICAUX
Also trades as: CAMEC
Headquarter Address: Zone
Industrielle Rue 1‑143,
Sebkha,
Nouakchott,
Mauritania
Postal Address: P.O.Box
5545,
Nouakchott
Telephone: +2224529
6664
Fax: +2224529
6672
E‑Mail: contact@camec.mr
Web Site: www.camec.mr
Company has been in it's present legal form since: 11/2009
Company was originally started as a SOCIETE ANONYME on
20/03/2002
Registration & Legal Details
Current Legal Form: STATE OWNED
CONCERN
Registration Address: Zone
Industrielle Rue 1‑143,
Nouakchott
Registration Number: 2002‑14
Registration Date: 20/03/2002
Year/Date Company Established: 20/03/2002
Registration Town: Nouakchott
Capital
Currency: Mauritanian
Ouguiya
Authorized Capital: 1,370,000,000
Paid Up Capital: 1,032,021,000
Previous Capital amount:
1,096,200,000
Capital increase on 11/2009
Shareholders / Owners
Parent Company: MAURITANIAN
STATE,
Mauritania
% Shares Held: 100.00%
Principals
Name: Dr Mariem
Abdel Malick
Position within the company: General Director
Date of Birth: 1955
Country of Birth: Mauritania
Nationality: Mauritanian
Can fluently speak: Arabic &
French
Name: Mr Sow
Moussa Alioun
Position within the company: Administration &
Financial Director
Additional Information: Mail :
daf@camec.mr
Date of Birth: 1965
Country of Birth: Mauritania
Nationality: Mauritanian
Can fluently speak: Arabic &
French
Name: Mr Ahmed
Mohamed Ahmed
Position within the company: Commercial Director
Date of Birth: 1957
Country of Birth: Mauritania
Nationality: Mauritanian
Can fluently speak: Arabic &
French
Company Activities
NACE Codes: 4774 Retail
sale of medical and orthopaedic goods in specialised stores
CAMEC (Central Essential Drugs and Consumables Procurement Office) is an approved national procurement office through which the Ministry of Health procures drugs and laboratory consumables (with a monopoly of antibiotics, psychotropic drugs and insulin) and which supplies the regional hospitals and warehouses, National Reference Laboratory, peripheral laboratories, National Transfusion Center, Public Health Paramedics Center, Institute of Medical Specialties...
CAMEC imports 75% of drugs and medical consumables from Europe, 20% from India and 5% from Africa.
Local Reporters consider the investigated company to be LARGE in their field of concern.
Operations
Employees Company
Employs: 41
HQ Premises Operates
from: Offices , Shop, Warehouse
Premises Size: 1700
square meters
Location: Central
Business Area
Branches Dekhlet
Nouadhibou,
Nouadhibou,
Mauritania
Description of branch: Office, Shop
Hodh El Gharbi,
Aioun,
Mauritania
Description of branch: Office, Shop
Hodh El Charghi,
Nema,
Mauritania
Description of branch: Office, Shop
Imports
Import % and type of product: 100% Finished Goods
Imports From: France,
Belgium, Denmark, Netherlands, Spain, India, Morocco,
Algeria,
Senegal, Tunisia
Importing Terms: Bank
transfer
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of
Customer: Hospitals,
SNIM, SOMELEC, FNUAP, PNUD,
CNSS, CNAM, Embassies and NGOs
Number of accounts:
425
Vehicles: Total
number of vehicles: 6
2 trucks
1 vans
3 cars
Related Companies
Subsidiaries
Affiliates
Information on Related Companies is not available/applicable
Bankers
Banque Mauritanienne pour le Commerce International (BMCI),
Branch: Nouakchott
Avenue Gamal Abdel Nasser ‑ BP 622,
Nouakchott,
Mauritania
Account Number: 128377150122
Banque Nationale de Mauritanie (BNM),
Branch: Nouakchott
Avenue Roi Faiçal BP 291 & 614,
Nouakchott,
Mauritania
Account Number: 810353/3
Banque Al Wava Mauritanienne Islamique (BAMIS),
Branch: Nouakchott
Rue 22‑018, Avenue Roi Fayçal ‑ BP 650,
Nouakchott,
Mauritania
Account Number: 01001306701‑59
Banque pour le Commerce et l'Investissement (BCI),
Branch: Nouakchott
Avenue Gamal Abdel Nasser ‑ BP 5050,
Nouakchott,
Mauritania
Account Number: 632611505
Banque Al Amana pour le Développement et l'Habitat (BADH),
Branch: Nouakchott
BP 5559,
Nouakchott,
Mauritania
Account Number: 71116/S
TRESOR,
Branch: Nouakchott
BP 206,
Nouakchott,
Mauritania
Account Number: 430300158
CCP,
Branch: Nouakchott
BP 5150,
Nouakchott,
Mauritania
Account Number: 27704
Société Générale Mauritanie (SGM),
Branch: Marché
Ilot A N°652 Nouakchott ‑ BP 5085,
Nouakchott,
Mauritania
Account Number: 00000015573‑04
Banque Centrale de Mauritanie (BCM),
Branch: Nouakchott
Avenue de l’indépendance ‑ BP 623,
Nouakchott,
Mauritania
Account Number: 3200511
Financial Information
Source: Mr. Sow Moussa
Alioun Financial Director
Figures are: Official
Figures
Currency: Mauritanian Ouguiya
Months Sales Figures Sales Gross Profit/Loss Net
Profit/Loss
12 31/12/2011 1,160,942,432 112,161,775
12 31/12/2010 980,148,100 49,137,564
12 31/12/2009 1,287,714,663 41,184,394
12 31/12/2008 1,205,376,845 32,554,708
12 31/12/2007 1,066,891,739 63,277,855
12 31/12/2006 661,276,610 (38,444,789)
Balance Sheet & Profit & Loss
BALANCE SHEET
As at: 31‑Dec‑2007 As at: 31‑Dec‑2006
Fixed
Assets
Land & Buildings 33,292,637 35,263,850
Plant & Machinery 6,845,001 13,563,031
Furniture & Equipment 21,168,868 25,940,719
Motor Vehicles 2,279,343
Misc. Fixed Assets 37,834,028 38,855,537
Total Fixed
Assets 99,140,534 115,902,480
Financial
Assets
Shares
in Related Companies
Loans to related companies 6,088,000 5,938,000
Investments
Deposits
Misc.
Financial Assets
Total Financial
Assets 6,088,000 5,938,000
Intangibles
Goodwill
Organisational Expenses 2,226,492 6,229,647
Patents
Misc. Intangible Assets 223,179 1,056,339
Total Intangible
Assets 2,449,671 7,285,986
Current
Assets
Stock 740,628,310 565,526,153
Stock
& Work in Progress
Trade Debtors & receivables 291,996,247 278,551,373
Provision
for bad debs
Other
receivables
Due
from related companies
Owed by shareholders 90,750,000 90,750,000
Prepaid expenses 68,362,142 14,852,319
Cash 273,517,222 242,640,105
Tax
recoverable
Marketable
Securities
Misc.
Current Assets
Total Current
Assets 1,465,253,921 1,192,319,950
Total Assets 1,572,932,126 1,321,446,416
Owner's
Equity & Liabilities
Issued and paid up capital 1,096,200,000 1,096,200,000
Share
premium account
Retained earnings ‑298,130,849 ‑259,686,060
Net profit/Loss for the year 63,277,855 ‑38,444,789
Revaluation
reserves
Legal
Reserves
Other
reserves
Net Worth 861,347,006 798,069,151
Deffered
Taxation
Provisions/allowances
Mortgages/Loans
Hire
purchase
Due to
group of companies
Minority
interest
Misc.
deferred liabilities
Total Long Term
Liabilities 0 0
Current
Liabilities
Creditors 406,294,643 201,989,328
Other creditors 8,655,000 7,280,000
Accruals 2,267,523 2,190,499
Bank overdrafts/Loans 45,200 45,200
Misc.
Loans
Directors
accounts
Owing
to shareholders
Owing
to related companies
Proposed
dividend
Long
Term‑due 1 year
Hire
Purchase‑under 1 year
Taxation 52,922,678 61,484,383
Advance receipts 241,400,076 250,387,855
Misc.
Current Liabilities
Total Current
Liabilities 711,585,120 523,377,265
Owner's Equity
& Liabilities 1,572,932,126 1,321,446,416
PROFIT & LOSS
Figures are: Figures
are:
Fiscal Year Fiscal
Year
01/01/2007 to 31/12/2007 01/01/2006
to 31/12/2006
Total Income/Turnover 1,066,891,739 661,276,610
Cost of sales 1,003,238,007 658,908,738
Gross Profit/(Loss) 63,653,732 2,367,872
Admin/selling expenses 21,676,145 17,349,676
Services 52,857,185 43,185,637
Salaries 82,164,996 56,040,667
Auditors Fee 204,900 266,600
Stock Depreciation ‑175,102,157 ‑159,482,488
Depreciation 28,476,153 78,525,773
Misc. Operating Expenses 3,425,857 26,990,427
Misc. Operating Income 12,778,787 2,655,852
Net Operating
Profit/(Loss) 62,729,440 ‑57,852,568
Interest
Receivable/Finance Income
Group
related income
Misc. Financial Income 1,255,235 25,664,027
Total Financial Income 1,255,235 25,664,027
Interest
Payable/Finance costs
Misc. financial expenses 706,820 6,256,248
Total Financial Expenses 706,820 6,256,248
Profit/(Loss) before taxes 63,277,855 ‑38,444,789
Income
Tax
Other
Tax
Profit/(Loss) after taxes 63,277,855 ‑38,444,789
Extraordinary
items
Exceptional
items
Misc.
Items
Net Profit/(Loss) 63,277,855 ‑38,444,789
Previous
years retained earnings
Current years net income 63,277,855
Misc.
additions in current year
Current years net loss ‑38,444,789
Dividends
in current year
Withdrawals
in current year
Misc.
deductions in current year
Retained earnings
at end of 63,277,855 ‑38,444,789
financial
period
Average
employees
Directors
fee
Earnings
per share
Earnings
per share‑previous year
Date accounts obtained: 14/09/2010
Accounts obtained from: Subject's accountant
Auditors Opinion: The audited financial statement gives a true and fair view
of the state of affairs of the
subject
Financial Statements have been prepared on an on‑going
basis.
FINANCIAL RATIOS / COMPARATIVE DATA
Actual Company Industrial
Averages Actual Company Industrial Averages
Results (2007) (2007) Results (2006) (2006)
Liquidity
Ratios
Current Ratio 2.06 15.22 2.28 2.18
Acid Test Ratio 1.02 6.25 1.20 1.13
Accounts 0.38 0.20 0.31 0.21
Payable/Sales
Ratio
Current Liabilities/Net 0.83 0.33 0.66 0.65
Worth
Total Liabilities/Net 0.83 0.33 0.66 0.65
Worth
Fixed Assets/Net 11.51 16.25 14.52 23.36
Worth
(%)
Profitability
Ratios
Gross Profit Ratio (%) 5.97 52.98 0.36 50.18
Return on Capital 7.35 10.07 ‑4.82 24.54
Employed
(ROCE)(%)
Net Profit/Sales (%) 5.93 5.46 ‑5.81 2.13
Return on Assets (%) 4.02 8.27 ‑2.91 15.12
Efficiency
Ratios
Sales/Working Capital 1.42 2.30 0.99 4.45
Assets/Sales(%) 147.43 93.64 199.83 115.09
Shareholders 7.35 10.07 ‑4.82 24.54
Return(%)
Leverage
Ratios
Capital Employed 1.24 1.91 0.84 3.10
Number of 3 3
Companies
within the
industry
(NACE G)
Statistics based on Wholesale
and retail Wholesale
and retail
NACE(G) trade;repair
of motor trade;repair
of motor
vehicles and vehicles
and
motorcycles motorcycles
INDUSTRY SECTOR COMPARATIVE DATA
Elements Taken Result for specific RANKING Total Companies Used
company
DATE OF REGISTRATION 20/03/2002 3 5
TOTAL EMPLOYEES 41 4 5
SALES (2007) 1 3
SALES (2006) 1 2
NET PROFIT (2007) 1 3
NET PROFIT (2006) 1 2
TOTAL ASSETS (2007) 1 3
TOTAL ASSETS (2006) 1 2
Currency: EUROS
Rankings:
The results given below are calculated against companies
with the Database for the specific country.
Scale: 1 is the highest result found in our database.
Example: Ranking 5: Total Companies used to generate the
Ranking : 20
This means that this company is the 5th largest company out
of 20 found in our database in the specific industry
Charts of Financial
Trends and Industry Comparisons
PLEASE NOTE THAT CHARTS ARE SHOWN IN EUROS FOR TREND AND COMPARISON PURPOSES
The statistical
Industrial Average results are calculated against companies within the database
for the specific country.
Payments
Subject's payments reported to
be: NO COMPLAINTS
Representation
Auditors: FALL MOUHAMEDOUNE
Avenue Gamal Abdel Nasser Immeuble BMCI Bureau 202 ‑
BP 4991
Tel: 22252 533‑30
Interview & Reporter Comments
Name/Title: Mr.
Sow Moussa Alioun Financial Director
Comment: Subject has
confirmed the general details shown in the report.
Conclusions
Local Reputation: The
company being investigated is considered by local reporters to be
a
Fair / Normal Trade Risk.
General Conclusion: As a State‑owned
concern adequate resources should be made
available.
Financial Results Trend: Financial
Information indicates that the business activities of the
company
are showing an upward turn.
Age of Business: The
company is long established in the local market.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.07 |
|
UK Pound |
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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NB |
New Business |
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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.