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MIRA INFORM REPORT
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Report No. : |
483428 |
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Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
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Name : |
OOO PHARMSTANDARD |
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Registered Office : |
Testovskaya Street 10, 123317 Moscow |
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Country : |
Russia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
22.07.1997 |
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Com. Reg. No.: |
OGRN
1037700071914 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Trading
as importers, distributors and suppliers of pharmaceutical products and raw
materials including auxiliaries and packaging materials. |
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No. of Employees : |
105 (December 2017) 6,975 (Group) (January 2017) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Russia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
RUSSIA - ECONOMIC OVERVIEW
Russia has undergone significant changes since the collapse of the Soviet
Union, moving from a centrally planned economy towards a more market-based
system. Both economic growth and reform have stalled in recent years, however,
and Russia remains a predominantly statist economy with a high concentration of
wealth in officials' hands. Economic reforms in the 1990s privatized most
industry, with notable exceptions in the energy, transportation, banking, and
defense-related sectors. The protection of property rights is still weak, and
the state continues to interfere in the free operation of the private sector.
Russia is one of the world's leading producers of oil and natural gas,
and is also a top exporter of metals such as steel and primary aluminum.
Russia's reliance on commodity exports makes it vulnerable to boom and bust
cycles that follow the volatile swings in global prices. The economy, which had
averaged 7% growth during the 1998-2008 period as oil prices rose rapidly, has
seen diminishing growth rates since then due to the exhaustion of Russia’s
commodity-based growth model.
A combination of falling oil prices, international sanctions, and
structural limitations pushed Russia into a deep recession in 2015, with the
GDP falling by close to 4%. The downturn continued through 2016, with GDP
contracting by 0.6%. Government support for import substitution has increased
recently in an effort to diversify the economy away from extractive industries.
Russia is heavily dependent on the movement of world commodity prices and the
Central Bank of Russia estimates that if oil prices remain below $40 per barrel
in 2017, the resulting shock would cause GDP to fall by up to 5%.
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Source
: CIA |
BRIEF
SUMMARY
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COMPANY NAME |
OOO PHARMSTANDARD |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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Business Centre Severnaya Bashnya |
Testovskaya Street 10 |
1-Y podiezd |
123317 Moscow |
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TEL/FAX |
Verified Phone: (+7 495) 970 0030 / (+7 495) 970 0031 / Fax: (+7 495) 970 0032 |
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EMAIL/WEBSITE |
Email: info@pharmstd.ru / eamoiseeva@pharmstd.ru / Website:
www.pharmstd.ru |
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ACTIVITY |
NACE 4646 - Wholesale of pharmaceutical goods; |
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PRINCIPAL |
Darko
Jankovich |
Workforce |
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Managing Director |
96 |
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LEGAL INFO |
Date Of Est. |
Reg. No. |
Legal Form |
Status |
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22/07/1997 |
OGRN
1037700071914 |
Limited
Liability Company |
Active |
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CAPITAL |
CURRENCY |
AMOUNT |
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RUBLE (RUB) |
91,380,565 |
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OPINION ON MAX CREDIT |
CURRENCY |
AMOUNT |
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RUBLE (RUB) |
110,000,000 |
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IDENTIFICATION
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CO. NAME |
OOO PHARMSTANDARD |
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TRADEMARK |
PHARMSTANDARD |
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ALSO KNOWN NAME
(S) |
Pharmstandard LLC
/ PHS / Obschestvo s Ogranichennoy Otvetstvennostyu Farmstandart |
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BUILDING |
Business Centre
Severnaya Bashnya |
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STREET |
Testovskaya
Street 10 |
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AREA |
1-y podiezd |
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POSTAL ADDRESS |
123317 Moscow |
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CITY |
Moscow |
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COUNTRY |
Russia |
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TELEPHONE |
(+7 495) 970 0030 / (+7 495) 970 0032 / Mobile: (+7 967) 158 7772 |
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FAX |
(+7 495) 970 0032 |
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VERIFIED EMAIL |
info@pharmstd.ru
/ eamoiseeva@pharmstd.ru |
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WEBSITE |
www.pharmstd.ru |
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Mon-Fri |
9:00-18:00 |
13:00-14:00 |
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REGISTERED
ADDRESS |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
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Darko Jankovich |
Managing
Director |
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Grigoriy
Aleksandrovich Potapov Sergey Yurievich
Dushelikhinskiy Viktor Pavlovich
Fedlyuk Viktor
Vladimirovich Kharitonin Vladimir
Mikhailovich Chupikov Marina Markova Ivan Maslakov |
Director Director Director Director Director Finance Manager Supply Chain
Manager |
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WORKFORCE |
NO. OF EMPLOYEES
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PERIOD |
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105 |
12.2017 |
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6,975 (Group) |
01.2017 |
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FINANCIAL
SUMMARY
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REVENUE |
31/12/2016 |
31/12/2015 |
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RUB
5,193,848,000 |
RUB
4,118,757,000 |
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NET PROFIT /
(LOSS) |
31/12/2016 |
31/12/2015 |
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RUB (21,818,000) |
RUB
1,894,881,000 |
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STOCK/INVENTORIES |
RUB 441,301,000 as of
31/12/2016 |
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LEGAL
STATUS
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INCORPORATION |
22/07/1997 |
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REGISTRATION
NO. |
C.R. NUMBER |
ISSUED BY |
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OGRN 1037700071914 |
Federal Tax
Service |
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OTHER
REGISTRATION NO. |
INN 7701166409 (Tax
Code) / KPP 770301001 / OKPO 17073730 (Statistics Code) / OKTMO 45380000000 |
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AUTHORISED
CAPITAL |
AMOUNT |
CURRENCY |
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91,380,565 |
RUBLE |
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PAID-UP
CAPITAL |
AMOUNT |
CURRENCY |
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91,380,565 |
RUBLE |
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LEGAL FORM |
Limited Liability Company |
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BUSINESS
HISTORY |
The subject company was established in Russia on 22 July 1997 and was
re-registered on 28 January 2003. |
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STATUS |
Active |
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SHAREHOLDERS |
NAME |
PERCENTAGE |
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AO Pharmstandard Testovskaya
Street 10 123317 Moscow Russia C.R. No.: OGRN 1060274031047 Tax Code: INN 0274110679 Sole Shareholder: Augment Investments Limited Dimokritou 15, Panaretos Eliana Complex, Flat/Office 104 Potamos Germasogeias Limassol 4041 Cyprus AO Pharmstandard is the leading Russian pharmaceutical company.
Pharmstandard's portfolio includes over 400 generic and proprietary drugs,
including products used in the treatment of diabetes, growth hormone
deficiency, cardiovascular diseases, gastroenterological and neurological
disorders, infectious diseases, cancer, etc. In May 2007 the company raised
$880 million in an IPO, valuing the company at $2.2 billion. Roman Abramovich
owned a 17% stake in the company until March 2008. In 2013 the company
announced plans to buy the ingredient supplier Bever Pharmaceutical, causing
Pharmstandard shares to fall 25%. Pharmstandard was delisted from the London
and Moscow stock exchanges in 2017. |
100.00% |
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OPERATION
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BANKERS |
PAO Sberbank Vavilova Street 19 117997 Moscow Russia Telephone: (+7 495)
957 5731 Fax : (+7 495) 747 4758 |
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AUDITORS |
Ernst &
Young Sadovnicheskaya
nab. 77, bld. 1 115035 Moscow Tel: (+7 495)
755 9700 Fax: (+7 495)
755 9701 |
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ACTIVITY CODE
(NACE) |
4646 - Wholesale
of pharmaceutical goods; |
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LINE OF
BUSINESS |
Trading as importers,
distributors and suppliers of pharmaceutical products and raw
materials including auxiliaries and packaging materials. |
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IMPORT FROM |
Europe, Germany, Austria, Switzerland, France, Latvia, Turkey, USA and
Far East Asian countries. |
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EXPORT TO |
Kazakhstan and Uzbekistan. |
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FACILITIES |
Premises comprising administrative offices and storage facilities
located at the heading address as well as 2 branch offices located elsewhere
in Moscow Region. |
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BRANCH OFFICES |
Mytishinskiy District, Likhachevskiy Proezd 5/20 Dolgoprudniy Gorod Moscow Region 141700 |
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RELATED
COMPANIES |
A member of Pharmstandard Group of Companies managed by AO
Pharmstandard. Associates 1. Pharmstandard-Leksredstva OJSC
Russia 2. Pharmstandard-Tomskhimpharm OJSC Russia 3. Pharmstandard-UfaVITA OJSC Russia 4. Pharmstandard-Biolek PJSC Ukraine 5. TZMOI OJSC Russia 6. MDR
Pharmaceuticals Cyprus 7. Bigpearl
Trading Limited Cyprus 8. Pharmapark
LLC Russia 9. Biomed named
after I.I. Mechnikov JSC Russia 10.Pharmatsevticheskiye
Innovatsii OJSC Russia 11.EKK OJSC Russia 12.LEKKO
CJSC Russia 13.Moldildo
Trading Limited Cyprus 14.Pharmstandard-Medtechnika
LLC Russia 15.Pharmstandard
International S.A. Luxemburg 16.Sellthera
Pharm LLC Russia 17.Pharmstandard-Plazma
LLC Russia 18.MasterPlazma
LLC Russia 19.NauchTechStroy
Plus LLC Russia 20.Argos
Therapeutics Inc. USA 21.Biocad
Holdings Limited Cyprus 22.Barskiy Lug
LLC Russia
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FINANCIAL
INFORMATION
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CURRENCY |
RUB |
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PERIOD |
31/12/2016 |
31/12/2015 |
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FIXED
ASSETS |
98,293,000 |
77,101,000 |
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STOCK/INVENTORIES |
441,301,000 |
266,277,000 |
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CURRENT
ASSETS |
4,417,762,000 |
5,338,435,000 |
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EQUITY |
4,122,183,000 |
4,144,001,000 |
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BALANCE TOTAL |
4,553,887,000 |
5,455,561,000 |
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REVENUE |
5,193,848,000 |
4,118,757,000 |
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NET PROFIT / LOSS
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(-21,818,000) |
1,894,881,000 |
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NOTES |
Balance sheets as
at 31 December 2016 showed : 31/12/2016 31/12/2017 (in RUBLE) ASSETS Non-current assets Fixed assets
98 293 000 77,101,000 Deferred tax assets 37,830,000 40,021,000 Other non-current assets 2,000 4,000 Total non-current assets
136,125,000 117,126,000 Current assets Stock
441,301,000 266,277,000 Value added tax on purchased valuables
3,752,000 0 Trade receivables
864,197,000 2,721,190,000 Financial investments
1,716,590,000 2,040,716,000 Cash equivalents 1,391,849,000 310,252,000 Other current assets 73,000 0 Total current assets
4,417,762,000 5,338,435,000 TOTAL ASSETS
4,553,887,000 5,455,561,000 EQUITY & LIABILITIES Share capital
91,381,000 91,381,000 Retained earnings
4,030,802,000 4,052,620,000 Total Equity
4,122,183,000 4,144,001,000 Long-term Liabilities 0 30,196,000 Accounts payable
406,075,000 1,260,048,000 Short-term Liabilities
431,704,000 1,281,364,000 TOTAL EQUITY & LIABILITIES
4,553,887,000 5,455,561,000 INCOME STATEMENT Revenue
5,193,848,000 4,118,757,000 Cost of Sales
4,277,294,000 3,095,774,000 Gross Profit
916,554,000 1,022,983,000 Commercial expenses
197,431,000 164,643,000 Administrative expenses
284,578,000 249,621,000 Profit(loss) from sales
434,545,000 608,719,000 Interest income
119,463,000 94,823,000 Other income
75,656,000 1,969,836,000 Other expenses
654,927,000 302,473,000 Profit(loss) before taxation
(25,263,000) 2,370,905,000 Change in deferred tax assets
2,191,000 7,122,000 Change in deferred tax liabilities
30,196,000 178,340,000 Current income tax
24,374,000 660,974,000 Net Profit(loss)
(21,818,000)
1,894,881,000 The following consolidated statement of financial
position applies to AO Pharmstandard and its subsidiaries: 31/12/2016 31/12/2017
(in thousands of RUBLES) ASSETS NON-CURRENT
ASSETS Property, plant
and equipment 12,258,096 10,818,849 Intangible assets 2,874,966 3,554,506 Long-term financial assets 8,608,184 4,824,042 Investments in associates and joint
venture 6,170,395 6,230,297 Deferred tax asset 600,905 721,657 30,512,546 26,149,351 CURRENT
ASSETS Inventories 12,881,951 10,200,182 Trade and other receivables 17,279,573 16,346,568 VAT recoverable 217,762 143,515 Prepayments 571,938 618,548 Short-term financial assets 15,342,354 14,598,049 Income tax prepayments 316,868 168,163 Cash and short term deposits 17,386,578 14,397,241 63,997,024 56,472,266 TOTAL ASSETS 94,509,570 82,621,617 EQUITY AND
LIABILITIES Equity
Attributable To Equity Holders Of
The Parent Share
capital 37,793 37,793 Treasury shares (1,437) (1,437) Foreign currency translation
reserve 721,573 954,051 Revaluation reserve for investments available for
sale 167,462 515,608 Retained earnings 60,398,262 52,157,943 61,323,653 53,663,958 NON-CONTROLLING INTERESTS 1,471,969 1,764,555 TOTAL EQUITY 62,795,622 55,428,513 NON-CURRENT
LIABILITIES Deferred tax
liability 342,142 315,268 Other non-current
liabilities 101,775 84,813 443,917 400,081 CURRENT
LIABILITIES Trade and other payables 26,270,389 20,970,110 Short-term
borrowings and loans 4,070,794 4,089,436 Income tax
payable 341,283 375,169 Taxes payable
other than income
tax 587,565 1,358,308 31,270,031 26,793,023 TOTAL
LIABILITIES 31,713,948 27,193,104 TOTAL EQUITY
AND LIABILITIES 94,509,570 82,621,617 INCOME STATEMENT Revenue 61,786,424 47,194,938 Cost of sales
(40,332,965) (29,397,598) Gross Profit 21,453,459 17,797,340 Selling and distribution costs (2,694,180) (2,534,272) General and administrative expenses (3,243,775) (2,687,072) Operating profit 15,515,504 12,575,996 Other income 1,836,451 7,185,802 Other expenses (6,488,169) (2,191,341) Interest income 1,565,452 945,840 Interest expense
(467,173) (466,942) Share in loss of a joint venture and associates, net (1,209,306) (371,479) Profit Before Income Tax 10,752,759 17,677,876 Income tax expense (2,750,482) (3,746,776) PROFIT FOR THE YEAR 8,002,277 13,931,100 |
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SPECIAL
REMARKS
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INTERVIEWED |
Ivan Maslakov
(Supply Chain Manager). |
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COMMENTS |
PHARMSTANDARD
LLC. Please note that this name applies to an English translation of the subject’s
name. Subject’s correct registered name is as per heading. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.93 |
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|
1 |
INR 86.07 |
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Euro |
1 |
INR 76.39 |
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RUB |
1 |
INR 1.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.