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MIRA INFORM REPORT
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Report No. : |
497860 |
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Report Date : |
28.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FARMAPRIM SRL |
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Registered Office : |
Crinilor Street 5, Porumbeni Village,Criuleni District,Criuleni MD-4829 |
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Country : |
Moldova |
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Date of Incorporation : |
15.02.1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of basic pharmaceutical products |
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No. of Employees : |
167 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Moldova |
C1 |
C1 |
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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 |
MOLDOVA - ECONOMIC OVERVIEW
Despite recent progress, Moldova remains one of the poorest countries in Europe. With a moderate climate and productive farmland, Moldova's economy relies heavily on its agriculture sector, featuring fruits, vegetables, wine, wheat, and tobacco. Moldova also depends on annual remittances of about $1.5 billion - more than 20% of GDP - from the roughly one million Moldovans working in Europe, Russia, and other former Soviet Bloc countries.
With few natural energy resources, Moldova imports almost all of its energy supplies from Russia and Ukraine. Moldova's dependence on Russian energy is underscored by a more than $6 billion debt to Russian natural gas supplier Gazprom, largely the result of unreimbursed natural gas consumption in the breakaway region of Transnistria. Moldova and Romania inaugurated the Ungheni-Iasi natural gas interconnector project in August 2014. The 43-kilometer pipeline between Moldova and Romania, allows for both the import and export of natural gas. Several technical and regulatory delays kept gas from flowing into Moldova until March 2015. Romanian gas exports to Moldova are largely symbolic. Moldova plans to build a pipeline connecting Ungheni to Chisinau, bringing the gas to Moldovan population centers. Moldova also seeks to connect with the European power grid by 2022.
The government's stated goal of EU integration has resulted in some market-oriented progress. Moldova experienced better than expected economic growth in 2014 due to increased agriculture production, to economic policies adopted by the Moldovan government since 2009, and to the receipt of EU trade preferences. During fall 2014, Moldova signed an Association Agreement and a Deep and Comprehensive Free Trade Agreement with the EU, connecting Moldovan products to the world’s largest market. Still, a $1 billion asset-stripping heist of Moldovan banks in late 2014 delivered a significant shock to the economy in 2015; a subsequent bank bailout increased inflationary pressures and contributed to the depreciation of the leu and a minor recession. Moldova’s growth has also been hampered by endemic corruption, which costs the country 8-13% of its annual GDP, and Russian restrictions on imports of Moldova’s agricultural products. The government’s push to restore stability and implement meaningful reform led to the approval in 2016 of a $179 million three-year IMF program focused on improving the banking and fiscal environments, along with additional assistance programs from the EU, World Bank, and Romania.
Over the longer term, Moldova's economy remains vulnerable to corruption, political uncertainty, weak administrative capacity, vested bureaucratic interests, energy import dependence, Russian political and economic pressure, heavy dependence on agricultural exports, and unresolved separatism in Moldova's Transnistria region.
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Source
: CIA |
Company Summary
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Business Name |
Farmaprim SRL,Farmaprim
Societatea cu Raspundere Limitate |
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Country |
MOLDOVA |
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Main Activity Code |
2110 |
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Main Activity Description |
Manufacture of basic
pharmaceutical products |
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Company Status |
(Active) |
Basic Information
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Business Name |
Farmaprim SRL,Farmaprim
Societatea cu Raspundere Limitate |
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Registered Company Name |
Farmaprim SRL |
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Company Registration Number |
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Country |
MOLDOVA |
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VAT Registration Number |
4800568 |
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VAT Registration Date |
2006-02-01 |
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Date of Starting Operations |
1999-02-15 |
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Legal Form |
Limited Liability Company |
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Type of Ownership |
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Company Status |
(Active) |
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Principal Activity Code |
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Principal Activity Description |
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Contact Telephone Number |
(373 22) 281 845 / Mobile
(373 79) 007 707 (Financial Director) |
Main Address
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Address |
Country |
Telephone |
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Crinilor Street 5, Porumbeni Village,Criuleni
District,Criuleni MD-4829 |
MOLDOVA |
(373 22)
281 845 / Mobile (373 79) 007 707 (Financial Director) |
Other Address
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Address |
Country |
Telephone |
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Calea Orheiului Street 11/8
Chisinau MD-2020 |
MOLDOVA |
(373 22) 281 844 |
Previous Address
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No previous addresses for
this company. |
Activities
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Activity Code |
Activity
Description |
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2110 |
Manufacture of basic pharmaceutical products |
Email Addresses
Web Pages
Employee Information
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Date Reported |
Number of
Employees |
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2018 |
167 |
Banker
Information
Banker Name Banker Address
EXIMBANK SA bd. Stefan cel Mare 6,Chisinau MD-2001
Advisors Information
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Auditor Name |
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No advisor information
for this company. |
Miscellaneous Information
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Fax Number |
(373 22) 281 846 |
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Export Countries |
CIS Countries and Vietnam. |
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Import Countries |
UK, India and China. |
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Additional Business Information |
The subject company was established in Criuleni on 15 February 1999. The Company is involved in the following activities Manufacturers of pharmaceutical products such as suppositories & pessaries, ointments, gels, creams and syrups. |
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Additional Payment Information |
No complaints have been heard regarding payments from local suppliers or banks. |
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Additional Financial Information |
Private companies in Moldova are not required to publish or disclose balance sheets. Balance sheets are not available from other sources, and the subject interviewed declined to give any financial information, which the company regards as strictly confidential. The following financial information applies to Geramex SRL (latest available) : Sales Turnover : LEU 100,000,000 - 2011 - exact : LEU 115,000,000 - 2012 - approx : LEU 147,000,000 - 2013 - exact Net Profit : not given but stated to be profitable Total Invested Capital : EURO 12,700,000 (as of March 2011) Financial year ends 31 December. |
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Number of Employees at Address |
167 |
Additional Miscellaneous Information
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Principal Bankers |
Telephone: (373 22) 272 583 Fax : (373 22) 546 234 |
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Capital |
not given |
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Shareholder |
The exact shareholding percentage could not be learnt. As matter of interest, subject's Managing Disretcor Mr. Ion Borziac has interest in the following company: Geramex SRL (Formerly Farmaprim International SRL) Lazo Serghei Street 34, Apartment 34 Buiucani Chisinau. Managing Director: Victor Nazar, Date Started : 5 July 2004. Fiscal Code: 1004600045758 VAT No.: 0208099 (issue date: 1/01/2012) |
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Facilities |
The Company has the following facilities :Owned premises comprising administrative offices, a manufacturing unit (6,000 sq. m.) and storage facilities located at the heading address as well as a branch office located elsewhere in Chisinau (see 'Branch Offices' below). |
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Branch Offices |
Fax : (373 22) 281 844 |
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Fiscal Code |
1002600014352 |
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Special Note |
Interviewed: Igor Borziac (Financial Director). |
Financial
Information
No financial information for this company.
Current Directors
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Name |
Gender Address |
Date of Position Birth |
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Ion Borziac |
Unknown |
General Director |
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Igor Borziac |
Unknown |
Financial Director |
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Olga Verdesh |
Unknown |
Chief Accountant |
Previous Directors
No previous
directors for this company.
Share Capital Structure
Nominal Share
Capital
Issued Share
Capital
Shareholders
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Shareholder |
Address |
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Amring Holding S.A. |
Switzerland |
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Temporell Invest Ltd |
Cyprus |
Group
Structure
No group structure information for this company
Negative Information
No negative information for this company
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.91 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.26 |
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MDL |
1 |
INR 3.93 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRI |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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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
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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.