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Report No. : |
301515 |
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Report Date : |
08.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PIONEER PHARMACEUTICAL INDUSTRIES LTD |
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Registered Office : |
Al Hurryah Street, Shaoob, PO Box 25562, Sana’a |
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Country : |
Yemen |
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Date of Incorporation : |
01.03.2014 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject will be engaged in the manufacture of generic pharmaceutical
products. |
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No. of Employee : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 |
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Restricted |
C2 |
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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 |
Company Name :
PIONEER PHARMACEUTICAL INDUSTRIES LTD
Country of Origin :
Yemen
Legal Form :
Limited Liability Company
Registration Date :
1st March 2014
Issued Capital :
YR 10,000,000
Paid up Capital :
YR 10,000,000
Total Workforce :
8
Activities :
Manufacturers of generic pharmaceutical products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Dr Abdullah Al Suhaili,
General Manager
PIONEER PHARMACEUTICAL INDUSTRIES LTD
Registered &
Physical Address
Street : Al Hurryah
Street
Area : Shaoob
PO Box :
25562
Town : Sana’a
Country : Yemen
Telephone : (967-1) 258704
Facsimile : (967-1) 230227
Mobile : (967-77) 7779036
Email : info@alzubairi.com
/ pioneerpharma@yemen.net.ye
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Sana’a.
Name Position
Mohamed Othman Al Hashidi Managing
Director
Othman Al Hashidi Director
Dr Abdullah Al
Suhaili General
Manager
Hilal Al Bedai Project
Manager
Date of Establishment : 1st
March 2014 (production will start 2nd quarter of 2015)
Legal Form : Limited Liability
Company
Issued Capital : YR 10,000,000
Paid up Capital : YR 10,000,000
Name of Shareholder (s)
Mohamed Othman Al Hashidi
Othman Al Hashidi
Activities: Subject will be engaged in the manufacture of generic pharmaceutical
products.
Subject has a workforce of 8 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
Cooperative & Agricultural Credit Bank
PO Box: 2850 & 2015
Sana’a
Tel: (967-1) 207817 / 207327
Fax: (967-1) 219236 / 203742
Saba Islamic Bank
Saif Bin Thi Yazen Street
PO Box: 11054
Sana’a
Tel: (967-1) 276337 / 276338
Fax: (967-1) 286505
Unknown
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.45 |
|
|
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.75.27 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
TPT |
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.