MIRA INFORM REPORT

 

 

Report Date :

29.03.2014

 

IDENTIFICATION DETAILS

 

Name :

ALABED MEDICAL SUPPLIES CO LTD

 

 

Registered Office :

Nouakchott Street, PO Box : 8286, Sana'a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2008

 

 

Date of Incorporation :

1992

 

 

Com. Reg. No.:

1356, Sana’a

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the import and distribution of medical products and pharmaceuticals

 

 

No. of Employees :

128

 

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)

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 over $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                                    : ALABED MEDICAL SUPPLIES CO LTD

Country of Origin                                   : Yemen

Legal Form                                           : Limited Liability Company

Registration Date                                  : 1992

Commercial Registration Number           : 1356, Sana’a

Issued Capital                                       : YR 50,000,000

Paid up Capital                                     : YR 50,000,000

Total Workforce                         : 128

Activities                                               : Distributors of medical products and pharmaceuticals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Khaled Al Bughasha, Business Development Manager

 

COMPANY NAME

 

ALABED MEDICAL SUPPLIES CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Nouakchott Street

PO Box            : 8286

Town                : Sana'a

Country : Yemen

 

Telephone         : (967-1) 472875 / 472876 / 472877

Facsimile          : (967-1) 472874 / 472887

Email                : info@alabedpharma.com / khaled@alabedpharma.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Sana’a.

 

Branch Offices

 

Location                                                                                               Description

 

Sana’a                                                                                                  Showroom premises

Tel: (967-1) 483002

Fax: (967-1) 297179

 

Taiz                                                                                                      Showroom premises

Tel: (967-4) 250526

Fax: (967-4) 258108

 

Aden                                                                                                    Showroom premises

Tel: (967-2) 380258

Fax: (967-2) 380257

 

Hodeidah                                                                                              Showroom premises

Tel: (967-3) 209118

Fax: (967-3) 220159

 

Ibb                                                                                                       Showroom premises

Tel: (967-4) 408051

Fax: (967-4) 416935

 

Dhamar                                                                                                 Showroom premises

Tel: (967-6) 420981

Fax: (967-6) 420982

 

Mukalla                                                                                                 Showroom premises

Tel: (967-5) 314055

Fax: (967-5) 314054

 

Amran                                                                                                   Showroom premises

Tel: (967-7) 613285

Fax: (967-7) 613286

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

           

Dr Abdul Hamid Al Azzazi                                                                      Managing Director

 

Dr Abdul Wali Al Shameri                                                                       Director

 

Dr Amin Al Ameri                                                                                   Commercial Manager

 

Khaled Al Bughasha                                                                              Business Development Manager

 

Abdul Wahab Saif                                                                                 Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           1992

 

Legal Form      :                       Limited Liability Company

 

Commercial Reg. No.   :           1356, Sana’a

 

Issued Capital              :           YR 50,000,000

 

Paid up Capital            :           YR 50,000,000

 

Name of Shareholder (s)

 

Dr Abdul Hamid Al Azzazi

 

Dr Abdul Wali Al Shameri

 

 

AFFILIATED COMPANIES

 

Al Furqan Trading Corp

Sana’a

Yemen

Tel: (967-1) 472883

Fax: (967-1) 472882

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of medical products and pharmaceuticals, including:

 

OTC & Prescription pharmaceuticals   

Biopharmaceuticals

Hospital medicines

Herbal and natural medicines

Baby health products

Cosmetics

Medical appliances

Other health products 

 

Import Countries:         India, Syria, Malta and Turkey

 

International Suppliers:

 

Claris                                                                India

Aleppo Pharmaceutical Industries (Alpha)           Syria

Amrit Medical Co                                               Syria

Actavis Malta                                                    Malta

Mustafa Nevezat (MN)                                       Turkey

GSK                                                                 Egypt

BBT Birnofarm                                                  Indonesia

JGL d.d                                                            Croatia

 

Operating Trend:          Steady

 

Subject has a workforce of 128 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Yemeni Riyal (YR)

 

                                                Year Ending 31/12/07:              Year Ending 31/12/08:

 

Total Sales                                YR 1,547,521,205                      YR 1,750,000,000

 

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

 

The above financial figures were confirmed by Dr Abdul Hamid Al Azzazi, Managing Director.

 

 

BANKERS

 

Tadamon International Islamic Bank

Al Saeed Trade Centre

Al Zubeiri Street

PO Box: 2411

Sana’a

Tel: (967-1) 203270

Fax: (967-1) 203271

Email: info@tiib.com

 

Yemen Bank For Reconstruction & Development (YBRD)

PO Box: 9

Sana’a

Tel: (967-1) 298612 / 271609 

Fax: (967-1) 271682 / 274194

 

Saba Islamic Bank

Saif Bin Thi Yazen Street

PO Box: 11054

Sana’a

Tel: (967-1) 276337 / 276338

Fax: (967-1) 286505

Email: sababank@y.net.ye

 

 

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.60.10

UK Pound

1

Rs.99.85

Euro

1

Rs.85.58

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.