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Report No. : |
316746 |
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Report Date : |
15.04.2015 |
IDENTIFICATION DETAILS
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Name : |
INDIES PHARMA JAMAICA LIMITED |
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Registered Office : |
Unit 5, Montego Bay Montego Bay, St James |
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Country : |
Jamaica |
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Date of Incorporation : |
27.06.1905 |
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Com. Reg. No.: |
68041 |
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Legal Form : |
Limited Company |
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Line of Business : |
Drugs and Druggists' Sundries Merchant Wholesalers |
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No. of Employee : |
37 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Jamaica |
B1 |
B1 |
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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 |
JAMAICA - ECONOMIC OVERVIEW
The Jamaican economy is heavily dependent on services, which
accounts for more than 70% of GDP. The country continues to derive most of its
foreign exchange from tourism, remittances, and bauxite/alumina. Remittances
and tourism each account for 30% of GDP, while bauxite/alumina exports make up
roughly 5% of GDP. The bauxite/alumina sector was most affected by the global
downturn while the tourism industry and remittance flow remained resilient.
Jamaica's economy faces many challenges to growth: high crime and corruption,
large-scale unemployment and underemployment, and a debt-to-GDP ratio of about
130%. The attendant debt servicing cost consumes a large portion of the
government's budget, limiting its ability to fund the critical infrastructure
and social programs required to drive growth. Jamaica's economic growth rate in
the recent past has been stagnant, averaging less than 1% per year for over 20
years. Jamaica's onerous public debt burden is largely the result of government
bailouts to ailing sectors of the economy, most notably to the financial
sector. In early 2010, the Jamaican Government initiated the Jamaica Debt
Exchange to retire high-priced domestic bonds and reduce annual debt servicing.
Despite these efforts, debt continued to be a serious concern, forcing the
government to negotiate and sign a new IMF agreement in May 2013 to gain access
to approximately $1 billion additional funds. As a precursor, the government
instigated a second National Debt Exchange in 2012. The IMF deal requires the
government to reform its tax system, eliminate discretionary tax exemptions and
waivers, and achieve an annual surplus of 7.5%, excluding debt payments, to
reduce its debt below 100% of GDP by 2020. The SIMPSON-MILLER administration
now faces the difficult prospect of having to achieve fiscal discipline to
maintain debt payments while simultaneously attacking a serious crime problem
that is hampering economic growth. High unemployment exacerbates the crime
problem, including gang violence that is fueled by the drug trade.
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Source
: CIA |
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Order: |
INDIES PHARMA JAMAICA LIMITED |
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Address in the order: |
UNIT-5 MONTEGO BAY TRADE CENTER,
HOWARD COOKE BLVD. MONTEGO BAY JAMAICA |
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Legal Name: |
Indies Pharma Jamaica Limited |
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Trade Name: |
Indies Pharma |
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Reg Number: |
68041 |
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Date Created: |
2005 |
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Date Incorporated: |
27/06/1905 |
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Legal Address: |
Unit 5, Montego Bay |
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Operative Address: |
Unit 5, Montego Bay |
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Telephone: |
(876) 940-7984 |
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Fax: |
(876) 940-7984 |
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Legal Form: |
Limited Company |
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Email: |
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Registered in: |
Jamaica |
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Website: |
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Contact: |
Dr. Guna S. Muppuri, CEO |
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Staff: |
37 |
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Activity: |
Drugs and Druggists' Sundries Merchant Wholesalers |
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BANKS |
Central Bank of Jamaica |
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The company does not make its banking data public. |
The company
started its operations with 6 basic prescription drug presentations in 2005.
Now, it has approximately more than hundred (100) drug presentations in the
market. While the company has filed for over 350 drugs for licensing at the
Ministry of Health in Jamaica with all the licenses on hand the company intends
to secure at least a 10% share of the current Jamaican pharmaceutical market,
which is estimated to be between US$100 and US$120 million per annum.
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Indies Pharma has started its activities as a vertically integrated
company offering its consulting, regulatory & intellectual property services
in addition to its marketing and distribution services to its overseas
pharmaceutical manufacturers. Initially, it was promoting the third party
brand names but strategically and eventually graduated to develop its own
brand equity by securing the intellectual property and trademarks. |
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Products/Services description: |
Some of their various products: |
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Brand Equity Building: Parted for perpetuity with Bioprist
Pharmaceuticals, an independent affiliated of Indies Pharma this maiden
partnership focuses on brand equity building where Indies Pharma will be the
local custodian of BIOPRIST branded drug formulations to be marketed,
distributed and sold in Jamaica. |
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Brands: |
BIOPRIST |
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Sales are: |
Wholesale |
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Clients: |
The customers of Indies Pharma range from approximately 400 private
sector retail pharmacies, Stocking Doctors, Public Sector Pharmacies and
Clinics in addition to the Government Institutions. |
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Suppliers: |
Indies Pharma Ja Ltd, currently distributes most products supplied under
its Principal's brand names and in the process the company has engaged itself
with approximately 27 reputed contract manufacturing pharmaceutical companies
spanning from Bangladesh, India, Europe and USA. |
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TORRENT PHARMACEUTICALS LTD. |
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Operations area: |
National |
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The company imports from |
India mainly |
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The company exports to |
No exports |
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The subject employs |
37 employees |
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Payments: |
Regular |
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Headquarters : |
Unit 5, Montego Bay 50,000-square-foot warehouse |
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Branches: |
The company does not have branches |
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Industry: |
Companies in this industry manufacture and process pharmaceutical
products. Demand for pharmaceuticals is driven by the desire to cure illness and
disease. The profitability of individual companies depends on their ability
to discover and market new drugs. Large companies benefit from their
economies of scale in research, manufacturing, and marketing. Small companies
can compete effectively by specializing in drugs that target one or two
specific ailments and by partnering with larger drugmakers. Drugs are chemicals with beneficial biological activity. Modern drug
development is an outgrowth of recent research into the specific causes of
illness and disease, coupled with advances in chemistry and industrial
technology that allow scientists to manufacture chemicals to improve these
conditions. |
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Listed at the stock exchange: |
NO |
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Capital: |
J$10 million (estimated) |
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Shareholders %: |
This is a private company founded by Guna Sekhar Muppuri, who is currently
its major holder. |
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Management: |
Ramesh B. Peramsetty, Director |
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Related Companies: |
Bioprist drug formulation brands are currently marketed and distributed
in Jamaica by its own independent subsidiary "Indies Pharma Jamaica
Limited". |
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This is a private company which does not make its financial statements
public. The following information is
estimated: |
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Revenue USD |
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2013 |
US$30 million and US$50 million |
There are no legal
for the subject
Indies Pharma has started its activities as a vertically integrated
company offering its consulting, regulatory & intellectual property
services in addition to its marketing and distribution services to its overseas
pharmaceutical manufacturers.
The company has a small sized strute and has 10 years of experience in
the market.
It Works with well knwown pharmaceutical brands and mainly imports from
India.
The company is well established in business without negative.
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.39 |
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|
1 |
Rs.91.06 |
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Euro |
1 |
Rs.66.16 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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.