MIRA INFORM REPORT

Report No. :	511312
Report Date :	28.05.2018

IDENTIFICATION DETAILS

Name :	PHARMACE (PVT) LTD

Registered Office :	# 46, Galle Road, Dehiwela

Country :	Sri Lanka

Date of Incorporation :	03.12.2013

Com. Reg. No.:	PV 95853

Legal Form :	Private, Limited Liability Company (In Operation)

Line of Business :	Importers and Distributors of Pharmaceutical Products

No. of Employees :	25+ Approximately

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Medium Risk

Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Unknown

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Sri Lanka

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

SRI LANKA - ECONOMIC OVERVIEW

Sri Lanka is attempting to sustain economic growth while maintaining macroeconomic stability under its IMF program that it began in 2016. The government's high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern. Government debt is about 75% of GDP and remains among the highest of the emerging markets. Sri Lanka will need to balance its elevated debt repayment schedule with its requirement to maintain adequate foreign exchange reserve levels in the coming years.

In May 2016, Sri Lanka regained its preferential trade preferences under the European Union’s Generalized System of Preferences Plus (GSP+), enabling many of its firms to export products, including it top export garments, tax free to the EU. Also in 2016, the government reformed elements of the country’s tax regime to increase some tax rates and broaden the tax net in response to recommendations made under its IMF program.

Tourism has experienced strong growth during recent years following the resolution of the government's 26-year conflict with the Liberation Tigers of Tamil Eelam. The government has been pursuing large-scale reconstruction and development projects in its efforts to spur growth.

Source : CIA

Company profile

Name of Subject of Inquiry	PHARMACE (PVT) LTD
Legal Form & Status	Private, Limited Liability Company (In Operation)
Chairman	Mr. Mohamed Hasan Rizlan Muhiyadeen
Primary Line of Business	Importers and Distributors of Pharmaceutical Products
Principal Place of Business	# 46, Galle Road, Dehiwela, Sri Lanka. Phone : (00 94 11) 5927514 Fax : (00 94 11) 5923705 E-Mail: info@pharmace.lk Web Site: http://pharmace.lk/
Employees	25+ Approximately

Company details

Registration No	PV 95853
Date of Registration	03^rd December 2013
Re-registration No	NA
Date of Re-registration	NA
Registered Office	# 46, Galle Road, Dehiwela, Sri Lanka.
Director Board / Ownership As At 08^th December 2017	Dilshad Mohammed Ikram	Director
	Mohamed Hasan Rizlan Muhiyadeen	Director
Stated Share Capital	LKR 38,000,010.00
No. of Shares	38,000,010
Preferential Shares	NA
Nominal Value of Share	LKR 10.00
Auditors	Wijesekara & Company # 344, High Level Road, Mahalwarawa, Pannipitiya, Sri Lanka.
Company Secretaries	Innovative Corporate Solutions (Pvt) Ltd # 11/8, Kaudana Road, Dehiwala, Sri Lanka.
Main Bank/s	NA

Shareholders

NO.

NAME

NUMBER OF SHARES

Mohamed Rasheed Mohamed Nawas

38,000,010

FINANCIAL DETAILS

Most recent available Financial Information

CURRENT INVESTIGATION

COMPANY LOGO

History

The subject company was initially formed on 03rd December 2013 under PV 95853 under the Companies Act No 7, of 2007 as per the mandatory regulations of Sri Lanka.

Caption

We cater for both the private and public sector healthcare markets in Sri Lanka and are actively operational throughout the Island, supported by established channels of distribution and teams of skilled and motivated marketing and sales personnel.

Among our competitive advantages is the knowledge and expertise associated with the marketing of a diversity of healthcare products. The superior networking connections we have developed with the key stakeholder communities within and outside the industry provides us the thrust to forward our journey firmly whilst venturing into new product / market segments in pursuit of growth and enhancement.

We take pride in employing experienced and professionally qualified marketers and support personnel to represent, design customer value and create strong brand equity for all our presentation. Dedication and empowerment of staff members help carry our values and principles forward with genuine care for the lives they touch. We are committed to offering our customers good quality, reliable and affordable products which are easily accessible. A predominantly market oriented culture remains the focus and provides the guidance necessary for the discipline within the company and among all its offerings.

OPERATIONAL DETAILS

General

The subject company a newly formed entity but part of a group of few companies in the Pharmaceutical industry which imports and suppliers the general public, Healthcare institutions etc.. The company is doing well thus far.

Products & Services

All types of Pharmaceutical Products and Drugs

· Pharmaceutical / Biopharmaceutical Products

· Nutraceuticals

· Cosmeceuticals

· Consumer Health care

Employees

25+ Approximately

Export Countries

Import Countries

Turkey | Poland | USA | Egypt

Associate / Subsidiary Companies

· Ino-Life Healthcare (Pvt) Ltd

· Inventis Pharma (Pvt) Ltd

· Zenith Global (Pvt) Ltd

· Iconn Healthcare (Pvt) Ltd

· Actihealth Life (Pvt) Ltd

· Leadfama (Pvt) Ltd

Factory / Warehouse and Sales Outlets

Personal Details of Key Persons

Director 1

ITEM	DETAIL
Name	Dilshad Mohammed Ikram
ID Number	731920443V
Nationality	Sri Lankan
Gender	Male
Date of Birth	10.07.1973
Age	44 Years
Address	# 31, Sooriyamal Mawatha, Divulpitiya, Sri Lanka.

Director 2

ITEM	DETAIL
Name	Mohamed Hasan Rizlan Muhiyadeen
ID Number	800490693V
Nationality	Sri Lankan
Gender	Male
Date of Birth	18.02.1980
Age	38 Years
Address	# 79/B, Jiffriya Mawatha, Galle, Sri Lanka.

Information denied

Management non co-operative [009411-5927514]

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.26
UK Pound	1	INR 91.22
Euro	1	INR 79.88
LKR	1	INR 0.43

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Information Gathered by :	SWT

Analysis Done by :	NIY

Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.