MIRA
INFORM REPORT
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Report Date : |
02.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
JERUSALEM PHARMACEUTICALS CO. LTD. |
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Registered Office : |
P.O. Box 3570, Nablus
Main Road, Al Bireh, Ramallah Palestinian Authority |
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Country : |
Israel |
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Date of Incorporation : |
1969 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Importers and marketers of pharmaceuticals and cosmetics products, including
ethical generic pharmaceuticals, OTC preparations and nutritional
supplements. |
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$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
Correct
Name
JERUSALEM PHARMACEUTICALS CO. LTD.
Also
known as
JEPHARM
address
P.O. Box 3570
Nablus Main Road
Al Bireh
RAMALLAH PALESTINIAN AUTHORITY
Telephone 972 2 240 65 50
Fax 972 2 240 32 46
HISTORY
Originally established as a foreign private limited company, registered in the
Palestinian Authority established in 1969 (registration number not
forthcoming – see NOTE at bottom).
In 1978, converted into a public limited company.
At a later stage, shares begun to be traded by the public.
SHARE CAPITAL
Paid up capital JOD 5,000,000 (5,000,000
shares of JOD 1.00 each).
SHAREHOLDERS
1.
Mohamed Masrouji, 7%
2.
Shares are also traded on the Palestinian Stock
Exchange (symbol: JPH).
DIRECTORS
1. Mohamed Masrouji, Chairman and
General Manager,
2. Ibrahim
Taweel,
3. Dr. Rana Husseini,
4. Dr. Nidal Kamal,
5. Dr. Darwish Assali,
6. Dr. Ezzeldin Abu Maizar,
7. Buthaina Duqmaq,
8. Iyad Masrouji,
9. Ghazi Mushtaha.
BUSINESS
Importers and marketers of pharmaceuticals and cosmetics products,
including ethical generic pharmaceuticals, OTC preparations and nutritional
supplements.
Sole local representatives of PAROUR, of France.
Operating from a premises on a large area in the Nablus Main Road, Al Bireh,
Ramallah, West Bank, Palestinian Authority.
Having 260 employees.
MEANS
Data from the B/S as of
30.09.2007 (in Jordanian Dinar):
Total assets: JOD 21,724,374
Total liabilities: JOD 3,090,893
Equity: JOD 18,633,481
(Note: 1.0 JOD = US$ 1.42 on 18.12.2007)
ANNUAL
SALES
2005 sales claimed to be US$ 13,000,000.
2006 sales claimed to be US$ 12,000,000.
2007 sales claimed to be US$ 13,500,000.
Sales for the first 9 months of 2007 were JOD 6,452,121, making a net
profit of JOD 1,261,361.
BANKERS
Arab Bank Plc., Ramallah Branch, Ramallah,
West Bank, Palestinian Authority.
Bank of Palestine Ltd., Ramallah Branch (Tannos building), West Bank,
Palestinian Authority.
CHARACTER
AND REPUTATION
Nothing unfavorable learned.
Subject is the largest pharmaceuticals
company in the Palestinian Territories.
Subject is ISO 9001 and ISO 14001 certified.
During 2004, the
Palestinian economy started to recover for the first time since the
deterioration in the political situation in the region in October 2000.
According to
researches, GDP per capita in the Palestinian authority in 2004 summed at US$
1,200, which is still lower than the GDP in 1999, which reached US$ 1,500. GDP
of the Palestinian Authority in 2004 was US$ 4.5 billion, 10% increase from
2003. Other positive figures were 27% increase in exports and 23% increase
in imports.
However, the World
Bank Report from 2006 states that year 2006 has been disastrous and one of the
worst years in their economic history, following the rising of the Hamas government.
It led to the suspension of donations and financial aid from the Western world,
as well as to internal conflict, including violence, between the Hamas
supporters and those of the Phatah movement.
According to
experts reports from December 2006, total GDP of the Palestinian Economy in
2006 was US$ 3 billion, and deteriorated to lower than US$ 1,000 GDP per
capita.
The Palestinian total annual export is
evaluated at US$ 0.5 billion. The industrial activity turnover is evaluated at US$
1.5 billion (data source as of July 2007), with some 80,000 employees.
Unless a drastic
change occurs in the political environment, the World Bank forecasts a negative growth rate of 2% per annum.
SUMMARY
Good for trade engagements.
Maximum unsecured credit recommended US$ 350,000.
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. |
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%)