|
Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC (HPI) |
|
|
|
|
Registered Office : |
Sayegh Complex Abdali |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
June 1994 |
|
|
|
|
Com. Reg. No.: |
371, |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JORDAN - ECONOMIC OVERVIEW
Jordan's economy is among the smallest in the
Middle East, with insufficient supplies of water, oil, and other natural
resources, underlying the government''s heavy reliance on foreign assistance.
Other economic challenges for the government include chronic high rates of
poverty, unemployment, inflation, and a large budget deficit. Since assuming
the throne in 1999, King ABDALLAH has implemented significant economic reforms,
such as opening the trade regime, privatizing state-owned companies, and
eliminating some fuel subsidies, which in the last decade spurred economic
growth by attracting foreign investment and creating some jobs. The global
economic slowdown and regional turmoil, however, have depressed Jordan''s GDP
growth, impacting export-oriented sectors, construction, and tourism. In 2011
the government approved two economic relief packages and a budgetary
supplement, largely to improve the living conditions for the middle and poor
classes. Jordan''s finances have also been strained by a series of natural gas
pipeline attacks in Egypt, causing Jordan to substitute more expensive heavy
fuel oils to generate electricity. An influx of foreign aid, especially from
Gulf countries, has helped to somewhat offset these extrabudgetary
expenditures, but the budget deficit is likely to remain high, at nearly 10% of
GDP excluding grants. Amman likely will continue to depend heavily on foreign
assistance to finance the deficit in 2012. Jordan''s financial sector has been
relatively isolated from the international financial crisis because of its
limited exposure to overseas capital markets. Jordan is currently exploring
nuclear power generation to forestall energy shortfalls
|
Source
: CIA |
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
AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC (HPI)
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
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
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
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
· 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
· Kurdi Drug Store
PO Box: 984
Amman 11118
Tel: (962-6)
4634111
Fax: (962-6)
4645663
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 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.
·
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
No complaints regarding subject’s payments have been reported.
Credit amount 9,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.53.25 |
|
|
1 |
Rs.86.23 |
|
Euro |
1 |
Rs.68.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PDT |
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.