MIRA INFORM REPORT
|
Report Date : |
23.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHARMASCIENCE INC. |
|
|
|
|
Registered Office : |
6111 Avenue Royalmount, Ste 100, Montreal, Quebec H4P 2T4 |
|
|
|
|
Country : |
Canada |
|
|
|
|
Year of Establishments: |
1983 |
|
|
|
|
Legal Form : |
Federal Corporation – Profit |
|
|
|
|
Line of Business : |
Subject operates as a generic pharmaceutical company |
|
|
|
|
No. of Employees : |
2,000+ |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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) |
|
Canada |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
canada ECONOMIC OVERVIEW
As an affluent, high-tech industrial society in the trillion-dollar
class, Canada resembles the US in its market-oriented economic system, pattern
of production, and affluent living standards. Since World War II, the
impressive growth of the manufacturing, mining, and service sectors has
transformed the nation from a largely rural economy into one primarily
industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the
1994 North American Free Trade Agreement (NAFTA) (which includes Mexico)
touched off a dramatic increase in trade and economic integration with the US
its principal trading partner. Canada enjoys a substantial trade surplus with
the US, which absorbs about three-fourths of Canadian exports each year. Canada
is the US's largest foreign supplier of energy, including oil, gas, uranium,
and electric power. Given its great natural resources, highly skilled labor
force, and modern capital plant, Canada enjoyed solid economic growth from 1993
through 2007. Buffeted by the global economic crisis, the economy dropped into
a sharp recession in the final months of 2008, and Ottawa posted its first
fiscal deficit in 2009 after 12 years of surplus. Canada's major banks,
however, emerged from the financial crisis of 2008-09 among the strongest in
the world, owing to the financial sector's tradition of conservative lending
practices and strong capitalization. Canada achieved marginal growth in 2010-12
and plans to balance the budget by 2015. In addition, the country's petroleum
sector is rapidly becoming an even larger economic driver with Alberta's oil
sands significantly boosting Canada's proven oil reserves, ranking the country
third in the world behind Saudi Arabia and Venezuela.
|
Source : CIA |
company name and address
PHARMA SCIENCE
The correct name is:
Company name: PHARMASCIENCE INC.
Address: 6111 Avenue Royalmount,
Ste 100, Montreal, Quebec H4P 2T4, Canada
Telephone: +1
514-340-9800
Fax: +1 514-342-7764
Website: www.pharmascience.com
Company Summary
Corporate ID#: 4305817
State: Federal
Judicial form: Federal Corporation – Profit
A
Federal Corporation is allowed to do business in all the Country.
Date incorporated: 05-31-2005
Date founded: 1983
Stock: -
Value: -
Name of manager: David
W. GOODMAN
ACTIVITIES &
OPERATIONS
History:
Business issued from the
merger of:
- PHARMASCIENCE INC.
- PENDOPHARM INC.
Business:
Pharmascience, Inc. operates as a generic pharmaceutical company in
Canada.
It develops and manufactures generic pharmaceutical products, including
analgesic, antianginal, anti-infective, calcium/vitamins, cardiovascular,
central nervous system, cholesterol reduction agents, dermatology, diabetes,
endocrine therapy, GI therapy, ophthalmic, psychotherapeutics, and respiratory
drug therapies; prescription medicines and consumer products (OTC/BTC) in various
therapeutic categories, such as pain management, gastro-intestinal disorders,
nasal hygiene, and oral re-hydration; and a range of dosage forms, including
liquids, tablets, capsules, suppositories, powders, ophthalmics, sterile
products for inhalation, gels, injectables, ointments, creams, nasal solutions,
and suspensions.
The company also sells pharmaceutical products to hospitals and
institutions in Canada; and supplies diagnostics and medical devices.
It provides healthcare products and related services to healthcare
professionals and patients around the world.
The company was founded in 1983 and is based in Montréal, Canada.
Pharmascience, Inc. operates as a subsidiary of Joddes Limited.
The Company is
using several names including:
|
AEGERA THERAPEUTIQUES |
|
AMD RITMED |
|
LABORATOIRES ADAMS |
|
LABORATOIRES LEE ADAMS |
|
PENDOPHARM, A DIVISION OF PHARMASCIENCE INC. |
|
PENDOPHARM, UNE DIVISION DE PHARMASCIENCE INC. |
|
PHARMACAL DOMINION |
|
PHARMACEUTIQUE ROYALMOUNT |
|
PHARMACEUTIQUES RIVEX |
|
RITMED |
|
RIVEX, UNE DIVISION DE PHARMASCIENCE |
|
ROYALMOUNT PHARMACEUTICALS |
Last news:
On January 2, 2013, Pharmascience Inc. and Korea Kolmar Holdings Co.,
Ltd. announced they have entered into an agreement to create a new company,
Pharmascience Korea, which expects to launch Canadian-made bio-equivalent
medicines in the country by 2014. The two companies will contribute equal
capital amounts into Pharmascience Korea, which will seek approval of the Korea
Food and Drug Administration to market a variety of Pharmascience
bio-equivalent medicines in Korea by mid-2014. The initial product portfolio
will focus on central nervous system medications to treat a variety of
psychiatric disorders. The products will be manufactured by Pharmascience at
its facility in Montreal which recently underwent a significant expansion and
upgrade involving an investment of $40 million.
Staff: 2,000+
Operations & branches:
At the headquarters, we find the corporate office.
The Company maintains factories located:
5950, Côte-de-Liesse,
Mont-Royal, Quebec, H4T 1E2, Canada.
8580 De L'Esplanade
Montreal, Quebec, H2P 2S2, Canada.
6625 Abrams
Saint-Laurent, Quebec, H4S 1V9, Canada.
SHAREHOLDERS & MANAGERS
Shareholders:
JODDES LIMITE
6111 Avenue Royalmount, Ste 100, Montreal, Quebec H4P 2T4
Management:
David GOODMAN is Vice President and CEO.
Mr. Goodman served as an Executive Vice President of International
Operations at Pharmascience Inc.
He holds a Bachelor's Degree in Commerce from McGill University, and his
Ph.D. in Pharmacology from the University of Virginia
Morris GOODMAN is the Chairman and President
Mr. Morris Goodman co-founded Pharmascience Inc., in 1983 and serves as
its Chairman of the Board.
Mr. Goodman graduated from the Faculty of Pharmacy at the University of
Montreal in 1953 at the age of twenty-one, the youngest graduate of that
faculty at the time, and obtained the University of Montreal’s Prize for
Success.
As far as we know, they are involved in the parent company.
FINANCIALS
In Canada, privately held
corporations are not required to publish any financials.
On a direct call, a
financial assistant controlled the present report but deferred any financials.
We sent a fax but no answer
received.
However, sales estimate for
year 2011 is in the range of CAD 500,000,000=
The business is said to be
profitable.
Banks: Banque de Montreal
Banque Nationale du
Canada
LEGAL FILINGS
Legal filings
& complaints:
As of today date, there is no legal filing pending with the Courts.
Secured debts summary: Several
Haut du formulaire
COMPANY CREDIT HISTORY
Trade references:
Date reported: December 2012
High credit: CAD 60,000
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: Office supply
Paying status: On terms
Date reported: December 2012
High credit: CAD 3,500,000+
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: Payroll
Paying status: As agreed
Date reported: December 2012
High credit: CAD 1,000
Now owing: 0
Past due: 0
Last purchase: November 2012
Line of business: Telecommunications
Paying status: On terms
Domestic credit history:
National Credit Bureaus
gave a satisfying credit rating.
According to our credit analysts, during the last 6 months, payments
were prompt and regular.
Other comments:
The Company is developing a
strong business.
The Company is in good
standing.
This means that all local
and federal taxes were paid on due date.
Last report was filed on
February 5, 2013.
The risk is low.
Our opinion:
A business connection may
be conducted.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
UK Pound |
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.71.67 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.