MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
FARABI PHARMACEUTICAL CO |
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Registered Office : |
Isfahan Shiraz Road 15 km, P. O. Box 81655-179, Isfahan |
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Country : |
Iran |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
6816 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Manufacturers and exporters of pharmaceuticals, mainly
antibiotics. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
RIALS 7,500,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COMPANY NAME
FARABI PHARMACEUTICAL CO
ADDRESS
Street : Isfahan Shiraz Road 15 km
P.O. Box : 81655-179
Town : Isfahan
Country : Iran
Telephone : (98 311) 6654 0214-7 / 6654 0267 (Financial Dep)
Fax : (98 311) 6654 0272
Trading Styles
Sherkat Sahami Aam Darou Sazi Farabi
SENIOR COMPANY
PERSONNEL
Name Position
1. Ali Reza Tahsiri Managing Director
2. Mohammad Reza Esfandyari Commercial Director
3. Hadi Mahmoodi Financial Director
4. Ahmad Vahid Dastjerdi Public Relations Manager
Total Employees
300
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
We consider it is acceptable to deal with subject for LARGE amounts although it is normal accepted practice for international suppliers to deal on secured terms with Iranian importers.
Opinion on maximum credit : RIALS 7,500,000,000
Trade risk assessment : Normal
Opinion on the credit figure of US DLRS 1,500,000 :
The above figure is higher than normally seen in one amount, however could prove admissible in a short series of transactions provided the total indebtedness is strictly monitored.
PRINCIPAL BANKERS
NAME : BANK SEPAH
Branch : Boroojen Branch
Town : Isfahan
The Company also has an account with :
1. Bank Tejarat
Taleghani Ave 184
P.O. Box 11365-1917
Isfahan
Tel : (21) 890131
Fax : (21) 882 8215
2. Bank Mellat
Vali e Asr Ave
Dameshgah St 4
P.O. Box 11365/5964
Isfahan
Tel : (21) 891124
Fax : (21) 869 4111
FINANCIAL INFORMATION
Under Iranian Company Law companies are not required to publish or disclose balance sheets however the subject interviewed offered the following information :
Sales Turnover : RIALS 400,000,000,000 - 2002 - exact
: RIALS 500,000,000,000 - 2003 - exact
: RIALS 487,790,000,000 - 2005 - exact
: RIALS 624,455,000,000 - 2006 - exact
Pre Tax Profit : RIALS 205,595,000,000 - 2005 - exact
: RIALS 221,315,000,000 - 2006 - exact
LEGAL STATUS AND
HISTORY
Date Started : 1989
History : The subject was established in 1989 as a private joint stock company and was owned by
Sarmoye Gozoriye Tamine Ijtemoi (100%). Production started in 1993. In 1998 the company
became a public joint stock company.
C.R. No. : 6816
Chamber of Commercial Membership No: 110728
Capital : RIALS 100,000,000,000
Sherkat Sahami Aam (public joint stock company) with the following shareholders :
Percentage
1. Pars Darou 53 %
2. Bank Sepah 10 %
3. Social Security Investment Company 10 %
4. Members of general public 27 %
ACTIVITIES
The Company is involved in the following activities :
Manufacturers and exporters of pharmaceuticals, mainly antibiotics.
Brand names : Falox, Faramox, Farlin and Augmentin.
Imports from Spain, Belgium, Germany, UK and Austria.
The annual production for different types of oral antibiotics group are is follows:
Capsules: 1,200,000,000
Suspensions: 45,000,000
Film Coated Tablets: 120,000,000
Exports to Azerbaijan, Yemen, Afghanistan, Ukraine and UAE.
FACILITIES
The Company has the following facilities :
Owned factory, offices and a warehouse located at the heading address, administrative offices at no 26 Raja Alley Shaheedan Poormeraja Street, as well as a branch in Tehran. (see Branch Office "section" below)
BRANCH OFFICES
Tehran branch
Southern Kheradmand St 99, 1st Floor
Karim Khan Zand Avenue
Tehran
Tel : (21) 884 2757 / 882 6105
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)