MIRA INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHARMACEUTICAL SOLUTION INDUSTRIES LIMITED
(PSI) |
|
|
|
|
Registered Office : |
Street 203, Road 208,
Industrial Estate, Phase 2, P O Box 17476, Jeddah 21484 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
10.05.1976 |
|
|
|
|
Com. Reg. No.: |
4030009988, Jeddah |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacture of a range of pharmaceutical products |
|
|
|
|
No. of Employees
: |
600 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 2,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Saudi Arabia
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Name : PHARMACEUTICAL SOLUTION INDUSTRIES LIMITED (PSI)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 10th May 1976
Commercial Registration Number : 4030009988, Jeddah
Membership Number : 7579
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
Total Workforce : 600
Activities : Manufacture of a range of pharmaceutical products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,000,000
Person Interviewed : Abu Aghala Omar, Corporate Manager
PHARMACEUTICAL SOLUTION INDUSTRIES LIMITED
(PSI)
Registered &
Physical Address
Street : Street 203, Road 208
Area : Industrial Estate, Phase 2
PO Box : 17476
Town : Jeddah 21484
Country : Saudi Arabia
Telephone : (966-2) 6361383 / 6380020 / 6517735
Facsimile : (966-2) 6379460 / 6510585
Email : mezz@psi.com.sa / admin@psiltd.com / info@psi.com.sa
Premises
Subject operates
from a large suite of offices, a factory and a warehouse covering an area of
20,800 square metres that are owned and located in the Industrial Area of
Jeddah.
Branch Office
(s)
Location Description
·
PO Box:
3747 Office
& distribution centre
Al Khobar 31952
Tel: (966-3) 8823264 / 8981794
Fax: (966-3) 8823674 / 8982507
·
Riyadh Office
& distribution centre
Tel: (966-1) 2913560
Fax: (966-1) 4731542
·
Madinah Sales
Office
Tel: (966-4) 8382182
·
Makkah Sales
Office
Tel: (966-2) 5312316
·
Khamis
Mushait Sales
Office
Tel: (966-7) 2375852
Fax: (966-7) 2375882
Name Position
·
Asim Saleh Abdul Qader Mohamed Ambah General
Manager
·
Mohamed Yonas Maimon Finance
Manager
·
Dr Mohamed Awad Ba Juwaiser Commercial
Manager
·
Mohamed El Sharawi Sales
Manager
·
Abu
Aghala Omar Corporate
Manager
Date of Establishment : 11/05/1396
Hijri (corresponding to 10th May 1976)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030009988,
Jeddah
Membership No. : 7579
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
Name of Partner (s)
·
Heirs
of Dr Saleh Abdul Qader Mohamed Ambah
(including his 3 sisters and mother)
·
Arabian
Investment Company
Riyadh
Saudi Arabia
·
Arab Co
for Drug Industries & Medical Appliances (Acdima)
PO Box: 825161
Amman
Jordan
Tel: (962-6) 4821628
Fax: (962-6) 4925161
·
Medical
& Cosmetic Products Co Ltd (Riyadh Pharma)
PO Box: 140
Riyadh 11383
Tel: (966-1) 2650111
Fax: (966-1) 2650505
Email: info@riyadhpharma.com
Activities: Engaged in the manufacture of a range of
pharmaceutical products specialising in intravenous injectable solutions, kidney dialysis solutions,
haemodialysis concentrates, glucose solutions for hospital use, organic and anhydrides, pharmaceutical preparations
and surgical equipment.
Subject’s product
range consists of over 300 different items.
Clients:
·
Behzad
Pharmacy Bahrain
Import
Countries: Germany, the
United States of America and Jordan.
International
Suppliers:
·
Dr E.
Fresenius Chem-Pharm Industrie KG Germany
Export
Countries: Neighbouring
Gulf States, Jordan, Yemen, Germany and Africa.
Operating Trend: Steady
Subject has a
workforce of approximately 600 employees.
Financial highlights
provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year Ending
31/12/10: Year Ending
31/12/11:
Total Sales SR 248,000,000 SR 255,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Abu Aghala
Omar,
Corporate Manager
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
·
Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
No complaints
regarding subject’s payments have been reported.
Credit amount 293,000 241,000 500,000
Amount overdue 0 0 0
Payment terms 60
days 90 days 180 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Deutsch
Marks Pounds Sterling Euros
Pharmaceutical
Solution Industries Limited (PSI) was established in 1976 and started
commercial production in September 1982. It has become a leading concern in the
Saudi pharmaceutical market and enjoys a good reputation for the quality of its
products, dealing with several well known international suppliers.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.57 |
|
UK Pound |
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.