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Report No. : |
310743 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MODERN
PHARMACEUTICAL INDUSTRIES |
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|
|
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Registered Office : |
Hodeidah Road,
Bait Azran Area, P O Box 13848, Sana’a |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2014 |
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Year of Establishments : |
1999 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
manufacture of pharmaceutical preparations and medicines. [NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
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No of Employees : |
350 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 700,000 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Yemen |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 $7 billion in assistance
to Yemen. The Yemeni Government also endorsed a Mutual Accountability Framework
to facilitate the efficient implementation of donor aid. The unrest that began
in early 2011 caused GDP to plunge almost 11% in 2011. Availability of basic
services, including electricity, water, and fuel, has improved since the
transition, but progress toward achieving more sustainable economic stability
has been slow and uneven. Yemen continues to face difficult long-term
challenges, including declining water resources, high unemployment, severe food
scarcity, and a high population growth rate.
|
Source
: CIA |
Company Name : MODERN PHARMACEUTICAL INDUSTRIES
Country of Origin : Yemen
Legal Form : Limited Liability Company
Registration Date : 1999
Chamber Membership Number : 19181
Issued Capital : US$ 11,000,000
Paid up Capital : US$ 11,000,000
Total Workforce : 350 (Approximately)
Activities : Manufacturers of pharmaceutical preparations and medicines
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Recommended Credit Limit : US$ 700,000
Person Interviewed : Anwar Hameed, Finance Manager
MODERN PHARMACEUTICAL INDUSTRIES
Registered &
Physical Address
Street : Hodeidah Road
Area : Bait Azran Area
PO Box : 13848
Town : Sana’a
Country : Yemen
Telephone : (967-1) 526171
Facsimile : (967-1) 526174
Mobile : (967-77) 7770914
Email : info@alzubairi.com / modernpharmaye@gmail.com
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Sana.
Name Position
·
Mohamed
Salem Ba Hobaish Chairman
·
Waleed
Mohamed Saeed Al Shatfa Vice
Chairman
·
Abdulrahman
Mohamed Al Shammary Director
·
Abod
Saleh Abdullah Lahoom Director
·
Salem
Mohamed Salem Ba Hobaish Director
·
Faris
Tariq Siman Director
·
Abdulaziz
Al Kabbab Director
·
Anwar
Hameed Finance
Manager
·
Mohamd
Fayed Purchasing
Manager
Date of Establishment : 1999
(Production began in 2002)
Legal Form :
Limited Liability Company
Chamber Member No. : 19181
Issued Capital : US$ 11,000,000
Paid up Capital : US$ 11,000,000
Name of
Shareholder (s)
·
Mohamed
Salem Ba Hobaish
·
Waleed
Mohamed Saeed Al Shatfa
·
Abdulrahman
Mohamed Al Shammary
·
Abod
Saleh Abdullah Lahoom
·
Salem
Mohamed Salem Ba Hobaish
·
Faris
Tariq Siman
·
Abdulaziz
Al Kabbab
·
Local
businessmen and private investors
·
Global Pharmaceutical
Co
Sana’a
Tel: (967-1) 526171
Fax: (967-1) 526174
Activities: Engaged in the manufacture of
pharmaceutical preparations and medicines.
Operating Trend: Steady
Subject has a
workforce of approximately 350 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Revenue US$ 16,820,000 US$ 18,000,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr. Anwar Hameed, Finance Manager
·
National
Bank of Yemen
Zubairy Street
PO Box: 198309
Sana’a
Tel: (967-1) 284123
Fax: (967-1) 284128
No complaints
regarding subject’s payments have been reported.
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.62.20 |
|
UK Pound |
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.