MIRA INFORM REPORT

 

 

Report Date :

23rd February, 2007

 

IDENTIFICATION DETAILS

 

Name :

JORDAN RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)

 

 

Registered Office :

Jerzim Building, Queen Rania Street, Al Jubaiha Area, PO Box: 1601, Amman 11941, Jordan.

 

 

Country :

Jordan

 

 

Date of Incorporation :

1999

 

 

Com. Reg. No.:

12602, Amman

 

 

Legal Form :

Sharikat Thet Massouliya Mahdoudeh Khassa (Private Limited Liability   Company)

 

 

Line of Business :

Engaged in the manufacture of pharmaceuticals, including analgesics, antipyretics, laxatives, antibiotics, anti-inflammatories and anaesthetics.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 400,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

 

Company Name

JORDAN RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)

Country of Origin

Jordan

Legal Form

Private Limited Liability Company

Registration Date

1999

Commercial Registration Number

12602, Amman

Issued Capital

US$ 4,280,000

Paid up Capital

US$ 4,280,000

Total Workforce

112

Line of Business

Manufacture of pharmaceuticals.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

JORDAN RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Jerzim Building

Street               : Queen Rania Street

Area                 : Al Jubaiha Area

PO Box             : 1601

Town                 : Amman 11941

Country             : Jordan

Telephone         : (962-6) 5343674

Facsimile          : (962-6) 5343675

Email                : admin@joriver.com

                          joriver@joinnet.com.jo

 

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Amman.

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       North Amman                                                                       Owned factory, warehousing &

Amman                                                                                laboratory facilities covering an area of

     Tel: (962-6) 5320624 / 5320623                                               39,000 square feet

     Fax: (962-6) 4723963

 

 

KEY PRINCIPALS

 

·       Dr Jihad Redwan Al Maani                                                     Chairman

 

·       Dr Farouq Dyab Salameh                                                       President

 

·       Fouad Al Abbasi                                                                   Director

 

·       Nihad Al Gaoud                                                                     Director

 

·       Dr Dawood Salameh                                                              General Manager

 

 

·       Mahmoud Sabty                                                                    Quality Assurance Manager

 

·       Dr Fouad A Ibrahim                                                               R & D Manager

 

·       Dr Azzam Swam                                                                   Logistics Manager

 

·       Ahmed Abu Saleh                                                                 Engineering Manager

 

·       Dr Ayman Mahmoud                                                              Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh Khassa (Private Limited Liability

  Company)

 

Commercial Reg. No.  : 12602, Amman

 

Issued Capital              : US$ 4,280,000

 

Paid up Capital            : US$ 4,280,000

 

 

Name of Shareholder (s)

 

·       Dr Jihad Redwan Al Maani

 

·       Dr Farouq Dyab Salameh

 

·       Fouad Al Abbasi

 

·       Nihad Al Gaoud

 

 

LINE OF BUSINESS

 

Operations : Engaged in the manufacture of pharmaceuticals, including analgesics, antipyretics, laxatives, antibiotics, anti-inflammatories and anaesthetics.

 

Subject is ISO 9002 certified.

 

Production Capacity:   Solid Dosage form                      360 million per annum

                                                                                                                    Liquid Dosage form                          30 million per annum

                                                                                                             Semi-Solid Dosage form

                                                                                                                                                            - Supp & Ovules   21 million per annum

                                                - Topical                          20 million per annum

 

Import Countries: United Kingdom, Switzerland, United States of America and the Far East.

 

 

Clients:

 

·       Maskati Pharmacy WLL                                Bahrain

·       Al Amin Plc for Medical & Para Medical          Eritrea

·       Al Noor Scientific Drug Bureau                       Iraq

·       Jarzeem Medical Store                                  Jordan

·       Mohammed R. Hassouneh Est.                      Lebanon

·       National Pharmacy LLC                                 Oman

·       Ebn Sina Medical Est                                    Qatar

·       Al Ashban Trading Est                                   Saudi Arabia

·       S.O. Pharmaceuticals (SOP)                         Dubai, UAE

·       El Exir Drug Chemicals & Medical Serves Co  Sudan

·       Al Garash Trading                                         Yemen

·       Pharma Globe                                               United Kingdom

 

Export Countries : Subject is in the process of registering its products in approximately 60 countries and  currently deals with markets in the Middle East and Africa, as well as Europe.

 

Operating Trend : Steady

 

Subject has a workforce of 112 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Jordanian Dinars (JD)

 

                                                Year Ending 31/12/04:                            Year Ending 31/12/05:

 

Total Revenue                            JD 4,560,000                                         JD 4,800,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Union Bank for Saving & Investment (UBSI)

Chamber of Commerce Building

Shmeisani

PO Box : 35104

Amman

Tel   : (962-6) 5666148 / 5666170 / 5666171 / 5675558

     Fax : (962-6) 5666149

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

Date of transaction                              August 2003

Credit amount                                        130,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Jordan River Pharmaceutical Industries Ltd (JORIVER) was registered in 1999 and has made excellent progress in the local market. It is engaged in the manufacture of pharmaceuticals exporting them to many well known regional clients.

 

The company is managed in a professional manner and the operating history is clear with no problems reported regarding the manner in which payment obligations are fulfilled. As such the company is deemed a sound trade risk.

 

Maximum suggested credit figure: US$ 400,000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions