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Report No. : |
335938 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
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Name : |
PLURIPHARM SA |
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Registered Office : |
88b, Ave John
Brown, Port-au-Prince, Haiti |
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Country : |
Haiti |
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Date of Incorporation : |
November 1995 |
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Legal Form : |
Sociedad
Anónima |
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Line of Business : |
Subject is import and sale of pharmaceutical products
and medical equipment |
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No. of Employee : |
35 |
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 : |
Moderate |
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Payment Behaviour : |
Slow |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Haiti |
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 |
HAITI - ECONOMIC OVERVIEW
Haiti is a free market economy that enjoys the advantages of low labor costs and tariff-free access to the US for many of its exports. Poverty, corruption, vulnerability to natural disasters, and low levels of education for much of the population are among Haiti's most serious impediments to economic growth. Haiti's economy suffered a severe setback in January 2010 when a 7.0 magnitude earthquake destroyed much of its capital city, Port-au-Prince, and neighboring areas. Currently the poorest country in the Western Hemisphere with 80% of the population living under the poverty line and 54% in abject poverty, the earthquake further inflicted $7.8 billion in damage and caused the country's GDP to contract. In 2011, the Haitian economy began recovering from the earthquake. However, two hurricanes adversely affected agricultural output and the low public capital spending slowed the recovery in 2012. Two-fifths of all Haitians depend on the agricultural sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. US economic engagement under the Caribbean Basin Trade Preference Agreement (CBTPA) and the 2008 Haitian Hemispheric Opportunity through Partnership Encouragement (HOPE II) Act helped increase apparel exports and investment by providing duty-free access to the US. Congress voted in 2010 to extend the CBTPA and HOPE II until 2020 under the Haiti Economic Lift Program (HELP) Act; the apparel sector accounts for about 90% of Haitian exports and nearly one-twentieth of GDP. Remittances are the primary source of foreign exchange, equaling one-fifth of GDP and representing more than five times the earnings from exports in 2012. Haiti suffers from a lack of investment, partly because of weak infrastructure such as access to electricity. Haiti's outstanding external debt was cancelled by donor countries following the 2010 earthquake, but has since risen to $1.43 billion as of December 2014. The government relies on formal international economic assistance for fiscal sustainability, with over half of its annual budget coming from outside sources.
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Source
: CIA |
STATUTORY INFORMATION
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Legal Name: |
PLURIPHARM SA |
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Trade Name: |
Pluripharm |
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NIF: |
000-092-170-4 |
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Date Created: |
1995 |
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Date Incorporated: |
Nov-95 |
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Legal Address: |
88b, Ave John Brown |
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Port-au-Prince, Haiti |
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Operative Address: |
88b, Ave John Brown |
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Port-au-Prince, Haiti |
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Telephone: |
509 222 9806, 509 222 3404, 509 222 313 |
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Fax: |
509 222 9806 |
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Legal Form: |
Sociedad Anónima |
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Email: |
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Registered in: |
Haiti |
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Website: |
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Contact: |
Jean Karl CAVE |
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Staff: |
35 |
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Activity: |
Pharmaceuticals, Medical Equipment, Health, Medicine
and Recreation |
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BANKS
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Banque de la République d'Haïti |
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The
company does not make its banking data public |
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History
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Pluripharm S.A. is the result of the merger between
two previously individually owned companies. |
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One, specializing in
pharmaceutical products, I.V. solutions and some other over-the-counter popular
brand names, owned by Mr. Robert Brisson and his wife. The second, mostly
involved in paramedical products and hospital equipment as a whole, property
of Mr. Karl Cavé and his brother in law Mr. Edouard Legagneur. |
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These individual units had
been operating in the Haitian market since 1991 until the three owners
decided to merge, and incorporate their assets under the name PLURIPHARM S.A.
in October 1995. |
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PRINCIPAL ACTIVITY
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The company
is dedicated to the import and sale of pharmaceutical products and medical
equipment. |
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Products/Services description: |
Medical equipments. Pharmaceutical products,
hospital equipments, laboratory reagents and materials |
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Brands: |
LifeStraw® |
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Sales are: |
Wholesale |
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Clients: |
Pharmaceutical industry |
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Suppliers: |
Geno Pharmaceuticals Ltd. |
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India |
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Operations area: |
National |
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The company imports from |
Dominican Republic, India, Netherlands, United
States |
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The company exports to |
No exports |
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The subject employs |
35 employees |
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Payments: |
Slow |
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LOCATION
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Headquarters : |
88b, Ave John Brown |
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Port-au-Prince, Haiti |
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Branches: |
The company does not have branches |
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Industry: |
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GROUP STRUCTURE
AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
Owners: Jean Karl CAVE, Edouard LEGAGNEUR, Robert
BRISSON |
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Management: |
Jean Karl CAVE, Director |
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Edouard LEGAGNEUR, Manager |
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Robert BRISSON, Manager |
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FINANCIAL INFORMATION
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The
company does not make its financial figures public. |
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There
are no financial for the subject |
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LEGAL FILINGS
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There are no legal connected to the subject |
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SUMMARY
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The company is dedicated to the import and sale of
pharmaceutical products and medical equipment. |
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The company has a small-medium sized structure with
20 years of experience in the market. |
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It is managed by its owners, and mainly imports from
India. |
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There are no negative records connected to the
subject; however, it is important to consider Haitian financial situation. |
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RISK INFORMATION
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Haiti remains the poorest country in the
Americas and one of the poorest in the world (with a GDP per capita of US$
846 in 2014) with significant needs in basic services. According to the latest
household survey (ECVMAS 2012), more than 6 million out of 10.4 million (59%)
Haitians live under the national poverty line of $ 2.44 per day and over 2.5
million (24%) live under the national extreme poverty line of 1.24 dollar per
day It is also one of the most unequal countries, with a Gini coefficient of
0.61 as of 2012. |
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DEBTS |
Controlled |
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PAYMENTS |
Slow |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
NA |
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POSITION |
Administrative |
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COMMENTS |
He confirmed address, activity, managers. He refused
to provide more data. |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.83 |
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|
1 |
Rs.101.00 |
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Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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.