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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
NGANGPA PHARMACY & MEDICAL EQUIPMENTS |
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Registered Office : |
Post Box no. 1664 Norzin lam, |
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Country : |
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Date of Incorporation : |
15.05.2008 |
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Legal Form : |
Partnership |
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Line of Business : |
Distributors of Medical Equipment and Medicine. |
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No. of Employees : |
12 |
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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Bhutan |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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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 |
BHUTAN - ECONOMIC OVERVIEW
The economy, one of the world's smallest and least
developed, is based on agriculture and forestry, which provide the main
livelihood for more than 40% of the population. Agriculture consists largely of
subsistence farming and animal husbandry. Rugged mountains dominate the terrain
and make the building of roads and other infrastructure difficult and
expensive. The economy is closely aligned with India's through strong trade and
monetary links and is dependent on India's financial assistance. The industrial
sector is technologically backward with most production of the cottage industry
type. Most development projects, such as road construction, rely on Indian
migrant labor. Model education, social, and environment programs are underway
with support from multilateral development organizations. Each economic program
takes into account the government's desire to protect the country's environment
and cultural traditions. For example, the government, in its cautious expansion
of the tourist sector, encourages visits by upscale, environmentally
conscientious tourists. Complicated controls and uncertain policies in areas
such as industrial licensing, trade, labor, and finance continue to hamper
foreign investment. The import of equipment and fuel to build hydropower plants
is leading to large trade and current account deficits, though new hydropower
projects and electricity exports to India are creating employment and will
probably sustain growth in the coming years. GDP has rebounded strongly since
the global recession began in 2008.
Source : CIA
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Ngangpa Pharmacy & Medical
Equipments
Post Box no. 1664
Norzin lam, Thimphu, Bhutan
Tel: +975-02-336439/77208327/17116454
Fax: +975-02-336439/334081
E-mail: Drsingey2000@yahoo.com
Year Established : 15.05.2008
Legal Status : Partnership
Name of Partners : 1. Ngangpa Lama.
2.
Urgen Lama.
Auditors : S.K. Chettri & Co. Thimpu, Bhutan
Staff : 12 nos.
Bankers : Bank of Bhutan
Thimpu,
Bhutan
Office Space : 1000 sq.ft. (Leasehold)
Activities : Distributors of Medical Equipment and
Medicine.
Business
:
In
order to address issues of delay, erratic supplies and various other problems
the cabinet during its recent meeting discussed the rental reagent system and
proposals were invited from all the registered suppliers.
A
total of three local suppliers/companies submitted proposals. The companies are
M/s Ngangpa Pharmacy & Medical Equipment, M/s Ugen Medical Stores and M/s
Dzambala Suppliers. After evaluation of proposals based on technical and
financial aspects, M/s Ngangpa Pharmacy& Medical Equipment was selected.
A
cabinet news release stated that the cost benefit analysis indicate a total
saving of Nu 6.18mn per year. In addition to cost savings, the other benefits
that can be accrued by introducing the reagent rental system are that of
uninterrupted laboratory services due to back-up system and less downtime,
savings from not buying the equipment (Approximately Nu 3-5mn).
The
introduction of the reagent will also help savings from administrative burden
due to tendering formalities while it will improve overall quality of
laboratory services through strengthening of IQC System, establishment of NEQAS
and accreditation of laboratory services.
The
contract will be signed with the selected supplier for 5-6 years and this
system will be expanded to other Sections of Laboratory Services and Regional
Referral Hospitals in the future.
The
health ministry (MoH) is in the process to introduce reagent rental system in
the Biochemistry Section under Department of Laboratory Medicine at the Thimphu
national referral hospital (JDWNRH).
Under
this system, the equipment (Bio-chemistry Analyzer) will be provided free of cost
by the company with the condition that the MoH purchase reagents from the same
company for a certain contract period. During the period, the equipment will be
maintained by the same company.
Under
current practices, the MoH procures the laboratory equipment and consumables
(reagents, machine parts and accessories) and distributes to the Hospitals.
However, this practice is inconvenient for many reasons.
The
Long procurement procedures and default by suppliers often lead to erratic
supply of laboratory reagents. Secondly, competitive bidding system often
results in the selection of multi-brand reagents and equipment (as the
selection is based on the lowest evaluated Bids), which makes the
implementation of quality assurance system difficult.
Due
to difficulty in getting spare parts and availability of limited skills in
maintenance, repair, calibration setting, etc. results in interruption and poor
quality of laboratory services and lack of proper standardization has resulted
in poor quality of laboratory services.
The
current practice also gave rise to total dependence on outside vendors due to
lack of manufacturing facility and limited technical know-how within the
country. Even with signing of annual maintenance contract, the response from
the suppliers is still not satisfactory.
Add
to that, high maintenance costs are incurred for maintenance and repair of
equipment while high capital investment is required to purchase laboratory
equipment and reagents.
Reference of Overseas Concerns : USA, Germany.
Finance : Present Working Capital – Nu.6.00
crores.
Sales
(2011) : Nu. 7
crores. Sales
(2012) : Nu. 8
crores.
Projected
Sales (2013) : Nu.10
crores.
Trading Terms :Purchase - L/C
– 30 days
Credit
– 30 days
Sales - L/C – 30 days
Credit
– 30 days
Remarks :Partners
are well experienced and active.
Payments are
Reported
to be correct and regular as per commitment.
Trade
relations are fair. Business may be done USD 5000000 on TPDA 90 days.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.08 |
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1 |
Rs.83.12 |
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Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.