MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL SAAD PHARMACEUTICALS INDUSTRIES |
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Registered Office : |
Al Faisal Street,
PO Box 11688, Aleppo |
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Country : |
Syria |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.05.1992 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacture and Production of Pharmaceuticals and Drugs |
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 : |
US$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EL SAAD PHARMACEUTICALS INDUSTRIES
Country of Origin : Syria
Legal Form : Sole Proprietorship
Registration Date : 5th May 1992
Commercial Registration Number : 57103
Invested Capital : SY Pnds 15,000,000
Total Workforce : 175
Activities : Manufacture and production of pharmaceuticals and drugs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
Person Interviewed : Ms Safa Beiruti, Commercial Manager
COMPANY NAME
EL SAAD
PHARMACEUTICALS INDUSTRIES
ADDRESS
Registered & Physical Address
Location : Al Faisal Street
PO Box : 11688
Town : Aleppo
Country : Syria
Telephone : (963-21) 2227010 / 2660903
Facsimile : (963-21) 2237842
Email : elsaad@elsaad.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Aleppo.
Branch Office
(s)
Location Description
·
Al Mansoura
Area Factory
premises
Aleppo
Tel : (963-21) 5210365
Fax : (963-21) 5227010
·
Damascus Office
premises
KEY PRINCIPALS
Name Position
·
Dr Saad Allah
Kurdy Proprietor
& General Manager
·
Mohamed
Saad Allah Kurdy Assistant
General Manager
·
Rofida
Ghanoum Technical
Manager
·
Ms
Safa Beiruti Commercial
Manager
·
Mahmoud
Al Amirty Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th
May 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 57103
Invested Capital
: SY Pnds 15,000,000
Dr Saad Allah Kurdy
is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the manufacture and production
of pharmaceuticals and drugs, including capsules, tablets, syrups, creams and
powders.
Subject obtained
the ISO 9002 certificate in 1999.
Production
Capacities : 1,600,000 tablets per day
1,200,000 capsules per day
20,000
bottles of syrups per day
20,000 tubes of creams per day
4,000 bottles of powders per day
Import
Countries: India
Export
Countries: Yemen, Iraq,
Jordan and Lebanon
Operating Trend: Steady
Subject has a
workforce of approximately 175 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Syrian
Pounds (SY Pnds)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales SY Pnds
248,000,000 SY Pnds
279,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
Bank of Syria
Kastel Hajjarin Street
Aleppo
Tel: (963-21) 4239601
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Subject is owned
and managed by Dr Saad Allah Kurdy and is involved in the manufacture and
production of pharmaceuticals and medicinal preparations.
Nothing detrimental
has been uncovered regarding payment obligations and local sources consider the
subject to be a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
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%)