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MIRA INFORM REPORT
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Report No. : |
503385 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PHARMALAND PHARMACEUTICALS INDUSTRIES |
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Registered Office : |
Al Bager Industrial Area, Al Kamlein, El Jazera Khartoum |
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Country : |
Sudan |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
2011 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture of basic
pharmaceutical products. |
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No. of Employees : |
50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Sudan |
D |
D |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SUDAN - ECONOMIC
OVERVIEW
Sudan has experienced protracted social conflict, civil war, and, in July 2011, the loss of three-quarters of its oil production due to the secession of South Sudan. The oil sector had driven much of Sudan's GDP growth since 1999. For nearly a decade, the economy boomed on the back of rising oil production, high oil prices, and significant inflows of foreign direct investment. Since the economic shock of South Sudan's secession, Sudan has struggled to stabilize its economy and make up for the loss of foreign exchange earnings. The interruption of oil production in South Sudan in 2012 for over a year and the consequent loss of oil transit fees further exacerbated the fragile state of Sudan’s economy. Ongoing conflicts in Southern Kordofan, Darfur, and the Blue Nile states, lack of basic infrastructure in large areas, and reliance by much of the population on subsistence agriculture, keep close to half of the population at or below the poverty line.
Sudan is also subject to comprehensive US sanctions. Sudan is attempting to develop non-oil sources of revenues, such as gold mining, while carrying out an austerity program to reduce expenditures. The world’s largest exporter of gum Arabic, Sudan produces 75-80% of the world’s total output. Agriculture continues to employ 80% of the work force.
Sudan introduced a new currency, still called the Sudanese pound, following South Sudan's secession, but the value of the currency has fallen since its introduction. Khartoum formally devalued the currency in June 2012, when it passed austerity measures that included gradually repealing fuel subsidies. Sudan also faces high inflation, which reached 47% on an annual basis in November 2012 but subsided to about 20% in 2016-17.
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Source
: CIA |
SUMMARY
Company Name : PHARMALAND PHARMACEUTICALS INDUSTRIES
Previously Known As : ELITE PHARMACEUTICAL
Trade Names : PHARMALAND PHARMACEUTICALS FACTORY
PHARMALAND PHARMACEUTICALS SUDAN
Country of Origin : Sudan
Legal Form : Limited Liability Company
Registration Date : 2011
Issued Capital : SD 1,000,000
Paid up Capital : SD 1,000,000
Total Workforce : 50
Activities : Manufacture of basic pharmaceutical products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
PHARMALAND
PHARMACEUTICALS INDUSTRIES
TRADE
NAMES: PHARMALAND PHARMACEUTICALS FACTORY
PHARMALAND PHARMACEUTICALS
SUDAN
ADDRESS
Registered &
Physical Address
Location : Al
Bager Industrial Area, Al Kamlein, El Jazera
Town :
Khartoum
Country :
Sudan
Telephone :
(249-156) 662300
Email : mrkt@hikma.com
Premises
Subject operates from a medium sized suite of offices and a
factory that are rented and located in the Industrial Area of Khartoum.
KEY
PRINCIPALS
Name Nationality Position
· Abdelnaser
Ali Sudanese General Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 2011
Legal
Form : Limited
Liability Company
Issued Capital : SD
1,000,000
Paid up Capital : SD
1,000,000
Name of Shareholder (s)
· Hikma
Pharmaceuticals PLC
· Local businessmen
and private investors
OPERATIONS
Activities: Engaged in the manufacture of basic
pharmaceutical products.
Operating Trend: Steady
Subject has a workforce of 50 employees
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: Sudanese Dinars (SD)
Year
Ending 31/12/15: Year Ending
31/12/16:
Total Sales SD
5,000,000 SD 5,240,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Mashreq Bank PSC
PO
Box: 371
Baldia
Street
Khartoum
Tel:
(249-183) 772881
Fax:
(249-183) 772969
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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SDG |
1 |
INR 3.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.