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MIRA
INFORM REPORT
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Report Date : |
18.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PIONEERS FOR
VETERINARY & AGRICULTURAL MED IND CO LTD (PIOVET) |
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Registered Office : |
Al Khazimdar Center,
Al Madinah Al Munawarah Street, P O Box 4455, Amman 11131 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
4th April 2004 |
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Com. Reg. No.: |
8687, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
manufacture of veterinary medicines and pharmaceuticals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
PIONEERS FOR VETERINARY & AGRICULTURAL MED
CO LTD (PIOVET)
Country of Origin :
Legal Form : Limited Liability Company
Registration Date : 4th April 2004
Commercial Registration Number :
8687,
Issued Capital : JD 910,000
Paid up Capital : JD 910,000
Total Workforce : 30
Line of Business : Manufacturers of veterinary medicines and pharmaceuticals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PIONEERS FOR
VETERINARY & AGRICULTURAL MED IND CO LTD (PIOVET)
ADDRESS
Registered & Physical Address
Building : Al
Street :
PO Box : 4455
Town :
Country :
Telephone : (962-6) 5521884
Facsimile : (962-6) 5521886
Email : info@piovet.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Amman.
Branch Office (s)
Location Description
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Qatrana
Al Karak Factory
premises
KEY PRINCIPALS
·
Khaled
Atta Manasrah Chairman
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Ziad
Attah Ahmed Manasrah Managing
Director
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Hisham
Hamoudeh General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 4th
April 2004
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited
Liability Company)
Commercial Reg. No. : 8687,
Issued Capital : JD 910,000
Paid up Capital : JD 910,000
Name of Shareholder
(s) Percentage
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Horizons
Investment & Real Estate Dev Co 83.33%
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Ziad
Attah Ahmed Manasrah 16.66%
Note to the Legal Form
A Limited Liability Company is defined in the Company Law as a company incorporated with a minimum of two and maximum of fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
LINE OF BUSINESS
Operations : Engaged in the manufacture of veterinary
medicines and pharmaceuticals.
Import Countries
: Europe and the
Export Countries
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Operating Trend
: Steady
Subject has a
workforce of 30 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Jordanian
Dinars (JD)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue JD 254,880 JD 708,000
Total Assets JD 1,400,000 JD
1,400,000
Stock JD 141,600 JD 155,760
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Jordan
National Bank
Jabal
PO Box : 1578
Tel : (962-6) 5642391
Fax : (962-6) 5628809
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2004, subject is involved in the manufacture of veterinary medicines and
pharmaceuticals.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)