MIRA INFORM REPORT

 

 

Report Date :

30.04.2014

 

IDENTIFICATION DETAILS

 

Name :

SHIBA PHARMACEUTICAL & CHEMICALS MANUFACTURING COMPANY LTD

 

 

Registered Office :

Beith Athran Area, Sana’a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishment :

1993

1997 (Production Began)

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

manufacturer of a wide range of pharmaceutical products, including, analgesics, antipyretics, anti-inflammatory, antirheumatics, antacids, antiflatulents, antihypertensives, antibiotics, antiprotozoals, antidiarrheals, antiemetics, antivirals, antifungal, antihistaminics, antipeptic  ulcer,antispasmodics, expectorants, antitussives, bronchodilators, mucolytics, laxatives, nasal decongestants, sedatives, tranquilizers, throat antiseptics and vitamins.

 

 

No of Employees :

350 (approximately)

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Yemen

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

yemen ECONOMIC OVERVIEW

 

Yemen is a low income country that is highly dependent on declining oil resources for revenue. Petroleum accounts for roughly 25% of GDP and 63% of government revenue. Yemen has tried to counter the effects of its declining oil resources and continuing attacks on its oil pipelines by diversifying its economy through an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economy and foreign investment. In October 2009, Yemen exported its first liquefied natural gas as part of this diversification effort. In January 2010, the international community established the Friends of Yemen group that aims to support Yemen's efforts toward economic and political reform. In 2012, the Friends of Yemen pledged nearly $7 billion in assistance to Yemen. The Yemeni Government also endorsed a Mutual Accountability Framework to facilitate the efficient implementation of donor aid. The unrest that began in early 2011 caused GDP to plunge almost 11% in 2011. Availability of basic services, including electricity, water, and fuel, has improved since the transition, but progress toward achieving more sustainable economic stability has been slow and uneven. Yemen continues to face difficult long-term challenges, including declining water resources, high unemployment, severe food scarcity, and a high population growth rate.

 

Source : CIA

 

 

 

 

 

SUMMARY

 

Company Name                                     : SHIBA PHARMACEUTICAL & CHEMICALS MANUFACTURING

                                                               COMPANY LTD

Country of Origin                                    : Yemen

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1993

Issued Capital                                        : US$ 3,000,000

Paid up Capital                                      : US$ 3,000,000

Total Workforce                                     : 350

Activities                                               : Manufacturers of pharmaceutical products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Abdulrahman Al Hada, Financial Manager

 

COMPANY NAME

 

SHIBA PHARMACEUTICAL & CHEMICALS MANUFACTURING COMPANY LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Beith Athran Area

Town                 : Sana’a

Country             : Yemen

Telephone         : (967-1) 526736 / 526739

Facsimile          : (967-1) 526783

Mobile               : (967-73) 278507

Email                : info@shiba-pharma.com

 

Please note that subject’s previous address was, Building No. 7, Seif Street, Sana’a.

 

Premises

Subject operates from a suite of offices and a factory covering 20,000 m2 that are rented and located in the Central Business Area of Sana’a.

 

Branch Office (s)

 

     Location                                                                              Description     

 

·       Aden                                                                                    Office premises

Tel: (967-2) 380417

Fax: (967-2) 380418

 

·       Hodeidah                                                                              Office premises

Tel: (967-3) 202076

Fax: (967-3) 213524

 

·       Taiz                                                                                     Office premises

Tel/Fax: (967-4) 258467

 

·       Ibb                                                                                       Office premises

Tel/Fax: (967-4) 416952

 

·       Mukala                                                                                 Office premises

Tel/Fax: (967-5) 307857

 

·       Verem                                                                                  Office premises

Tel/ Fax: (967-4) 501300

 

·       Shafr                                                                                    Office premises

Tel/Fax: (967-7) 241676

 

·       Beit Alfaqeh                                                                          Office premises

Tel/Fax: (967-3) 333701

 

·       Khamr                                                                                  Office premises

Tel/Fax: (967-7) 617595

 

·       Syoun                                                                                  Office premises

Tel/Fax: (967-5) 446244

 

 

KEY PRINCIPALS

 

     Name                                                                                  Position

 

·       Dr Ihsan Hussain Al Rabahie                                                  Managing Partner

 

·       Dr Sami Hussain Al Rabahie                                                  Partner

 

·       Hassan Hussain Al Rabahie                                                   Partner

 

·       Haytham Hussain Al Rabahie                                                 Partner

 

·       Dr Mohamed Suhail                                                               Partner

 

·       Dr Mohamed Hajer                                                                Factory Manager

 

·       Abdulrahman Al Hada                                                            Financial Manager

 

·       Nizar Al Sayaqi                                                                     Commercial Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993, full production began in 1997

 

Legal Form                  : Limited Liability Partnership

 

Issued Capital              : US$ 3,000,000

 

Paid up Capital            : US$ 3,000,000

 

Name of Partners                                                        

·       Dr Ihsan Hussain Al Rabahie                                                 

·       Dr Sami Hussain Al Rabahie                                                 

·       Hassan Hussain Al Rabahie                                                  

·       Haytham Hussain Al Rabahie                                    

·       Dr Mohamed Suhail

 

 

OPERATIONS

 

Activities:

Engaged in the manufacture of a wide range of pharmaceutical products, Including, analgesics, antipyretics, anti-inflammatory, antirheumatics, antacids, antiflatulents, antihypertensives, antibiotics, antiprotozoals, antidiarrheals, antiemetics, antivirals, antifungal, antihistaminics, antipeptic  ulcer,antispasmodics, expectorants, antitussives, bronchodilators, mucolytics, laxatives, nasal decongestants, sedatives, tranquilizers, throat antiseptics and vitamins.

 

Subject was ISO 9001 accredited in 2000

 

Import Countries: Europe and the United States of America

 

Export Countries: United Arab Emirates, Libya, Sudan, Ethiopia, Eritrea, Somalia, Djibouti and Tanzania

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Yemeni Riyal (YR)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Revenue                            YR 1,935,000,000                      YR 2,000,000,000

 

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

 

The above figures were provided by Mr Abdulrahman Al Hada, Financial Manager

 

 

BANKERS

 

·       National Bank of Yemen

PO Box: 5

Sana’a

Tel: (967-1) 253484

Fax: (967-1) 255004

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.52

UK Pound

1

Rs.101.77

Euro

1

Rs.83.92

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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

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.