MIRA INFORM
REPORT
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Report Date : |
22.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TABUK PHARMACEUTICAL MANUFACTURING CO |
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Registered Office : |
Diamond D Building, 3rd , 4th , 5th Floor, Al Malaz Main Road, Al Malaz Area P.O. Box 28170, Riyadh 11437 |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
28.12.1994 |
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Com. Reg. No.: |
3550012995 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of pharmaceutical products |
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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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Tabuk Pharmaceutical
Manufacturing Co
Building : Diamond D Building, 3rd , 4th , 5th Floor
Street :
Area : Al Malaz Area
P.O. Box : 28170
Town :
Country :
Telephone: (966 1) 477 4946
Fax : (966 1) 478 2686
E-Mail : info@tpmc.com.sa / robert@tpmc.com.sa / tpmc@nournet.com.sa / yousry@tpmc.com.sa
Website : www.tpmc.com.sa
Shortform Name : TPMC
Trading Style : Tabuk
Also Known As : Tabuk Pharmaceutical Mfg. Co.
Name Position
1. Ghaith Sukhtian Chief Executive Officer
2. Dr. Hamed Al Khamees Managing Director
3. Mohammed Kharoubi Deputy General Manager
4. Asef Fayez Al Sayed Finance & Administration Manager
5. Mohammad Tima Financial Controller
6. Robert Abraham Accounts Manager
7. Yousry Balqini Marketing Manager
Total Employees : 1,400 (subject)
4,000 plus (group)
No complaints have been heard regarding payments from local suppliers
or banks.
Subject is a member of the Astra Group, a well established and
respectable group, founded in 1976 and it is well known amongst the
business community in
headed by Astra Industrial Group, a company listed on Saudi Stock
Exchange (Saudi Tadawul).
We consider it is acceptable to deal with subject for LARGE amounts.
Trade risk assessment : Normal
NAME : ARAB NATIONAL BANK (ANB)
Branch :
PO Box : 698
Town : Tabuk 71421
Telephone: (966 4) 423 2172
Fax : (966 4) 423 2164
The company also has an account with:
1. National Commercial Bank
Main Branch
Tabuk
Telephone: (966 4) 422 7208 / 422 7690
Fax : (966 4) 422 6952
2. Al Rajhi Bank
Tabuk
Telephone: (966 4) 426 0333
Private companies in
disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover : SR 213,000,000 - 2005 - exact
: SR 263,000,000 - 2006 - exact
: SR 335,000,000 - 2007 - exact
: SR 360,000,000 - 2008 - exact
: SR 460,000,000 - 2009 - exact
: SR 510,000,000 – 2010 – exact
: SR 570,000,000 – 2011 – projected
Net Profit : not given but stated to be 20% of the sales
Financial year ends 31 December.
The following consolidated balance sheet as at 31
December 2009
apply to Astra Industrial Group Saudi Joint Stock
Company :
2008 2009
(in
thousands of SR)
ASSETS
Current Assets 1,111,463 685,717
Inventory 377,116 385,628
Investments 2,010 375,458
Fixed Assets 219,525 606,924
Other Assets 1,749 22,301
Total Assets 1,711,863 2,076,028
Current Liabilities 233,407 322,134
Non-Current Liabilities 40,300 127,496
Other Liabilities 0 64,586
Shareholder's Equity 1,438,156 1,561,812
Total Liabilities & Shareholder's
Equity 1,711,863 2,076,028
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Sales 991,010 1,041,560
Sales Cost 554,300 560,900
Total Income 436,710 480,660
Other Revenues
9,388 25,387
Total Revenues 446,098 506,047
Admin and Marketing Expenses 236,403 268,425
Depreciation 21,771 24,208
Other Expenses 2,132 9,375
Total Expenses 260,306 302,008
Net Income Before Zakat 185,792 204,039
Zakat 0 0
Net Income 185,792 204,039
Consolidated balance sheets as at 30 September 2010
(quarterly results) showed:
30/09/2010 30/06/2010
31/03/2010
(in thousands of SR)
ASSETS
Time Deposits
860,108 843,850 50,104
Cash & Cash Equivalents 860,108 843,850 50,104
Islamic Investments 0 0 761,581
Securities & Short-term Investments 0
74,228 82,044
Accounts Receivables 581,389 671,262 496,778
Net Receivables 581,389 671,262 496,778
Current receivables 581,389 671,262 496,778
Raw Material 429,224 431,709 395,358
Total Inventory 429,224 431,709 395,358
Net Inventory 429,224 431,709 395,358
Due from Sister Co & Associates 0 0 94,990
Prepaid
Total Current Assets 1,979,634 2,087,275 1,977,155
Machinery 794,737 748,303 600,666
Fixed Assets 794,737 748,303 600,666
Investment in associates 2,729 2,729 2,587
Total Long term Investments 2,729 2,729 2,587
Goodwill 36,420 36,420 18,848
Pre Operating Expenses 3,464 3,232 2,069
Intangibles 39,884 39,652 20,918
Total Long Term Assets 837,349 790,684 624,170
Total Assets 2,816,983 2,877,959
2,601,326
LIABILITIES & SHAREHOLDERS EQUITY
Short Term Debt 560,879 323,182 70,000
Current Portion of Long Term Debt 0
40,625 81,863
Accounts Payable 194,000 261,012 158,707
Accrued Expenses 147,874 309,801 98,292
Down Payments 0 0 11,083
Zakat Payable 30,964 9,823 41,893
Dividends Payable 0 0 92,647
Due To Sister Companies 0 0 2,227
Other Current Liabilities 0 11,207 13,189
Total Current Liabilities 933,716 955,650 569,900
Long Term Debt 127,934 208,875 328,213
Other Long Term Liabilities 0 18,905 68,510
Total Long-term Liabilities 127,934 227,780 396,724
Total Liabilities 1,061,650 1,183,430 966,624
Provision for Emp. Term. Ben. 48,866 46,486 45,187
Total Provisions 48,866 46,486 45,187
Total Liabilities & Provisons 1,110,516 1,229,916 1,011,810
Minority Interest 57,112 60,644 63,123
Paid-up Capital 741,176 741,176 741,176
Legal/Statutory Reserve 406,569 406,569 406,569
Chg in Fair Val. Resv. & Tran. Adj. 0
1,774 0
Retained Earnings 501,609 437,879 378,647
Total Shareholders' Equity 1,649,354 1,587,398 1,526,393
Total Liab. & Equity 2,816,983 2,877,959 2,601,326
Comm. & Contingent Liab. 170,784 164,405 0
Cost of Goods Sold (139,598) (138,331) (161,006)
Gross Margin 121,386 121,588 131,420
S.G. & A. (82,499) (162,509) 0
Amortization 0 84,515
(84,515)
Consolidated profit and loss account as at 30
September 2010 (quarterly results) showed :
30/09/2010 30/06/2010
31/03/2010
(in
thousands of SR)
Net Operating Profit 38,887 43,593 46,905
Interest Expense (2,833) (5,648) (831)
Investment Income 28,837 0 0
Income from Associates 0 236
(220)
Total Investment Income 28,837 236 (220)
Other Income 18,414 14,602 10,573
Minority Interests 3,502 2,508 1,463
Net Profit Before Taxes/Zakat 86,807
55,292 57,891
Net Profit After Taxes or Zakat 86,807 55,292 57,891
Unusual Items (6,161) 6,161 0
Net Profit After Unusual Items 80,645 61,453 57,891
Date Started : 28 December 1994 (25/07/1415 H)
History : Subject was established in
C.R. No. : 3550012995 (Tabuk) (expiry date: 23/05/2014 / 24/07/1435H)
Saudi Arabian General Investment Authority (SAGIA) No. * : 4/245
Authorised Capital : SR 103,000,000 (increased from SR 48,000,000 in 2006)
Paid up Capital : SR 103,000,000 (increased from SR 48,000,000 in 2006)
Limited Liability Company with the following sole shareholders :
Astra Industrial Group (ASTRA) 100%
(fmly Arab Supply & Trading Co.)
Telephone: (966 1) 475 2002
Fax : (966 1) 475 2001
Est. : 22 August 1988
Capital : SR 741,176,470
Chairman : Sabih T. Al Masri
Saudi Joint Stock Company with the following shareholders :
- Arab Supply & Trading
Tabuk
Telephone: (966 4) 422 0400 / 422 6661
Fax : (966 4) 428 1584 / 422 7277
- Mohammed N.S. Al Otaibi (8.00%)
(Saudi Arabian national)
- Sabih T. Al Masri and other public shareholders (51.80%)
* Subject does not require having a local sponsor since it is
registered with Saudi Arabian General Investment Authority (SAGIA)
which was created by the Government of Saudi Arabia in April 2000
allowing foreign investors in establishing their businesses in Saudi
Profile on Astra Industrial Group :
Astra Industrial Group and its subsidiaries is engaged in producing a
wide range of pharmaceutical products, plastic coloring, fertilizers,
agricultural pesticides, Fungicides, prefab steel buildings, and
steel structures, in addition to producing and distributing fiber
cables, mattresses, pillows, and blankets.
Parent Company
Astra Industrial Group (ASTRA)
(fmly Arab Supply & Trading Co.)
Telephone: (966 1) 475 2002
Fax : (966 1) 475 2001
Est. : 22 August 1988
Capital : SR 741,176,470
Chairman : Sabih T. Al Masri
Saudi Joint Stock Company with the following shareholders :
- Arab Supply &
Trading
Tabuk
Telephone: (966 4) 422 0400 / 422 6661
Fax : (966 4) 428 1584 / 422 7277
- Mohammed N.S. Al Otaibi (8.00%)
(Saudi Arabian national)
- Sabih T. Al Masri and other public shareholders (51.80%)
Astra Industrial Group and its subsidiaries is engaged in producing a
wide range of pharmaceutical products, plastic colouring, fertilizers, agricultural pesticides, Fungicides, prefab steel buildings, and steel structures, in addition to producing and distributing fiber cables, mattresses, pillows, and blankets.
Affiliated companies of Tabuk Pharmaceutical Manufacturing Co.:
Associates
Subject is a subsidiary of Astra Industrial Group (ASTRA), Saudi
includes the following companies :
1. Astra Agricultural Co Ltd
Malaz
Telephone: (966 1) 477 2346
Fax : (966 1) 478 2102
2. Saudi Mais Company for Medical Products
Industrial City No. 2
Telephone: (966 1) 498 3043 / 498 2770 / 498 2779
Fax : (966 1) 498 3739
3. Al Masri & Al Khalaf Trading Company
Telephone: (966 1) 241 3459
Fax : (966 1) 241 1553
4. Esquire Stores
Telephone: (966 1) 241 0026
Fax : (966 1) 241 1553
(men's fashion wear)
5. Saudi Mais Company for Irrigation Systems Ltd
Industrial City No. 2
Telephone: (966 1) 265 2300
Fax : (966 1) 265 1344
6. Ciba-Astra Additives Co.
Al Khobar
7. ASTRA Polystyrene & Cardboard Factory
Al Khobar 3952
Telephone: (966 3) 859 0743
Fax : (966 3) 859 4583
8. Arabian Company for Comforters and Pillows
Telephone: (966 1) 498 2226 / 241 0026 / 241 3459
Fax : (966 1) 241 1553
9. International Building Systems Factory Co Ltd
2nd Industrial Area
Telephone: (966 1) 265 0004
Fax : (966 1) 265 1756
10.Arab Supply and Trading Company Ltd
Airport Street
Tabuk
Telephone: (966 4) 422 0400 / 422 6661 / 422 0120
Fax : (966 4) 428 1584 / 422 7277 / 478 0679
E-Mail : astra-grain@astra-grain.com.sa
11.Gulf Advance International Co
Jubail
Established in 2000. Manufacturers of petrochemicals.
12.Astra Food Company Ltd
Tabuk
Telephone: (966 4) 422 1215 / 422 6661
Fax : (966 4) 422 0120
13.Zara Investment (Holding) Co. Ltd
Tourism
14.Palestine Development & Investment Ltd (PADICO)
15.Cairo Amman Bank
Telephone: (962 6) 461 6910
Fax : (962 6) 464 2890
Chairman : Khaled Sabih Taher Al Masri
16.Prince Fahd Bin Sultan Hospital Company
Tabuk
Telephone: (966 4) 428 2987
Fax : (966 4) 422 6914
The Company is involved in the following activities :
Manufacturers of pharmaceutical products.
Trading as distributors of pharmaceutical products.
Subject also produces primary materials used for the manufacture of
medicines and drugs for the heart, blood pressure, antibiotic, anti
histamines and other medicines for rheumatism treatment.
Annual production capacities :
Tablets : 600 Million
Capsules : 300 Million
Injectable Vials : 19 Million
Sachets : 15 Million
Oral Syrups and suspensions : 12 Million
Suppositories : 10 Million
Dry Oral Suspension : 10 Million
Nasal Spray : 2 Million
Ointments and Creams : 5 Million
External Solutions & Lotions : 2 Million
Shampoo : 2 Million
Subject supplies to government and private enterprises, including
hospitals, medical companies and pharmacies.
The Kingdom imports 23,000 tons of medicines and drugs annually with
an annual increase of 12.5 %.
In the future the company will float the plant's shares for public
subscription through Tabuk Investment Company.
Subject covers 85% of the
Subject distributes through the following agents in the
and
- Al Kindi Pharmaceutical Manufacturing Co.,
- Behzad Medical
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- Al Ansar Marketing Co. (AMC),
- Munir Sukhtian Co. Ltd., Jordan
- Ali Abdulwahab, Sons & Company WLL.,
- Al-Mojil Drug Company,
- Droguerie Mercury S.A.L.,
- ZENITH Pharma Company,
- Al Hashar Pharmacy,
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- Al Tafaol Trading
- Al-Shifa Pharmaceutical Industries Co.,
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- Alphamed, UAE
- SAMT Co. for Medical Supplies,
- ABUAMIN Group for Trade and Agencies,
Business partners:
- Meiji Seika kaisha Ltd,
-
-
- Klinge pharma,
- Dr. Kade,
- Innovata Biomed,
-
- J Uriach Y CIA,
- Cura Pharmaceutical Co. Inc,
- Bristol Myers squibb
Imports from Europe and
Exports to Middle Eastern and African countries.
The Company has the following facilities :
Owned premises comprising administrative office located at the heading address as well as owned 100,000 sq. m. premises comprising manufacturing plant (25,000 sq. m.) with integrated storage facilities located at the heading address and 5 sales offices in Jeddah, Riyadh, Amman, Jordan and Cairo, Egypt (see Branch Offices section).
The construction of the factory was completed in January 1997 and the
total cost of the project was SR 180,000,000.
Subject is registered in Tabuk but maintains its
administrative offices in
1. Factory
15km from
Tabuk 71481
Telephone: (966 4) 428 3030 / 428 2964 / 428 2394 / 428 2965
Fax : (966 4) 428 3031 / 421 0286
Jeddah 21484
Telephone: (966 2) 652 5642
Fax : (966 2) 652 5647
Dammam 31423
Telephone: (966 3) 834 1412
Fax : (966 3) 833 9092
4.
Telephone: (966 2) 582 7999
Fax : (966 2) 581 5942
5.
La Societe Tabuk Algerie (E.U.R.L)
Cite Ammara Nº 03
Cheraga
Telephone: (213 21) 279 184
Fax : (213 21) 360 803
The postal address which you provided: 3633 TABUK applies to subject's registered PO Box address. Please note that subject's administrative office PO Box address is as per heading.
Interviewed : Yousry Balqini (Marketing Manager).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.91 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.