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MIRA INFORM REPORT
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Report No. : |
491274 |
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Report Date : |
21.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AL HAYA MEDICAL CO LTD |
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Registered Office : |
Al Waleed Building Abdulmalak Bin Marwan Street Al Moetamarat Area, PO Box 442 & 7633 Riyadh 11472 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
15.06.2000 |
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Com. Reg. No.: |
1010079003 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of
pharmaceuticals and hospital supplies. |
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No. of Employees : |
700 |
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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Maximum Credit Limit : |
US$ 4,500,000 |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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Saudi Arabia |
A2 |
A2 |
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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 |
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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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.
In 2017, the Kingdom incurred a budget deficit estimated at 8.3% of GDP, which was financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has cut capital spending and reduced subsidies on electricity, water, and petroleum products and plans to introduce a value-added tax. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the health care, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.
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Source
: CIA |
SUMMARY
Company Name : AL HAYA MEDICAL CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 15th June 2000
Commercial Registration Number : 1010079003, Riyadh
Chamber Membership Number : 856
Issued Capital : SR 25,000,000
Paid up Capital : SR 25,000,000
Total Workforce : 700
Activities : Distributors of pharmaceuticals and hospital supplies
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
Recommended Credit Limit : US$ 4,500,000
Person Interviewed : Ibrahim Shatrat, Finance Manager
COMPANY
NAME
AL HAYA MEDICAL CO
LTD
ADDRESS
Registered &
Physical Address
Building :
Al Waleed Building
Street :
Abdulmalak Bin Marwan Street
Area :
Al Moetamarat Area
PO Box : 442
& 7633
Town :
Riyadh 11472
Country : Saudi Arabia
Telephone :
(966-11) 4641376 / 4655075
Facsimile :
(966-11) 4646441 / 4652354
Email :
info@alhaya-medical.com / gm.sec@alhaya-medical.com / fcontroller@alhaya-medical.com
Premises
Subject operates from a large suite of offices and a
warehouse that are rented and located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
· Jeddah Office
premises
Tel:
(966-12) 6725504
Fax:
(966-12) 6718218
· Al
Khobar Office
premises
Tel:
(966-13) 8991761
Fax:
(966-13) 8952897
· Abha Office
premises
Tel:
(966-17) 2270363
Fax:
(966-17) 2270474
· Madinah Office
premises
Tel:
(966-14) 8289888
Fax: (966-14)
8251952
· Qassim Office
premises
Tel:
(966-16) 3816380
Fax:
(966-16) 3810775
KEY
PRINCIPALS
Name Position
·
Dr Walid Amin Al Kayyali Managing
Partner
·
Khalid Walid Amin Al Kayyali Partner
· Ibrahim Shatrat Finance
Manager
· Jafaar Tofaha Marketing
Manager
· Mohamed Abu Arab Purchasing
Manager
· Hamdy Zaki Supply
Chain Manager
· Zaid
Mostafa Al Kilani Accountant
LEGAL
FORM & OWNERS
Date
of Establishment :
13/03/1421 Hijri (corresponding to 15th June 2000)
Legal
Form : Limited
Liability Partnership
Commercial
Reg. No. : 1010079003, Riyadh
Chamber
Member No. : 856
Issued Capital : SR
25,000,000
Paid up Capital : SR
25,000,000
Name of Partner (s)
· Dr Walid Amin Al Kayyali
· Khalid Walid Amin Al Kayyali
·
Ms Mona Walid Amin Al Kayyali
·
Ms Hala Walid Amin Al Kayyali
· Mrs Jameela Abdullah Al Kayyali
OPERATIONS
Activities: Engaged in the import and distribution
of pharmaceuticals and hospital supplies.
Import Countries: Sweden, Switzerland, United
States of America, Germany and United Kingdom
International Suppliers:
· EXINI
Diagnostics AB Sweden
· Eye-Systems
GmbH Switzerland
· J
& J United
States of America
· Merck
Export Germany
· Octa
Pharma Switzerland
· Smith
& Nephew United
Kingdom
Brand Names: SMITHKLINE
BEECHAM, JANSSEN, MERCK, LIPHA, SMITH & NEPHEW, NORGINE, DUPONT,
BECTON DICKINSON, PHARMACIA & UPJOHN and ANTIGEN
Operating Trend: Steady
Subject has a workforce of approximately 700 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/15: Year Ending
31/12/16:
Total Sales SR
2,200,000,000 SR
1,546,000,000
Local sources consider subject’s financial condition to be
Good.
The above figures were provided by Mr Ibrahim Shatrat, Finance Manager. He also stated
that the decline in Revenue during 2016 was due to a reduction in government
contracts being awarded.
BANKERS
·
National Commercial Bank
Malaz
Branch
PO
Box: 42536
Riyadh
11551
Tel:
(966-11) 4776450
Fax:
(966-11) 4769502
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
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 64.53 |
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1 |
INR 90.13 |
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Euro |
1 |
INR 70.86 |
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UAE DH |
1 |
INR 17.64 |
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
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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.