MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

KUWAIT SAUDI PHARMACEUTICAL INDUSTRIES CO KSCC (KSP)

 

 

Registered Office :

Southern Sabhan, Block 4, Street No. 103, Building No. 1, Sabhan Industrial Area, P O Box: 5512, Safat 13056

 

 

Country :

Kuwait

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.05.1994

 

 

Com. Reg. No.:

56925, Safat

 

 

Legal Form :

Kuwaiti Shareholding Company Closed - KSCC

 

 

Line of Business :

Manufacturing, Marketing and Distribution of Pharmaceutical and Health Care Products.

 

 

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 :

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Kuwait

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

KUWAIT - ECONOMIC OVERVIEW

 

Kuwait has a geographically small, but wealthy, relatively open economy with crude oil reserves of about 102 billion barrels - more than 6% of world reserves. Petroleum accounts for nearly half of GDP, 95% of export revenues, and 95% of government income. Kuwaiti officials have committed to increasing oil production to 4 million barrels per day by 2020. Budget surpluses have stayed around 30% of GDP, which has led to higher budget expenditures, particularly wage hikes for many public sector employees, as well as increased allotments to Kuwait’s Future Generations Fund. Kuwait has done little to diversify its economy, in part, because of this positive fiscal situation, and, in part, due to the poor business climate and the historically acrimonious relationship between the National Assembly and the executive branch, which has stymied most movement on economic reforms. In 2010, Kuwait passed an economic development plan that pledges to spend up to $130 billion over five years to diversify the economy away from oil, attract more investment, and boost private sector participation in the economy, though much of these funds have yet to be allocated.

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                     : KUWAIT SAUDI PHARMACEUTICAL INDUSTRIES CO KSCC (KSP)

Country of Origin                                    : Kuwait

Legal Form                                            : Kuwaiti Shareholding Company Closed - KSCC

Registration Date                                   : 15th May 1994

Commercial Registration Number            : 56925, Safat

Chamber Membership Number                : 42504

Issued Capital                                        : KD 10,787,000

Paid up Capital                                      : KD 10,787,000

Total Workforce                                     : 250

Activities                                               : Manufacturing, marketing and distribution of pharmaceutical and health care products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : C Mathew, Finance Manager

 

 

COMPANY NAME

 

KUWAIT SAUDI PHARMACEUTICAL INDUSTRIES CO KSCC (KSP)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Southern Sabhan, Block 4, Street No. 103, Building No. 1

Area                 : Sabhan Industrial Area

 

PO Box             : 5512

 

Town                 : Safat 13056

Country             : Kuwait

 

Telephone         : (965) 24745012 / 24745014 / 24745013 / 24748457 / 24748398

Facsimile          : (965) 24745361

Email                : info@kspico.com / accounts@kspico.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Safat.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Abdul Rahman Abdullah Al Awadhi                                     Chairman

 

·       Abdullah Asaad Mohamed                                                                 Managing Director

 

·       Dr Issa Jassim Mohamed Al Khalifa                                                    Chief Executive Officer

 

·       Dr Asaad Ibrahim                                                                              Sales Manager

 

·       Dr Alaa Eddine Yousri                                                                       Production Manager

 

·       Dr Ibrahim Khattab                                                                            Factory Manager

 

·       Dr Tariq Al Habib                                                                               Marketing Manager

 

·       C Mathew                                                                                         Finance Manager

 

·       Nassim Zubaidi                                                                                 Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th May 1994

 

Legal Form                  : Kuwaiti Shareholding Company Closed - KSCC

 

Commercial Reg. No.  : 56925, Safat

 

Chamber Member No. : 42504

 

Issued Capital              : KD 10,787,000

 

Paid up Capital            : KD 10,787,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Securities Group                                                                   50%

Safat

 

·       National Pharmaceutical Industries Co                                    32%

Safat

 

·       Dr Abdul Rahman Abdullah Al Awadhi                         18%

 

 

OPERATIONS

 

Activities: Engaged in the manufacturing, marketing and distribution of pharmaceutical and health care products.

     Dosage forms include oral solids, liquids, haemodialysis, peritoneal dialysis and parenterals.

 

Clients include the Kuwaiti Ministry of Health, King Fahad Hospital, Saudi Arabia, Government of Dubai, Bahrain Defence Hospital, and the Ministries of Health in countries including Ethiopia, Lebanon, Jordan and Yemen.

 

Clients:

 

 

·         Fresenius Medical Care

Germany

·         Mepha Pharmaceuticals

Switzerland

·         Ministry Of Health

Kuwait

·         Ministry Of Health

Saudi Arabia

·         King Fahad Hospital

Saudi Arabia

·         King Faisal Hospital

Saudi Arabia

·         Ministry Of Health

UAE

·         Ministry Of Education

UAE

·         Government Of Dubai

UAE

·         Ministry Of Health

Bahrain

·         Bahrain Defence Hospital

Bahrain

·         Ministry Of Health

Qatar

 

 

 

·         Hamad Medical Stores

Qatar

·         Ministry Of Health

Oman

·         Sultan Qabous Hospital

Oman

·         Ministry Of Defence

Oman

·         Ministry Of Health

Ethiopia

·         Ministry Of Health

Lebanon

·         Ministry Of Health

Jordan

·         Ministry Of Health

Yemen

·         Kuwait Oil Company

Kuwait

·         Kuwait National Petroleum Company

Kuwait

 

Production Capacity:   Tablets/Capsules: 1200m tablet/capsule

                                    Liquids: 30m Bottles

                                    Large Volume Parenterals: 12m Bottles

 

Import Countries: Germany, Switzerland, Italy and the United States of America

 

International Suppliers:

 

·       PharmaPlan GmbH                   Germany

·       Fresenius Medical Care           Germany

·       R. Bosch GmbH                      Germany

·       Novartis Enterprise                Switzerland

·       F. Hoffmann- LA Roche Ltd    Switzerland

·       Mepha Pharmaceuticals        Switzerland

·       S.I.M.S Pharmaceuticals       Italy

·       Bioindustria                          Italy

·       Mallinckrodt Tyco                  United States of America

 

Export Countries: Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Oman, Yemen, Ethiopia, Sudan, Jordan,

                 Syria, Iraq, and Libya

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Kuwaiti Dinars (KD)

 

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

 

Total Sales                    KD 9,982,000                            KD 10,314,000

 

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

 

The above figures were provided by Mr C Mathew, Finance Manager

 

 

BANKERS

 

·       Al Ahli Bank of Kuwait KSC

Mubarak Al Kabir Street

PO Box: 1387

Safat 13033

Tel: (965) 22411101 / 22411102

 

·       Industrial Bank of Kuwait

Commercial Area No. 9

PO Box: 3146

Safat 13032

Tel: (965) 22457661

Fax: (965) 22462057

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  June 2006                    March 2009                  November 2013

Credit amount                            150,000             150,000             500,000

Amount overdue             0                                  0                                  0

Payment terms                          60 days                         60 days                         60 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   US Dollars                     US Dollars                     Euros

 

 

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.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.