MIRA INFORM REPORT

 

 

Report Date :

13.06.2013

 

IDENTIFICATION DETAILS

 

Name :

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

 

 

Registered Office :

Industrial area, Limassol, Cyprus

 

 

Country :

Cyprus

 

 

Financials (as on) :

December 2010

 

 

Date of Incorporation :

08.04.1971

 

 

Com. Reg. No.:

C3559

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacturer of pharmaceuticals, medicinal chemicals and botanical products

 

 

No. of Employees :

530

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate  

 

 

Payment Behaviour :

Unknown 

 

 

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 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Cyprus

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Cyprus ECONOMIC OVERVIEW

 

The area of the Republic of Cyprus under government control has a market economy dominated by the service sector, which accounts for four-fifths of GDP. Tourism, financial services, and real estate are the most important sectors. Erratic growth rates over the past decade reflect the economy's reliance on tourism, the profitability of which can fluctuate with political instability in the region and economic conditions in Western Europe. Nevertheless, the economy in the area under government control has grown at a rate well above the EU average since 2000. Cyprus joined the European Exchange Rate Mechanism (ERM2) in May 2005 and adopted the euro as its national currency on 1 January 2008. An aggressive austerity program in the preceding years, aimed at paving the way for the euro, helped turn a soaring fiscal deficit (6.3% in 2003) into a surplus of 1.2% in 2008, and reduced inflation to 4.7%. This prosperity came under pressure in 2009, as construction and tourism slowed in the face of reduced foreign demand triggered by the ongoing global financial crisis. Although Cyprus lagged behind its EU peers in showing signs of stress from the global crisis, the economy tipped into recession in 2009, contracting by 1.7%, and has been slow to bounce back since, posting anemic growth in 2010-11 before contracting again by 2.3% in 2012. Serious problems surfaced in the Cypriot financial sector in early 2011 as the Greek fiscal crisis and euro zone debt crisis deepened. Cyprus's borrowing costs have risen steadily because of its exposure to Greek debt. Two of Cyprus's biggest banks are among the largest holders of Greek bonds in Europe and have a substantial presence in Greece through bank branches and subsidiaries. Cyprus experienced numerous downgrades of its credit rating in 2012 and has been cut off from international money markets. The Cypriot economy contracted in 2012 following the writedown of Greek bonds. A liquidity squeeze is choking the financial sector and the real economy as many global investors are uncertain the Cypriot economy can weather the EU crisis. The budget deficit rose to 7.4% of GDP in 2011, a violation of the EU's budget deficit criteria - no more than 3% of GDP. In response to the country's deteriorating finances and serious risk of contagion from the Greek debt crisis, Nicosia implemented measures to cut the cost of the state payroll, curb tax evasion, and revamp social benefits, and trimmed the deficit to 4.2% of GDP in 2012. In July, Nicosia became the fifth euro zone government to request an economic bailout program from the European Commission, the European Central Bank, and the International Monetary Fund - known collectively as the "Troika". Negotiations over the final details of the plan are ongoing.

 

Source : CIA

 

 

Basic Information

 

 

Registered Name

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

 

English Name

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

Registered Address

Industrial area, Limassol, Cyprus

Headquarters:

Acharnon, Limassol, 3056, PoBox 51706, Cyprus

Telephone

+35725392010 / +35725393444 / +35725530000

Fax

+35725390192

E-mail

info@remedica.com.cy  , m.cocconis@remedica.com.cy  , remedica@cytanet.com.cy

Web Site

www.remedica.com.cy

Legal Type

Public Limited Company

Registration No

C3559

Registration Date

08/04/1971

Start Date

08/04/1971

Years of Operation:

42

Last annual report

10/10/2003

Latest Annual Account Date

01/12/2010

Last return

17/05/2011

Tax Reg No:

VAT: CY10003559J

CINFO ID:

CYC11565575

 

 

 

 

Summary

 

Employees

June 2013

July 2012

 

 

Company

Group

Company

Group

 

 

Total Number

 

 530

 

500

 

 

 

 

Financial Summary

December 2010

December 2009

December 2008

 

EUR

EUR

EUR

Revenue Sales

18,977,440.00

11,855,906.00

13,740,911.00

Pre Tax Profit

4,054,425.00

4,205,958.00

4,431,771.00

Working Capital

9,548,702.00

7,068,360.00

5,889,680.00

Total Equity

22,754,327.00

20,369,285.00

19,285,996.00

Long Term Debts

 

 

 

Trend

-

-

-

Additional Info:

Legal Advisor: CHARALAMPOUS, KOUNTOURIS & CO, 10, Georgiou Gennadiou, Agathangelos Court, Off. 303, Limassol, Tel. 25364783.

Correspondence: P&D SECRETARIAL SERVICES LTD, P.O. Box: 50012, 3600, Limassol, Tel. 25871600.

Please Note That:

MICHAIL MARIA Is Alternate Director of PATTICHIS CHRISTAKIS.

ARISTOTELOUS ANTRI is Alternate Director of PATTICHIS CHARALAMPOS.

ELEFTHERIOU LOUKAS is Alternate Director of SAVVIDIS AIMILIOS.

PANIKOS G. SCHIZA Was Alternate Director Of MARGARITA PATTICHI (Appointed on 21/02/1976).

ANDREAS PEGLITZIS Was Alternate Director Of CHRISTAKIS PATTICHI (Appointed on 21/02/1976 and 08/10/1979).

TAKIS CHRISTODOULOU Was Alternate Director Of MARGARITA PATTICHI (Appointed on 21/09/1973 and 08/10/1979).

PANIKOS G. SXIZAS Was Alternate Director of CHRISTAKIS PATTICHI (Appointed on 21/09/1973).

Please Note That: SCHIZAS G. PANIKOS Was Deceased On 30/03/1989.

Please Note That: Financial Statements Submitted for the Year 2002.

 

 

 

Payments

 


 

Assessment:

Average Risk

Payment Habits:

NO COMPLAINTS

A check against all available information sources revealed that no late payment incidents against Subject Company exist.

 

Commercial morality

Good

 

 

Financial strength

Unable to comment

Given the fact that no recent detailed financial statements were released to us, we feel unable to express a safe and reliable opinion on their creditability and Financial Strength.

 


Business history

 

Date

Event Name

Old Value

New Value

01/01/2008

Authorized Capital Changed

30000000.00 CYP

51000000.00 EUR

01/01/2008

Paid Up Capital Changed

8568089.80 CYP

14565752.66 EUR

01/01/2008

Nominal Values of Shares Changed

0.20 CYP

0.34 EUR

20/12/2000

Change of name

PATTICHIS CHEMICAL COMPANY LIMITED

REMEDICA HOLDINGS LIMITED

30/08/2005

Change of name

REMEDICA HOLDINGS LIMITED

REMEDICA HOLDINGS PUBLIC COMPANY LIMITED

05/12/2000

Authorized Capital Increased

300000.00 CYP

30000000.00 CYP

05/12/2000

Change of type

Limited Company

Public Limited Company

05/12/2000

Nominal number of shares Changed

300000

150000000

05/12/2000

Nominal Value of Shares Decreased

1.00 CYP

0.20 CYP

14/02/1989

Authorized Capital Increased

100000.00 CYP

300000.00 CYP

30/04/1985

Authorized Capital Increased

50000.00 CYP

100000.00 CYP

 

Previous Locations

Registered

From:

To:

1A, Kosti Palama, Limassol, , Cyprus,

08/04/1971

30/06/1972

 

 

Capital

 

Authorized Capital

51,000,000.00

EUR

Issued Capital

14,565,752.66

EUR

Nominal No Of Shares

150,000,000.00

 

Issued No Of Shares

42,840,449.00

 

Nominal value

0.34

EUR

Paid Up

14,565,752.66

EUR

 

 

Corporate structure

 

Directors

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

 

 

 

MARRIOT CHRISTOPHER

 

Director

 

 

Professor

 

06/12/2000

No

 

150 Stamford Str., Department Of Pharmacy, King's College London, Franklin-Wilkins Bldg, London, SE1 8WA, United Kingdom

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

PATTICHIS CHRISTAKIS

 

Director

 

117645(ID)

Chemist

86

08/04/1971

Yes

 

10 Christou Christovasili, Limassol, 3091, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

Director

19/03/2013

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

30/11/2011

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

Director

17/01/2011

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

1.99989

19/03/2013

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

0.05

17/01/2011

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

0.00033

30/11/2011

 

 

 

 

 

 

PATTICHI MARGARITA

 

Director

 

674491(ID)

Housewife

71

13/10/2003

Yes

 

10 Christou Christovasili, Limassol, 3091, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

Director

19/03/2013

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

Director

17/01/2011

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

14/01/2011

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

28.00011

19/03/2013

 

 

 

 

 

 

PATTICHIS CHARALAMPOS

 

Director

 

633304(ID)

Chemist

49

23/10/1995

Yes

 

2 Giasemion, Germasogeia, 4043, Limassol, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

Director

19/03/2013

 

SYNDESMOS VIOMICHANON PROTIS VIOMICHANIKIS PERIOCHIS LEMESOU

 

23/11/1995

C75453

Registered and operational

Director

17/10/2011

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

Director

17/01/2011

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

14/01/2011

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

70

19/03/2013

 

 

 

MICHAIL MARIA

 

Alternate Director

 

586329(ID)

Biochemist

54

27/10/2006

No

10 Myronos, 3035, Limassol, Cyprus

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

ARISTOTELOUS ANTRI

 

Alternate Director

 

464607(ID)

Accountant

61

27/10/2006

No

3A Chrysosotirou, Kato Polemidia, 4152, Limassol, Cyprus

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

ELEFTHERIOU LOUKAS

 

Alternate Director

 

418096(ID)

Chemical Engineer

65

27/10/2006

No

5 Agias Varvaras, 3065, Limassol, Cyprus

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

GAVRIIL GEORGIOS

 

Director

 

735358(ID)

Accountant

42

27/10/2006

No

12 Kalavardon Rodou, 7573, Anafotida, Larnaka, Cyprus

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

SAVVIDES AIMILIOS

 

Director

 

435479(ID)

Employee

61

16/01/1982

Yes

33 Souliou, Limassol, 3016, Cyprus

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

23/05/2013

 

M.E.V.A. LEMESOU LIMITED

 

14/12/1994

C67378

Registered and operational

Director

01/08/2011

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

Secretary

Position

Acts As

ID

Occupation

Age

Appointed

Other dir.

 

 

 

 

P & D  SECRE TARIAL SERVICES LIMITED

 

Company Secretary

 

C35673

 

0

10/06/1990

No

 

10 Georgiou Gennadiou, Agathaggelos Court, 3rd Floor, Apt. 303, Limassol, 3041, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

Shareholders

ID / Reg. No.

Acts As

Nationality

Shares

%

Shares Breakdown

Class

Type

 

 

 

 

PATTICHIS CHARALAMPOS

 

633304(ID)

 

CYPRIOT

23802913

55.56177

-

-

-

 

 

2 Giasemion, Germasogeia, 4043, Limassol, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

Director

19/03/2013

 

SYNDESMOS VIOMICHANON PROTIS VIOMICHANIKIS PERIOCHIS LEMESOU

 

23/11/1995

C75453

Registered and operational

Director

17/10/2011

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

Director

17/01/2011

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

14/01/2011

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

70

19/03/2013

 

 

 

 

 

 

PATTICHI MARGARITA

 

674491(ID)

 

CYPRIOT

17768490

41.47597

-

-

-

 

 

10 Christou Christovasili, Limassol, 3091, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

Director

19/03/2013

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

Director

17/01/2011

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

14/01/2011

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

28.00011

19/03/2013

 

 

 

 

 

 

PATTICHIS CHRISTAKIS

 

117645(ID)

 

CYPRIOT

1269038

2.96224

-

-

-

 

 

10 Christou Christovasili, Limassol, 3091, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

Director

19/03/2013

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

30/11/2011

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

Director

17/01/2011

 

 

 

 

 

Other Shareholding:

 

 

 

Name

 

Registration Date

Reg. No.

Status

%

Update Date

 

CHR. PATTICHIS INVESTMENTS LIMITED

 

09/12/2000

C116772

Registered and operational

1.99989

19/03/2013

 

REMEDICA IP LIMITED

 

09/04/1971

C3562

Registered and operational

0.05

17/01/2011

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

0.00033

30/11/2011

 

 

 

 

 

 

SAVVIDES AIMILIOS

 

435479(ID)

 

CYPRIOT

2

0

-

-

-

 

 

23 Souliou, Limassol, 3016, Cyprus

 

Other Directorship:

 

 

 

Name

 

Registration Date

Reg. No.

Status

Position

Update Date

 

REMEDICA LIMITED

 

30/07/1980

C14435

Registered and operational

Director

23/05/2013

 

M.E.V.A. LEMESOU LIMITED

 

14/12/1994

C67378

Registered and operational

Director

01/08/2011

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

PATTICHI KATERINA

 

633306(ID)

 

CYPRIOT

2

0

-

-

-

 

 

11 Christou Christovasili, Green House, Apt. 302, Limassol, 3091, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

ARISTOTELOUS ANTRI

 

464607(ID)

 

CYPRIOT

2

0

-

-

-

 

 

3A Chrysosotirou, Kato Polemidia, Limassol, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

 

 

 

 

 

 

 

PATTICHI CHRISTIANA

 

674535(ID)

 

CYPRIOT

2

0

-

-

-

 

 

11 Christou Christovasili, Green House, Atp. 101, Limassol, 3091, Cyprus

 

Other Directorship:

 

No Information Found

 

 

 

 

 

 

 

 

 

Other Shareholding:

 

No Information Found

 

 

 

Operations

 

Activity Code

Description

NACE 1.1

24.4

Manufacture of pharmaceuticals, medicinal chemicals and botanical products

 

NACE 2.1

2120

Manufacture of pharmaceutical preparations - This class includes: - manufacture of medicaments: > antisera and other blood fractions > vaccines > diverse medicaments, including homeopathic preparations - manufacture of chemical contraceptive products for external use and hormonal contraceptive medicaments - manufacture of medical diagnostic preparations, including pregnancy tests - manufacture of radioactive in-vivo diagnostic substances - manufacture of biotech pharmaceuticals - This class also includes: - manufacture of medical impregnated wadding, gauze, bandages, dressings etc. - preparation of botanical products (grinding, grading, milling) for pharmaceutical use - This class excludes: - manufacture of herb infusions (mint, vervain, chamomile etc.), see 10.83 - manufacture of dental fillings and dental cement, see 32.50 - manufacture of bone reconstruction cements, see 32.50 - manufacture of surgical drapes, see 32.50 - wholesale of pharmaceuticals, see 46.46 - retail sale of pharmaceuticals, see 47.73 - research and development for pharmaceuticals and biotech pharmaceuticals, see 72.1 - packaging of pharmaceuticals, see 82.92

 

 

 

 

Line of Business

The company in question was established in order to get involved with the development, production (100%) and trade on a wholesale basis (100%) of pharmaceutical products for human consumption such as tablets, powders, capsules, liquids, aerosols, pessaries etc. 

The company imports around 90% of raw materials and exports 90% of their production in more than 90 countries worldwide through a selective network of representatives. They also maintain 4 vehicles for Distribution activities (the group maintains 20 vehicles). 

The company's product range includes therapeutic categories such as antibiotics, analgesics, cardiovascular drugs, CNS agents, drugs for the GI tract, diuretics, antihistamines, antidiabetics, antiparkinsonian agents,
hormones and synthetic substitutes, vitamins, cough medicines and expectorants, and more. They produce a variety of pharmaceutical dosage forms, including tablets, capsules, creams, ointments, aerosols, pessaries,
suppositories, liquids, powders.

 

 

 

 

 

 

Export to

Percentage

 

 Australia, Denmark, Germany, Uni ted Kingdom, New Zealand

90%

 

Comments

and to Eastern Europe, Africa, Asia

 

 

 

 

 

 

 

 

 

 

 

Export Terms

Percentage

 

Special agreements

 

 

 

 

 

 

 

 

 

 

 

 

Import from

Percentage

 

 China, India

 

 

Comments

and from Europe

 

 

 

 

 

 

 

 

Import Terms

Percentage

 

Special agreements

 

 

 

 

 

 

 

 

 

 

 

 

Market Territory

 

 

 

 

 

 

Local Presence:

10%

International Presence

90%

 

Sales

 

Sells To:

Government Bodies

 

 

 

Selling Terms:

Special agreements

 

Locally have tenders with hospitals.

As we were informed, only a small percentage of their sales turnover concerns pharmacies in Cyprus.

 

 

Premises

 

 

 

 

 

 

 

 

 

Type

headquarters

 

Address:

Acharnon, Limassol, 3056, PoBox 51706, Cyprus

 

Headquarters comprise of

Offices, Factory, Warehouse

 

Headquarters operate as:

shared with affiliated company

 

 

 

 

 

 

 

 

 

 

Banks

 

BANK OF CYPRUS PUBLIC COMPANY LIMITED

51 Stasinou, Agia Paraskevi, Strovolos, 2002, Nicosia, Cyprus

PIRAEUS BANK (CYPRUS) LIMITED

Cyprus

Comment:

 Reportedly, a overdraft facility is available for all the banks they cooperate with.

 

Affiliates and Subsidiaries

Relation

Year Reg.

REMEDICA LIMITED

Subsidiary

1980

4 Acharnon, Industrial Area, Ypsonas, Limassol, Cyprus

CHR. PATTICHIS INVESTMENTS LIMITED

Associated

2000

Acharnon, Remedica Bldg., Ypsona Industrial Area, Limassol, 3508, Cyprus

M.E.V.A. LEMESOU LIMITED

Affiliate

1994

Acharnon, Limassol, 3056, PoBox 51294, Cyprus

REMEDICA IP LIMITED

Subsidiary

1971

Acharnon, Industrial Area Lemesou, 3056, Limassol, Cyprus

M.E.V.A. LEMESOU LIMITED

Affiliated Company

 

 

 

Charges

 


 

No

Date registered

Date prepared

Type

Description/No

Amount

Sequence

Beneficiary

0

N/A

N/A

N/A

N/A

N/A

N/A

No charges found

 

 

 

 

 

 

 

 

 

 

 

Charges History

 

 

 

 

 

 

 

No

Date registered

Date prepared

Date End

Type

Description/No

Amount

Sequence

Beneficiary

1

03/05/1983

14/04/1983

21/09/1994

Fixed Charge on the Company's Machinery

 

75,000.00 CYP

-

Bank of Cyprus Public Company Limited

2

30/09/1980

18/09/1980

21/09/1994

Mortgage

Y2758/80

15,000.00 CYP

-

Bank of Cyprus Public Company Limited

3

12/12/1977

02/12/1977

08/03/1979

Mortgage

Y3120/77

15,000.00 CYP

-

Bank of Cyprus Public Company Limited

4

03/02/1977

01/02/1977

18/09/1980

Mortgage

Y181/77

15,000.00 CYP

-

Bank of Cyprus Public Company Limited

5

28/06/1972

17/06/1972

09/05/1979

-

First Fixed Charge On The Company's Machinery And Equipment

17,000.00 CYP

-

Cyprus Development Bank Limited

6

28/06/1972

17/06/1972

06/03/1979

Mortgage

Y2048/72

17,000.00 CYP

-

Cyprus Development Bank Limited

 

 

 

 

 

 

Negatives

 

No negatives data

 

 

Financial statement

 

Corporate financial statement

Financial Figures are Individual

 

 

 

 

 

 

 

 

 

 

Balance Sheet

December  2010

December  2009

December  2008

 

EUR

EUR

EUR

 

FIXED ASSETS

 

 

 

Property, plant and equipment

1,152,757

1,248,057

1,343,448

Investment in associates

12,052,868

12,052,868

12,052,868

Total fixed assets

13,205,625

13,300,925

13,396,316

CURRENT ASSETS

 

 

 

Inventories

33,880

146,239

 

Trade and other receivables

6,813,195

8,229,357

5,989,148

Cash and cash equivalents

3,889,875

4,001,278

4,011,400

Total current assets

10,736,950

12,376,874

10,000,548

Total assets

23,942,575

25,677,799

23,396,864

CAPITAL AND RESERVES

 

 

 

Share capital

14,565,753

14,565,753

14,565,753

Other reserves

73,698

73,698

73,698

Retained earnings

8,114,876

5,729,834

4,646,545

Total equity

22,754,327

20,369,285

19,285,996

LONG-TERM LIABILITIES

 

 

 

Total long-term liabilities

0

0

0

CURRENT LIABILITIES

 

 

 

Trade and other payables

1,154,897

5,111,563

3,566,768

Current income tax liabilities

9,868

196,951

544,100

Bank overdraft

23,483

 

 

Total Current Liabilities

1,188,248

5,308,514

4,110,868

Total liabilities

1,188,248

5,308,514

4,110,868

Total equity and liabilities

23,942,575

25,677,799

23,396,864

 

 

 

Profit/Loss Account

December  2010

December  2009

December  2008

 

EUR

EUR

EUR

Sales

18,977,440

11,855,906

13,740,911

Cost of goods sold

16,489,734

9,621,232

11,169,403

Gross profit

2,487,706

2,234,674

2,571,508

Other Operating income

2,123,265

3,330,000

2,837,640

Selling and distribution expenses

711,286

934,920

748,868

Administrative expenses

364,649

390,753

349,391

OPERATING PROFIT/LOSS

3,535,036

4,239,001

4,310,889

Finance Income

519,389

 

 

Finance costs

 

33,043

120,882

Profit/Loss before income tax

4,054,425

4,205,958

4,431,771

Income tax expense

169,968

123,838

151,049

Profit/Loss for the year

3,884,457

4,082,120

4,280,722

 

 

 

 

 

 

 

 

 

Key Ratios

December  2010

December  2009

December  2008

PROFITABILITY RATIOS

Gross Profit margin on sales

0.13

0.19

0.19

Return on assets (ROA)

0.2

0.34

0.31

LIQUIDITY RATIOS

Current Ratio

9.04

2.33

2.43

TURNOVER RATIOS

Sales to Net Working Capital Ratio

1.99

1.68

2.33

Total assets turnover (times)

0.79

0.46

0.59

 

 

Financial Estimates

 

 

 

 

 

 

 

 

 

 

Interview Date:

12 Jun 2013

Submitted:

Estimates

Currency

EUR

 

-

 

 

Period

31 Dec 2011

Month Ended

12

Sales were

44196186

 

Pretax Profit

8355624

Net Profit

7357617

 

 

 

 

Additional Information

 

 

MAIN SOURCES OF INFORMATION

i. Visited Official CompaniesÂ’ Regis try

ii. Interview with Company / Correspondence

iii. Desk Research

iv. Search through Internet Subscription Databases (Business Information)

v. Specialized Media Search Global & Local

vi. Search through internet Social Networks

vii. Infocredit Negative Record Database

viii. Relationship/Directorship Search through Infocredit Database



The company in question was established in order to get involved with the development, production (100%) and trade on a wholesale basis (100%) of pharmaceutical products for human consumption such as tablets, powders, capsules, liquids, aerosols, pessaries etc.

We contacted the company in question and talked to Mr. Michalis Cocconis, financial controller, who confirmed the details of this report and also promised to provide us with the companyÂ’s latest audited financial statements for the year 2011 an draft accounts for 2012.

Should any additional information becomes available we shall forward them to you as soon as possible.

A check against our revealed that no negative payment incidents against Subject Company, such as unpaid invoices, dishonoured cheques and utility bills, bankruptcies exist etc.

 

COUNTRY DEVELOPMENTS:

The Eurozone struck a deal on Saturday (16.03.2013) to hand Cyprus a bailout worth €10 billion, but demanded depositors in its banks forfeit some mone y to stave off bankruptcy despite the risks of a wider bank run.

Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region's debt crisis.

In a radical departure from previous aid packages, Eurozone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 per cent of their deposits to raise almost €6 billi on.

Without a rescue, Cyprus would default and threaten to unravel investor confidence in the euro zone that has been fostered by the European Central Bank's promise last year to do whatever it takes to shore up the currency bloc. The bailout was smaller than initially expected and is mainly needed to recapitalize the island's banks that were hit by a sovereign debt restructuring in Greece. Banks in Cyprus will be shut on Tuesday and Wednesday (19.03.2013 and 20.03.2013) pending a decision by parliament to approve a levy on bank depositors. In return for emergency loans, Cyprus also agreed to increase its corporate tax rate by 2.5 percentage points to 12.5 per cent.

Cyprus's parliament is set to reject the proposed package in a vote scheduled for Tuesday 19.03.2013, pushing the island closer to a debt default and banking collapse (End of Country Developments).

 

 

 

 

 

 

Contact Information

 

Name:

Mr. Michalis Cocconis

 

Quality:

company

Area:

financial

 

Title:

controller

 

 

 

Confirm general details

 

 

 

 

 

 

 

News

 

 

www.remedica.com.cy

27/06/2008

 

Remedica receives the Cyprus Export Award for 2004 for its contribution to Cyprus industry.

 

 

www.remedica.com.cy

08/06/2007

 

Remedica has successfully entered many foreign markets, including countries of the European Union, Central and Eastern Europe, the Far East, the Middle East, Africa, and others.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.27

UK Pound

1

Rs.91.16

Euro

1

Rs.77.50

 

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

----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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