MIRA INFORM REPORT

 

 

Report Date :

30.08.2012

 

IDENTIFICATION DETAILS

 

Name :

AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC (HPI)

 

 

Registered Office :

Sayegh Complex Abdali PO Box           1564 Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

June 1994

 

 

Com. Reg. No.:

371, Amman

 

 

Legal Form :

Private Shareholding Company

 

 

Line of Business :

Manufacture of human drugs, vitamins/hormones, and antibiotics

 

 

No. of Employees :

180

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Jordan

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                    : AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC (HPI)

Country of Origin                                   : Jordan

Legal Form                                           : Private Shareholding Company

Registration Date                                  : June 1994

Commercial Registration Number           : 371, Amman

Chamber Membership Number               : 7650

Issued Capital                                       : JD 9,500,000

Paid up Capital                                     : JD 9,500,000

Total Workforce                         : 180

Activities                                               : Manufacture of human drugs, vitamins/hormones, and antibiotics

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Jafaar Rababa, Production Manager

 

 

 

COMPANY NAME

 

AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC (HPI)

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Sayegh Complex

Area                 : Abdali

 

PO Box            : 1564

 

Town                : Amman 11118

Country : Jordan

 

Telephone         : (962-6) 4162607 / 4634111

Facsimile          : (962-6) 4163016

Email                : info@hayatpharma.com / hpi@nol.com.jo

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Amman.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Hayat Pharmaceutical Industries Building                                           Owned factory premises covering an area

Nile Street                                                                                        of 8,000 square metres

Al Raqeeb

Amman

Tel: (962-6) 5678125                                                             

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Maher Mohamed El Kurdi                                                                  Managing Director

 

·       Samer Mohamed Al Kurdi                                                                 Director

 

·       Mohamed Ali El Kurdi                                                                       Director

 

·       Mowafaq A Ismail                                                                             Director

 

·       Shawqi Gannam                                                                               Director

 

·       Yaser Mohamed El Kurdi                                                                  Director

 

·       Ibrahim Al Abdala                                                                             Director

 

·       Ahmed Al Majalawi                                                                           Director

 

·       Fouad Baradi                                                                                   Director

 

·       Dr Raghda Kurdi Katkhuda                                                                Director

 

·       Dr Izzedin Katkhuda                                                                          Director

 

·       Tawfiq Yassen                                                                                  General Manager

 

·       Munzer Hashem                                                                                Purchasing Manager

 

·       Jafaar Rababa                                                                                  Production Manager

 

·       Wasef Daoud                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : June 1994 (Production began in 1996)

 

Legal Form                  : Private Shareholding Company

 

Commercial Reg. No.   : 371, Amman

 

Chamber Member No.  : 7650

 

Issued Capital              : JD 9,500,000

 

Paid up Capital            : JD 9,500,000

 

Name of Shareholder (s)

 

·       Maher Mohamed El Kurdi

 

·       Samer Mohamed Al Kurdi

 

·       Mohamed Ali El Kurdi

 

·       Mowafaq A Ismail

 

·       Shawqi Gannam

 

·       Yaser Mohamed El Kurdi

 

·       Ibrahim Al Abdala

 

·       Ahmed Al Majalawi

 

·       Fouad Baradi

 

 

AFFILIATED COMPANIES

 

·       Kurdi Drug Store

PO Box: 984

Amman 11118

Tel: (962-6) 4634111

Fax: (962-6) 4645663

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of human drugs, vitamins/hormones, and antibiotics.

 

     HPI has developed and registered 116 products of different molecules and in various therapeutic areas.

     There are more than 56 products in the market now.

 

     The plant facilities include three production lines covering three categories. These include solid dosage

     forms such as tablets, capsules and dry suspensions; semi-solid dosage forms such as creams, ointments,

     suppositories and gels; and liquid dosage forms such as syrups, nasal and ear-drops and other solutions.

 

Production Capacity:

 

Tablets                                     60 million

Capsules                                  30 million

Dry Suspension                                    250,000

Suppositories                           5 million

Syrups and Solutions                2.5 million

Creams and Ointments              3 million

 

Import Countries: Germany, France, Belgium and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 180 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

Balance Sheet                                                  31/12/10            31/12/09             31/12/08

 

Cash on Hand & at Banks                                  357,807 675,502 958,284

Accounts Receivable, Net                                  3,598,132          3,408,149          3,491,923

Post Dated Cheques                                         118,500 939,753 701,309

Inventory                                                           969,602 1,035,169          987,084

Spare Parts                                                       119,006 156,944 119,349

Total Current Assets                                          6,159,402          6,358,331          6,339,700

Fixed Assets, Net                                              5,736,222          5,956,831          6,045,356

Total Fixed Assets                                            5,736,222          5,956,831          6,045,356

Other Assets                                                     223,979 196,879 124,774

Total Assets                                                      12,119,603        12,512,041        12,509,830

 

Accounts and Notes Payable                             430,027 593,640 657,962

Credit Banks                                                     315,238 393,069 692,103

Accrued Part of Long Term Loans                      0                      0                      146,458

Total Current Liabilities                                       1,127,519          1,308,394          1,807,635

Total Liabilities                                                  1,127,519          1,308,394          1,807,635

 

Authorized Capital                                             9,500,000          9,500,000          9,500,000

Subscribed Capital                                            9,500,000          9,500,000          9,500,000

Paid in Capital                                                   9,500,000          9,500,000          9,500,000

Compulsory Reserves                                       327,745 270,062 204,973

Voluntary Reserve                                             44,184              44,184              44,184

Retained Earnings                                             1,120,155          1,389,401          953,038

Total Shareholders’ Equity                                 10,992,084        11,203,647        10,702,195

Total Liabilities & Shareholders’ Equity               12,119,603        12,512,041        12,509,830

 

Income Statement

 

Operating Revenues                                          4,995,087          4,744,145          4,376,884

Operating Expenses                                          1,705,403          1,380,053          1,273,626

Gross Profit                                                      3,289,684          3,364,092          3,103,258

General and Administrative Expenses                 670,778 630,246 636,288

Selling and Distribution Expenses                      1,811,318          1,891,285          1,912,036

Depreciation (Period)                                         295,032 275,202 263,883

Other Operating Expenses                                 236,692 193,262 209,457

Net Operating Income                                        570,896 649,299 345,477

Other Revenues                                     42,230              57,890              55,976

Income Before Interest & Tax                             613,126 707,189 401,453

Interest Expenses                                              36,296              56,302              115,187

Net Income Before Tax                                      576,830 650,887 286,266

Income Tax (Period)                                          35,125              96,384              10,718

Universities and Research Train Fees                  5,768                53,051              7,768

Board of Directors Remuneration                       35,000              0                      35,000

Net Income                                                       500,937 501,452 232,780

Net Income Pertains to Shareholders                  500,937 501,452 232,780

 

Local sources consider subject’s financial condition to be Fair.

 

Operating revenues for the year ending 31/12/2011 were JD 6,269,094 and net income before tax was JD 1,066,452.

 

 

BANKERS

 

·       Jordan National Bank

PO Box: 1578

Amman

Tel: (962-6) 4612391

 

·       Arab Bank Plc

Abdali Branch

PO Box: 926607

Amman

Tel: (962-6) 5627271

Fax: (962-6) 5649305

 

·       Cairo Amman Bank

Shabsough Street

PO Box: 715

Amman

Tel: (962-6) 5639321 / 5623100 / 5623109

Fax: (962-6) 5639328

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               February 2005

Credit amount                                       9,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.66

UK Pound

1

Rs.88.04

Euro

1

Rs.69.91

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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%)

 

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.