MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SHAPHACO PHARMACEUTICALS INDUSTRIES

 

 

Registered Office :

Mohamed Al Dora Street (South Sixty Street), Attan Area, 3073 & 10128, Sana’a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1993

 

 

Com. Reg. No.:

767, Sana’a

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the manufacture of pharmaceutical preparations, including tablets, capsules, syrups, ointments, creams and gels.

 

 

No of Employees :

250

 

 

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 :

Good

Payment Behaviour :

Regular

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 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Yemen

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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                                    : SHAPHACO PHARMACEUTICALS INDUSTRIES

Country of Origin                                   : Yemen

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 1993

Commercial Registration Number           : 767, Sana’a

Issued Capital                                       : YR 2,500,000,000

Paid up Capital                                     : YR 2,500,000,000

Total Workforce                         : 250

Activities                                               : Manufacture of pharmaceutical preparations

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdul Wasee Al Shiba, Finance Manager

COMPANY NAME

 

SHAPHACO PHARMACEUTICALS INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Mohamed Al Dora Street (South Sixty Street), Attan Area

 

PO Box            : 3073 & 10128

 

Town                : Sana’a

Country : Yemen

 

Telephone         : (967-1) 200622 / 200620 / 200623 / 206202 / 402214

Facsimile          : (967-1) 200623 / 402612

Mobile              : (967-77) 112952

Email                : marketing@shaphaco.net / shaphaco@y.net.ye / finance@shaphaco.net

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Suburban Business Area of Sana’a.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Ibb                                                                                                   Sales Office

Tel: (967-4) 429908

 

·       Al Hodeidah                                                                                     Sales Office

Tel: (967-3) 201259

 

·       Taiz                                                                                                  Sales Office

Tel: (967-4) 250630

 

·       Aden                                                                                                Sales Office

Tel: (967-2) 387796

 

·       Haja                                                                                                 Sales Office

Tel: (967-7) 224186

 

·       Dhamar                                                                                            Sales Office

Tel: (967-6) 512980

 

·       Maarib                                                                                             Sales Office

Tel: (967-6) 301875

 

·       Amran                                                                                              Sales Office

Tel: (967-7) 304014

 

·       Hadhramout                                                                                     Sales Office

Tel: (967-5) 307427

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmed Abdul Wahab Al Shahari                                                        Managing Partner

 

·       Hassan Abdul Wahab Al Shahari                                                       Partner

 

·       Mohamed Abdul Wahab Al Shahari                                                    Partner

 

·       Fadel Ahmed Abdul Wahab Al Shahari                                               Partner

 

·       Amer Ahmed Abdul Wahab Al Shahari                                               Partner

 

·       Abdul Wasee Al Shiba                                                                      Finance Manager

 

·       Dr Mohamed Aysha                                                                          Technical Manager

 

·       Farooq Mujahid                                                                                Export Manager

 

·       Anas Salam Al Wadah                                                                      Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993 (Full production began in 1998)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 767, Sana’a

 

Issued Capital              : YR 2,500,000,000

 

Paid up Capital            : YR 2,500,000,000

 

Name of Partner (s)

 

·       Ahmed Abdul Wahab Al Shahari

 

·       Hassan Abdul Wahab Al Shahari

 

·       Mohamed Abdul Wahab Al Shahari

 

·       Fadel Ahmed Abdul Wahab Al Shahari

 

·       Amer Ahmed Abdul Wahab Al Shahari

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceutical preparations, including tablets, capsules, syrups,  ointments, creams and gels.

 

Import Countries: China, India and Europe

 

Export Countries: Somalia, Eritrea, Sudan, Ethiopia, Tanzania and GCC countries

 

Operating Trend: Steady

 

Subject has a workforce of 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Yemeni Riyal (YR)

 

                                                Year Ending 31/12/12:               Year Ending 31/12/13:

 

Total Sales                                YR 2,700,000,000                      YR 3,100,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Yemen

PO Box: 5

Sana’a

Tel: (967-1) 253484

Fax: (967-1) 255004

PAYMENT HISTORY

 

Regular

 

 

GENERAL COMMENTS

 

Established in 1993, subject is involved in the manufacture of pharmaceutical preparations, including tablets, capsules, syrups, ointments, creams and gels.

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10                                  

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

SMN

 

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%)

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