MIRA
INFORM REPORT
|
Report Date : |
21.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DAR AL DAWA DEVELOPMENT & INVESTMENT CO LTD |
|
|
|
|
Registered Office : |
Al Nour Complex, Wadi Saqra Street, Al Rabia Area, PO Box 9364, Amman
11191 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
2006 |
|
|
|
|
Date of Incorporation : |
17.08.1975 |
|
|
|
|
Com. Reg. No.: |
94, Amman |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacture and
Marketing of Pharmaceuticals and Drugs. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : DAR AL DAWA
DEVELOPMENT & INVESTMENT CO LTD
Doing Business As : DAR AL DAWA
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 17th
August 1975
Commercial
Registration Number : 94, Amman
Issued Capital : JD
20,000,000
Paid up Capital : JD
20,000,000
Total Workforce : 725
Activities :
Manufacture and marketing of pharmaceuticals and drugs.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 1,000,000
COMPANY NAME
DAR AL DAWA DEVELOPMENT &
INVESTMENT CO LTD
DOING BUSINESS AS
DAR AL DAWA
ADDRESS
Registered & Physical Address
Building : Al Nour
Complex
Street : Wadi Saqra
Street
Area : Al Rabia
Area
PO Box : 9364
Town : Amman 11191
Country : Jordan
Telephone : (962-6) 5539175
/ 5727132 / 5539176 / 5539414
Facsimile : (962-6)
5601568 / 5727776 / 5533199
Email : dad@mail.go.com.jo
Premises
Subject operates from a large suite of offices that are owned and
located in the Suburban Business Area of Amman.
Branch Office (s)
Location Description
· Nawar Area Owned
factory premises
Amman 11191
Tel :
(962-6) 5727132
Fax :
(962-6) 5727776
KEY PRINCIPALS
Name Position
· Nizar Abdul Raheem
Jardaneh Chairman
· Dr Sami Farah Al
Halabi Vice
Chairman
· Mohamed Sadeq Al
Fityani Managing
Director
· Nabbeh Al Nabulsi Director
· Samih Matalqa Director
· Mohamed Yaish Director
· Issa Qubain Director
· Mohamed Al Sabbagh Director
· Azmi Lattouf Director
· Dr Abdel Rahman
Toukan Director
· Mohamed Sameh
Qamhawi Director
· Raouf Salfiti Director
· Rashid A. Dawoodi Director
· Adnan Fraij Sales
Manager
· Khaldoun Shahati Marketing
Manager
· Ali M Ghanayem Finance
Manager
· Zaki Abu Ghazaleh Production
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 17th
August 1975
Legal Form : Public
Shareholding Company
Commercial Reg.
No. : 94, Amman
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Name of Shareholder (s)
· Nizar Abdul Raheem
Jardaneh
· Dr Sami Farah Al Halabi
· Mohamed Sadeq Al
Fityani
· Nabbeh Al Nabulsi
· Samih Matalqa
· Mohamed Yaish
· Issa Qubain
· Mohamed Al Sabbagh
· Azmi Lattouf
· Dr Abdel Rahman
Toukan
· Mohamed Sameh
Qamhawi
· Raouf Salfiti
· Rashid A. Dawoodi
· Approximately 4000
members of the public & private investors
AFFILIATED COMPANIES
Company Percentage
Held
· Dar Al Dawa
Veterinary & Agricultural Industrial Company Ltd
33.63%
Sahab Industrial
Estate
PO Box : 285
Amman 11710
Tel : (962-6)
4722559 / 5727981 / 5727982
Fax : (962-6)
4722579 / 5727984
· Dar Foodstuffs
Company Limited -
PO Box :
285
· Al Shifa Co for
Medical Industries -
Sana’a
Yemen
· Nutri Food
(NUTRIDAR) -
Amman
· Cosmo Dar -
Amman
OPERATIONS
Activities: Subject is engaged in the manufacture and marketing of the following
products:
-
Antibiotics, chemotherapeutics, antimycotics, dermatologicals,
anti-inflammatories and
analgesics, antihemorrhoidals,
cardiovasculars, gastrointestinals and anti-diabetics.
-
Central nerve system
products
-
Ophthalmologicals / otologicals / nasals
-
Respiratory products, vitamins, minerals, anti-histamines,
gonadotrophins and mouth
washes.
Subject holds a manufacturing licence from Parke Davis for 10 of its
products.
Import Countries: Switzerland, the United Kingdom and the Far East.
Export Countries: United Arab Emirates, Saudi Arabia, Iraq, Algeria,
Oman, Qatar, Bahrain, Yemen, Libya, Lebanon,
Tunisia and Romania.
Operating Trend: Steady
Subject has a workforce of approximately 725 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
|
Assets |
2006 |
2005 |
|
Cash on Hand & at Banks |
4,961,294
|
7,698,010
|
|
Account Receivables, Net |
25,576,165
|
22,486,753
|
|
Post Dated Cheques |
2,276,621
|
1,803,373
|
|
Short Term Investments |
231,761
|
325,819
|
|
Inventory |
7,523,923
|
6,732,064
|
|
Spare Parts |
0 |
0 |
|
Total Current Assets |
41,542,212
|
40,012,152
|
|
Long Term Investments |
13,910,068
|
11,190,148
|
|
Fixed Assets, Net |
7,184,897
|
6,659,404
|
|
Lands |
0 |
0 |
|
Projects in Progress |
130,245
|
267,246
|
|
Total Fixed Assets |
7,315,142
|
6,926,650
|
|
Other Assets |
0 |
0 |
|
Total Assets |
62,767,422
|
58,128,950
|
|
|
|
|
Liabilities & Owners Equity
|
|
|
Liabilities
|
|
|
|
Accounts and Notes Payable |
3,063,120
|
3,346,287
|
|
Credit Banks |
0 |
0 |
|
Short Term Loans |
0 |
0 |
|
Accrued Part of Long Term Loans |
0 |
0 |
|
Total Current Liabilities |
10,662,697
|
9,314,211
|
|
Long Term Loans & Notes Payable |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
|
Other Liabilities |
0 |
0 |
|
Total Liabilities |
10,662,697
|
9,314,211
|
|
|
|
|
Shareholders Equity
|
|
|
|
Authorized Capital |
20,000,000
|
20,000,000
|
|
Subscribed Capital |
20,000,000
|
20,000,000
|
|
Paid-in Capital |
20,000,000
|
20,000,000
|
|
Compulsory Reserves |
8,871,986
|
8,088,991
|
|
Voluntary Reserve |
8,595,477
|
7,029,487
|
|
Other Reserves |
8,690,432
|
7,907,436
|
|
Issuance Premium |
0 |
0 |
|
Issuance Discount |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
|
Proposed Cash Dividends |
4,000,000
|
4,000,000
|
|
Proposed Stock Dividends |
0 |
0 |
|
Accumulated Change in Fair Value |
0 |
0 |
|
Retained Earnings |
1,946,830
|
1,788,825
|
|
Total Shareholders Equity |
52,104,725
|
48,814,739
|
|
Minority Interest |
0 |
0 |
|
Total Liabilities & Shareholders Equity |
62,767,422
|
58,128,950
|
Income Statement
|
2006 |
2005 |
|
Sales, Net |
33,632,378
|
32,840,156
|
|
Cost of Goods Sold |
15,032,450
|
14,850,217
|
|
Gross Profit |
18,599,928
|
17,989,939
|
|
General and Administrative/ Expenses |
1,203,960
|
1,033,912
|
|
Selling and Distribution Expenses |
10,171,930
|
9,410,378
|
|
Depreciation (Period) |
796,854
|
740,017
|
|
Other Operating Expenses |
500,000
|
500,000
|
|
Net Operating Income |
6,724,038
|
7,045,649
|
|
Other Revenues |
1,232,876
|
1,275,123
|
|
Other Expenses |
126,959
|
58,338
|
|
Income Before Interest & Tax |
7,829,955
|
8,262,434
|
|
Interest Expenses |
0 |
0 |
|
Net Income before Tax |
7,829,955
|
8,262,434
|
|
Income Tax (Period) |
285,969
|
284,454
|
|
Income Tax ( Previous Years) |
0 |
0 |
|
Universities and Research Train Fees |
199,000
|
210,370
|
|
Board of Directors Remuneration |
55,000
|
55,000
|
|
Net Income |
7,289,986
|
7,712,610
|
|
Minority Interest |
0 |
0 |
|
Net Income Pertains to Shareholders |
7,289,986
|
7,712,610 |
Note: These are the latest financial figures available.
Local sources consider subject’s financial condition to be Good.
BANKERS
·
Jordan Investment & Finance Bank
Issam Ajlouni
Street
Shmeisani
PO Box :
950601
Amman
11195
Tel :
(962-6) 5665145 / 5692470
Fax :
(962-6) 5681410
·
Arab Bank Plc
King Faisal Street
PO Box : 8 &
68
Amman
Tel : (962-6)
5638161
Fax :
(962-6) 5637082
·
Jordan Kuwait Bank
Abdali Branch
PO Box : 9776
Amman
Tel : (962-6)
5688814
·
HSBC Bank Middle East
Khalid Bin Walid
Street
Jebel Hussein
PO Box : 925286
Amman
Tel : (962-6)
5660471 / 5607471
Fax : (962-6)
5692964
·
Jordan National Bank
PO Box : 1578
Amman
Tel : (962-6)
4612391
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Dar Al Dawa Development & Investment Co is a leading concern in its
field in Jordan and has been trading for over 30 years in the manufacture and
marketing of a wide range of pharmaceuticals and drugs. Subject enjoys a clear
operating history and exports its products mainly to Middle Eastern and African
countries.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk and the above
credit figure is within subject’s financial means.
Please note the correct name is “Dar Al Dawa Development &
Investment Co Ltd” and not “Dalal Dawa Development and Investment Co Ltd”.
Furthermore, the correct PO Box is 9364 and not 9384.
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. |
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%)