MIRA INFORM REPORT

 

 

Report No. :

310744

Report Date :

13.03.2015

 

IDENTIFICATION DETAILS

 

Name :

AJA PHARMACEUTICAL INDUSTRY COMPANY

 

 

Registered Office :

Al Ahsa Street, Al Malaz District, PO Box 2665, Riyadh 11461

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

16.06.2012

 

 

Com. Reg. No.:

1010342058

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import, manufacture and distribution of pharmaceuticals

 

 

No. of Employees :

100

 

 

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

 

Maximum Credit Limit :

US$ 200,000

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SAUDI ARABIA - ECONOMIC OVERVIEW

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AJA PHARMACEUTICAL INDUSTRY COMPANY

Also Known As                                     : AJA PHARMA COMPANY LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 16th June 2012

Commercial Registration Number           : 1010342058, Riyadh

Issued Capital                                       : SR 5,000,000

Paid up Capital                                     : SR 5,000,000

Total Workforce                                     : 100

Activities                                               : Manufacture and distribution of pharmaceuticals.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 200,000

 

 

 

COMPANY NAME

 

AJA PHARMACEUTICAL INDUSTRY COMPANY

 

 

ALSO KNOWN AS

 

AJA PHARMA COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Ahsa Street

Area                 : Al Malaz District

PO Box            : 2665

Town                : Riyadh 11461

Country             : Saudi Arabia

Telephone         : (966-11) 2066351

Facsimile          : (966-11) 2066349

Email                : info@ajapharma.com

 

Premises

 

Subject operates from a suite of offices, a warehouse and a factory covering 120,000 m2 that are owned and located in the Suburban Business Area of Riyadh.

 

Branch Office (s)

 

Location                                                                                               Description

 

Road No. 32                                                                                         Factory premises

Hail City

Saudi Arabia

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ahmed Bin Khaled Al Saud                                                        Managing Director

 

Dr Mohamed Al Bada                                                                General Manager

 

Faisal Bin Dail                                                                           Assistant General Manager

 

Majid Quwaider                                                                         Chief Financial Officer

 

Rex Espiritu                                                                              Accounts Manager

 

Abdullah Alzomaie                                                                     Scientific & Regulatory Affairs Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th June 2012

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 1010342058, Riyadh

 

Issued Capital              : SR 5,000,000

 

Paid up Capital            : SR 5,000,000

 

Name of Partner (s)                                                    Percentage                                             

 

Saudi Chemical Company                                              100%

 

 

AFFILIATED COMPANIES

 

Saudi International Trading Co (SITCO)

 

 

OPERATIONS

 

Activities: Engaged in the import, manufacture and distribution of pharmaceuticals

 

Import Countries: Europe

 

Subject has a workforce of 100 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Saudi American Bank

PO Box: 833

Riyadh 11471

Tel: (966-11) 4774770

 

National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-11) 4772281

Fax: (966-11) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

CREDIT recommendation

 

Recommended credit limit:                  US$ 200,000

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.57

UK Pound

1

Rs.93.57

Euro

1

Rs.65.95

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.