|
Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC
(HPIC) |
|
|
|
|
Registered Office : |
Sayegh Complex,
Abdali, P O Box1564, |
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|
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Country : |
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|
|
|
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Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
June 1994 |
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|
|
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Com. Reg. No.: |
371, |
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|
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Legal Form : |
Private Shareholding Company |
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|
|
|
Line of Business : |
manufacturer 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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 and 2012, the government approved two
economic relief packages and a budgetary supplement, meant 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 diesel imports, primarily from Saudi
Arabia, to generate electricity. Jordan is currently exploring nuclear power
generation in addition to the exploitation of abundant oil shale reserves and
renewable technologies to forestall energy shortfalls. In 2012, to correct
budgetary and balance of payments imbalances, Jordan entered into a $2.1
billion, multiple year International Monetary Fund Stand-By Arrangement.
Jordan''s financial sector has been relatively isolated from the international
financial crisis because of its limited exposure to overseas capital markets.
Jordan will continue to depend heavily on foreign assistance to finance the
deficit in 2013.
|
Source : CIA |
Company Name : AL HAYAT PHARMACEUTICAL INDUSTRIES CO PSC (HPIC)
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 (HPIC)
Registered &
Physical Address
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
Premises
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
Name of
Shareholder (s)
·
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 31/12/11 31/12/10 31/12/09
|
Cash on Hand
& at Banks |
968,246 |
357,807 |
675,502 |
|
Accounts
Receivable, Net |
3,016,068 |
3,598,132 |
3,408,149 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated
Cheques |
1,047,596 |
118,500 |
939,753 |
|
Short Term
Investments |
0 |
0 |
0 |
|
Inventory |
1,662,075 |
969,602 |
1,035,169 |
|
Spare Parts |
129,536 |
119,006 |
156,944 |
|
6,882,353 |
6,159,402 |
6,358,331 |
|
|
Long Term
Investments |
0 |
0 |
0 |
|
Fixed Assets, Net |
5,554,711 |
5,736,222 |
5,956,831 |
|
Lands |
0 |
0 |
0 |
|
Projects in
Progress |
0 |
0 |
0 |
|
Total Fixed
Assets |
5,554,711 |
5,736,222 |
5,956,831 |
|
Other Assets |
84,383 |
223,979 |
196,879 |
|
12,521,447 |
12,119,603 |
12,512,041 |
|
Accounts and
Notes Payable |
651,062 |
430,027 |
593,640 |
|
Credit Banks |
196,555 |
315,238 |
393,069 |
|
Short Term Loans |
0 |
0 |
0 |
|
Accrued Part of
Long Term Loans |
0 |
0 |
0 |
|
Total Current
Liabilities |
1,318,540 |
1,127,519 |
1,308,394 |
|
Long Term Loans
& Notes Payable |
0 |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
0 |
0 |
0 |
|
1,318,540 |
1,127,519 |
1,308,394 |
|
Authorized Capital |
9,500,000 |
9,500,000 |
9,500,000 |
|
9,500,000 |
9,500,000 |
9,500,000 |
|
|
Paid in Capital |
9,500,000 |
9,500,000 |
9,500,000 |
|
Compulsory
Reserves |
437,890 |
327,745 |
270,062 |
|
Voluntary Reserve |
44,184 |
44,184 |
44,184 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
712,500 |
0 |
0 |
|
|
Proposed Stock
Dividends |
0 |
0 |
0 |
|
Accumulated
Change in Fair Value |
0 |
0 |
0 |
|
508,333 |
1,120,155 |
1,389,401 |
|
|
11,202,907 |
10,992,084 |
11,203,647 |
|
|
Minority Interest |
0 |
0 |
0 |
|
12,521,447 |
12,119,603 |
12,512,041 |
Income Statement
|
Operating
Revenues |
6,269,094 |
4,995,087 |
4,744,145 |
|
Operating
Expenses |
1,950,492 |
1,705,403 |
1,380,053 |
|
Gross Profit |
4,318,602 |
3,289,684 |
3,364,092 |
|
General and
Administrative Expenses |
793,177 |
670,778 |
630,246 |
|
Selling and
Distribution Expenses |
2,054,461 |
1,811,318 |
1,891,285 |
|
Depreciation
(Period) |
333,559 |
295,032 |
275,202 |
|
Other Operating
Expenses |
350,861 |
236,692 |
193,262 |
|
Net Operating
Income |
1,120,103 |
570,896 |
649,299 |
|
Other Revenues |
12,803 |
42,230 |
57,890 |
|
Other Expenses |
0 |
0 |
0 |
|
Income Before
Interest & Tax |
1,132,906 |
613,126 |
707,189 |
|
Interest Expenses |
31,454 |
36,296 |
56,302 |
|
Net Income Before
Tax |
1,101,452 |
576,830 |
650,887 |
|
Income Tax (Period) |
143,129 |
35,125 |
96,384 |
|
Income Tax
(Previous Years) |
0 |
0 |
0 |
|
Universities and
Research Train Fees |
0 |
5,768 |
53,051 |
|
Board of
Directors Remuneration |
35,000 |
35,000 |
0 |
|
Net Income |
923,323 |
500,937 |
501,452 |
|
Minority Interest |
0 |
0 |
0 |
|
923,323 |
500,937 |
501,452 |
Local sources
consider subject’s financial condition to be Fair.
Operating revenues
for the year ending 31/12/2012 were JD 8,443,000 and net income before tax was
JD 1,715,000.
·
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.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
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 |
|
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.