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MIRA INFORM REPORT
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Report No. : |
489124 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AMI PHARMA LABORATORIES LTD |
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Registered Office : |
Block No. 33, Plot 7 North Khartoum Light Industrial Area
PO Box 180 Khartoum 13311 |
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Country : |
Sudan |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
1975 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture of pharmaceutical
products. |
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No. of Employees : |
900 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 was subject to comprehensive US sanctions, which were lifted in October 2017. Sudan is attempting to develop non-oil sources of revenues, such as gold mining and agriculture, 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 fell to about 35% per year in 2017.
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Source
: CIA |
SUMMARY
Company Name : AMI PHARMA LABORATORIES LTD
Country of Origin : Sudan
Legal Form : Limited Liability Company
Registration Date : 1975
Issued Capital : US$ 85,000,000
Paid up Capital : US$ 85,000,000
Total Workforce : 900
Activities : Manufacture of pharmaceutical products
Financial Condition : Fair
Payments : Regular
COMPANY
NAME
AMI PHARMA LABORATORIES LTD
ADDRESS
Registered &
Physical Address
Building :
Block No. 33, Plot 7
Area :
North Khartoum Light Industrial Area
PO Box :
180
Town :
Khartoum 13311
Country : Sudan
Telephone :
(249-185) 311442 / 311443 / 311448 / 325199 / 325299 / 325399
Facsimile :
(249-185) 325699 / 314721 / 311722
Email : info@amipharma-labs.com
Premises
Subject operates from a suite of offices and a factory
covering 58,000 m2 that
are rented and located in the Industrial Area of Khartoum.
Branch Office (s)
Location Description
· Khartoum Office
premises
Tel:
(249-183) 781755 / 779297
Fax:
(249-183) 781975 / 771482
· Medani Office
premises
Tel:
(249-511) 842998 / 849070
Fax:
(249-511) 841235
· Nyala Office
premises
Tel:
(249-711) 830705 / 832647
Fax:
(249-711) 836243
· Port
Sudan Office
premises
Tel:
(249-311) 824247 / 825584
Fax:
(249-311) 821311 / 820920
KEY
PRINCIPALS
Name Position
· Dr Ahmed Elbadawi M E Hamid Managing
Director
· Mohamed El Ameen Hamid Director
· Amjad Zuhair Administration
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 1975,
however production started in 1983
Legal
Form : Limited
Liability Company
Issued Capital : US$
85,000,000
Paid up Capital : US$
85,000,000
Name of Shareholder (s)
·
Dr Ahmed Elbadawi M E Hamid
· Mohamed El Ameen Hamid
· Elamin
Hamid Group
OPERATIONS
Activities: Engaged in the manufacture of
pharmaceutical products.
Amipharma captured over 40% of total
Sudanese pharmaceutical market share. Amipharma currently
produce 80 products to the market and over
38 products in the pipeline for registration.
Subject is ISO 9001:2000 accredited.
Import Countries: Europe and the Far East
Subject has a workforce of approximately 900 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: United States Dollars (US$)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales US$
75,000,000 US$ 77,200,000
Local sources consider subject’s financial condition to be
Good.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Bank of Khartoum
8
Gamhouria Avenue
PO
Box: 1008
Khartoum
Tel:
(249-183) 772880
PAYMENT
HISTORY
Regular
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.
Local sources report that the subject’s operating history is
clear with payment obligations met in a generally timely manner. The financial
position is satisfactory and the company is deemed 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 63.61 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.95 |
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SDG |
1 |
INR 3.57 |
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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VIV |
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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.