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Report No. : |
318135 |
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Report Date : |
25.04.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIME PHARMACEUTICALS |
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Registered Office : |
First Floor, Cusa House Cairo Road Lusaka 10101, P. O. Box 32072, Lusaka |
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Country : |
Zambia |
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Date of Incorporation : |
05.07.2005 |
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Legal Form : |
Limited Corporation |
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Line of Business : |
Dealers in Pharmaceutical
Products and Related Products. |
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No. of Employees : |
15 Employees. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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) |
|
Zambia |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
ZAMBIA - ECONOMIC
OVERVIEW
Zambia has had one of the world’s fastest growing economies
for the past ten years, with real GDP growth averaging roughly 5.5% per annum. Privatization
of government-owned copper mines in the 1990s relieved the government from
covering mammoth losses generated by the industry and greatly increased copper
mining output and profitability, spurring economic growth. Copper output has
increased steadily since 2004, due to higher copper prices and foreign
investment. Zambia's dependency on copper makes it vulnerable to depressed
commodity prices, but record high copper prices and a bumper maize crop in 2010
helped Zambia rebound quickly from the world economic slowdown that began in
2008. Despite strong economic growth and its status as a lower middle-income
country, widespread and extreme rural poverty and high unemployment levels
remain significant problems, made worse by a high birth rate, a relatively high
HIV/AIDS burden, and by market distorting agricultural policies. Economic
policy inconsistency and poor budget execution in recent years has hindered the
economy. Zambia has raised $1.75 billion from international investors by
issuing separate sovereign bonds in September 2012 and April 2014,
significantly increasing the country’s public debt as a share of GDP. On
January 1, 2015, a new mining tax regime dramatically increased taxes, and may
result in the loss of thousands of jobs and stifle Zambia’s ability to attract
additional foreign investment.
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Source
: CIA |
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Registered Name: |
PRIME
PHARMACEUTICALS |
|
Requested Name: |
PRIME PHARMACEUTICALS |
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Other Names: |
PRIME PHARMACEUTICALS AND GENERAL TRADING CO. |
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Physical Address: |
First
Floor, Cusa House Cairo Road Lusaka 10101 |
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Postal Address: |
P.
o. Box 32072 |
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Lusaka,
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Country: |
Zambia |
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Phone: |
260-211-222070/8 |
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Fax: |
260-211-226852 |
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Email: |
primepharma@zamnet.zm |
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Website: |
None |
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Legal Form: |
Limited Corporation |
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Date Incorporated: |
05-July-2005 |
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Reg. Number: |
Zambia |
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Nominal Capital |
ZMW.
10,000 |
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Subscribed Capital |
ZMW.
10,000 |
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Subscribed Capital is Subscribed in the following form: |
||
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Position |
Shares |
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Mr. Subbarathnam Sitaraman |
Director |
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None |
Parent company. |
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None |
Subsidiary company. |
|
None |
Affiliated company. |
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None |
Shareholder of subject
firm. |
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2123 Mpezeni Ave, Parklands, Kitwe, Zambia |
Branches of the firm |
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Registered to operate as
dealers in pharmaceutical products and related products |
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Imports: |
Asia, Middle East |
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Exports: |
None |
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Trademarks: |
None |
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Terms of sale: |
Cash (40%) and 25-90 days (60%), invoices. |
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Main Customers: |
Local agencies, medical stores etc |
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Employees: |
15 employees. |
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Vehicles: |
Several motor vehicles. |
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Territory of sales: |
Zambia |
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Location: |
Rented premises, 2,500 square feet, |
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Auditors: |
Information not
available. |
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Insurance Brokers: |
Information not
available. |
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Currency Reported: |
Zambian Kwacha (ZMW.) |
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Approx. Ex. Rate: |
1 US Dollar = 7.34
Zambian Kwacha |
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Fiscal Year End: |
December 31, 2014 |
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Inflation: |
According to information given by independent sources, the inflation
at December 31st, 2014 was of 13%. |
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Financial Information not
Submitted |
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Profit and Loss
(expressed in ZMW.) |
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2014 |
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Sales |
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1,650,000 |
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Bank Name: |
Investrust
Bank |
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Branch: |
Zambia |
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Comments: |
None |
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This information was obtained
from outside sources other than the subject company itself and confirmed the
above subject. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.