MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PHARMAL SPA |
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Registered Office : |
Route de la wilaya 11, Dar El
Beida, Alger 16012 |
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Country : |
Algeria |
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Date of Incorporation : |
04/05/1999 |
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Com. Reg. No.: |
99B0007654 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturing Basic
Pharmaceutical Products Manufacturing Pharmaceutical
Preparations |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Name
PHARMAL SPA
Registration Briefing
Registration Number: 99B0007654
Registration Date: 04/05/1999
Legal Form: JOINT STOCK
CO
Latest Financials: N/A
Financial Briefing
Nominal Capital: 200,000,000
Algerian Dinars
Issued Capital: N/A
Turnover: 2,415,000
Algerian Dinars
Net Profit: 370,000
Algerian Dinars
Net Worth: N/A
Rating Briefing
Rating Trend: POSITIVE
Payment Record: NO
COMPLAINTS
Company Details
Company Name: PHARMAL
SPA
Company acronym: PHARMAL
Headquarter Address: Route de la
wilaya 11,
Dar El Beida,
Alger 16012,
Algeria
Postal Address: P.O.Box
141,
Dar El Baida 16012
Telephone: +21321
508876
+21321 508877
+21321 508878
+21321 508881
Fax: +21321
508875
E‑Mail: pharmal@saidalgroup.dz
Web Site: www.saidalgroup.dz
Company was originally started on
02/02/1998
Registration & Legal Details
Current Legal Form: JOINT STOCK
CO
Additional Information: Tax ID:
16151591011
Registration Address: Route de la
wilaya 11,
Alger 16012
Registration Number: 99B0007654
Registration Date: 04/05/1999
Year/Date Company Established: 02/02/1998
Registration Town: Algiers
Tax Registration Number: 099916S1191516
Capital
Currency:
Algerian Dinars
Nominal Capital:
200,000,000
Paid Up Capital:
200,000,000
Shareholders
Parent
Company
GROUPE SAIDAL SPA,
Route de Wilaya n°11, Dar El Beida,
Algiers,
Algeria
% Shares Held: 100.00%
Parent Operates as: Manufacturer &
distributor of pharmaceutical products
Company Registration Number: 00B0342357
Principals
Name: Mr Houcine
Mokhtari
Position within the company: General manager
Country of Birth: Algeria
Nationality: Algerian
Can fluently speak: French
Name: Mr Djamel
Cherrik
Position within the company: Production Director
Country of Birth: Algeria
Nationality: Algerian
Can fluently speak: French
Name: Ms Fetiha
Tahar
Position within the company: Research and development
Director
Additional Information: The subject is a
Director of Assurance quality
Country of Birth: Algeria
Nationality: Algerian
Can fluently speak: French
Company Activities
NACE Codes: 2441 Mfg
basic pharmaceutical products
2442 Mfg pharmaceutical preparations
The company is involved in the
manufacture of pharmaceutical products.
These goods are sold on a wholesale
basis to the local and foreign clients.
Local Reporters consider the
investigated company to be LARGE in their field of concern.
Operations
Employees Company
Employs: 967
Figure is approximate
Comments: The manpower of the company is distributed as
follows:
‑ Top executives: 38%
‑ Supervisors: 40%
‑ Agents of execution: 22%
Number
of employees on 2005: 881 (Figure To Approximate)
HQ Premises Operates
from: Owned Office , Factories,
Warehouse
Location: Industrial
Area, Main Road
Branches
PHARMAL SPA Usine DAR EL BEIDA
Operate from heading address
Branch is: Owned
Description of branch: Factory,
Warehouse
These premises operate as: manufacture
of drugs (drinkable tablets, syrups, lotion, aqueous solutions, pomades).
PHARMAL SPA Usine ANNABA,
1, avenue de l'ALN, route Nationale
n°11‑,
Annaba,
Annaba 23000,
Algeria
Branch is: Owned
Description of branch: Office, Factory,
Warehouse
These premises operate as: Manufacture
of dry drugs (tablets).
PHARMAL SPA Usine CONSTANTINE,
Zone Industrielle de Palma,
Constantine,
Constantine 25000,
Algeria
Branch is: Owned
Description of branch: Office, Factory,
Warehouse, Workshop
These premises operate as: Manufacture
of the liquid forms of drugs
Imports
Import % and type of product: 90% Raw Materials
Imports From: Europe,
China
Importing Terms: Letters
of credit
Exports
Export % and type of
product: 30%
Exports
To: Chad,
Niger, Mali, Senegal, Burkina Faso, Togo, Benin, Cameroon, Congo, Zimbabwe,
Tanzania, Yemen, Egypt, Libya, Morocco, Sudan, Sudan
Exporting Terms: letters
of credit
Local Purchases
Purchasing Terms:
Trading & Selling
Territory: 70%
Nationally, 30% International
Terms of Sales: bank
transfer
Type of Customer: Group
Companies, Hospitals & Clinics, Pharmacies, Wholesalers and retailers
Related Companies
Affiliates
ANTIBIOTICAL
Route de Khemis,26000,
Medea,
Algeria
Start Date: 1998
Operates as: A manufacture of drugs.
Related through: a common shareholder
BIOTIC
25, Avenue Ben Youssef Khattab,,
Mohammadia,
Algeria
Start Date: 2000
Operates as: A manufacture of Drugs
Related through: a common shareholder
Bankers
CPA Credit Populaire Algerien,
Branch: Agence N° 101 Didouche Mourad
Avenue Didouche Mourad ‑ Alger
Centre,
Alger 16001,
Algeria
Account Number: 1014017077001
81
Financial Information
Financial Interview Date: 11/06/2008
Source: Djamel Cherrik
Production Director
Figures are: Official
Figures
Currency: Algerian Dinars
Months Sales Figures Sales Gross
Profit/Loss Net
Profit/Loss
12 31/12/2007 2,415,000.00 370,000
12 31/12/2006 2,049,000.00 344,000
Payments
Subject's payments reported to
be: NO COMPLAINTS
Representation
Auditors: BACHIR BOUYADJRA MOHAMED
Alger
Solicitors: TOUNSI
KHADIDJA
Alger
Interview & Reporter Comments
Name/Title: Djamel
Cherrik Production Director
Comment: Subject has
confirmed the general details shown in the report.
Expansion Plans: The
company intends:
‑ To increase it's
exporation into each targeted country, The company aims to reach
5% of the annual sales turnover of the group by 2010.
‑ To preserve the place of
the group as much as leader of the field of the drugs in Algeria
‑ To widen its distribution network.
Reporter Comment: In the
interview conducted with Mr.Djamel Cherrik,he confirmed details shown in
This report and declined to
provide full financials stating the grounds of the company’s confidentiality.
Additional information about PHARMAL SPA:
‑ carried out production:
1st quarter 2008: 11.000.000
Units / 2007 : 47.000.000 U / 2006 : 48.000.000 U / 2005 : 43.000.000 U / 2004
: 44.000.000 U
‑ Range of the offer:
Compressed, Powder, Syrup, Drop, Solution, Cream‑coloured, Toothpaste
‑ Production and manpower according to the branches:
*PHARMAL SPA Usine DAR EL BEIDA:
Annual capacity of production
(Units): Compressed: 19.000.000 U, Gellules:
6.000.000, Powder: 100.000,
Syrup: 4.000.000, Drop: 2 500 000, Solution:
600.000, Cream: 2.500.000, Toothpaste: 4.000.000
Number of employees: 515 (Figure
to aproximate) distributed as: 33% Top executives, 43% Supervisors, 24%
Executives.
*PHARMAL SPA Usine ANNABA:
Annual capacity of production
(Units): Compressed: 4.000.000 U, Gellules:
1.000.000
Number of employees: 126 (Figure
to aproximate) distributed as: 35% Top executives, 38% Supervisors, 27%
Executives.
*PHARMAL SPA Usine CONSTANTINE:
Annual capacity of production (Units): Syrup: 16.000.000,
Injectable:
5.000.000
Number of employees: 267 (Figure
to aproximate) distributed as: 41% Top executives, 39% Supervisors, 20%
Executives.
PHARMAL SPA is a subsidiary company of GROUPE SAIDAL SPA.
GROUPE SAIDAL SPA is a joint
stock company quoted at the stock exchange of
Algiers. he composed of 3 subsidiary
companies including the subject. The group
is involved in the manufacture
& distribution of drugs, He considered as Algerian
LEADER in his field. The group
represents more than 35% of drugs distributed in Algeria.
Additional information about GROUPE SAIDAL SPA:
‑ Capital: 2.500.000.000 AD
‑ Principal Shareholders:
State Shareholding company Chimie‑pharmacie by 65%
of shares
‑ Other shareholders:
fonds Algéro‑Koweïtien d'investissement (FAKI)by 15% of hares, Groupe companies, General public
& employees of the company by 20% of shares.
‑ Sales turnover : 8300 Million AD (2007); 6460
Million AD (2006)
‑ Annual capacity of production : 122.000.000 Units
‑ Number of employees:
4363 (Figure to aproximate) distributed as: 41% Top
executives, 44% Supervisors, 15% Executives.
‑ Infrastructure: 07
Factories of Formulation and Condititionnement; 01 Complex of
Manufacture Antibiotics
Formulation and Conditioning; 03 Distribution centers and
01 Development and research center
‑ Certification: GROUPE SAIDAL is certified ISO 9001
version 2000.
‑ Price: The group
obtained the international price of the WIPO "intellectual Word
Property Organization" for
the development of the process of the orodispersible one
‑ The group obtains six patents.
‑ Stock exchange operations 2006:
*Dividend by share: 23 Algerian Dinars
*Output Dividend per share: 05%
*Net income per share: 54,75 Algerian Dinars
Conclusions
Local
Reputation: The
company being investigated is considered by local reporters to be a Fair /
Normal Trade Risk.
General Conclusion: Local
informants consider granting of credit to be a fair trade risk.
Owner/Shareholders
Comments: All or most of
the owners / shareholders have an active participation in the running of the
business.
Age of Business: The
company is long established in the local market.
STABLE
We are expecting a stable development
of the company without big fluctuations.
NEGATIVE
There are some indications the credit
rating is going to be downgraded.
RATING TRENDS CANNOT BE CONFIRMED
Essential information is missing or out
of date.
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. |
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%)