MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARAB CENTER FOR PHARMACEUTICALS & CHEMICAL INDUSTRIES |
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Registered Office : |
Amman Industrial
Estate, Sahab, PO Box 22, Amman 11512 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
05.06. 1983 |
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Com. Reg. No.: |
185, Amman |
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Legal Form : |
Public Shareholding Company |
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Line of Business : |
Manufacture of Gelatine Capsules. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ARAB CENTER FOR PHARMACEUTICALS & CHEMICAL INDUSTRIES
CO
Country of Origin : Jordan
Legal Form : Public Shareholding Company
Registration Date : 5th June 1983
Commercial Registration Number : 185, Amman
Issued Capital : JD 5,000,000
Paid up Capital : JD 5,000,000
Total Workforce : 110
Activities : Manufacture of gelatine capsules.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
COMPANY NAME
ARAB CENTER FOR
PHARMACEUTICALS & CHEMICAL INDUSTRIES CO
ADDRESS
Registered & Physical Address
Location : Amman Industrial Estate, Sahab
PO Box : 22
Town : Amman 11512
Country : Jordan
Telephone : (962-6) 4022470 / 4022471
Facsimile : (962-6) 4022473
Email : gm@acpc.com.jo
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Amman.
KEY PRINCIPALS
Name Position
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Mazen Tantash Chairman
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Atta Al Nazer Director
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Ibrahim To’meh Director
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Meshal Abu
Amirah Director
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Hamad Tantash Director
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Sami Ziab
Abdulla Director
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Khalil Nasr Director
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Mohamed Al
Ghoul Director
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Saadi Qatawi Director
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Mohamed Al
Manfaloti General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 5th
June 1983
Legal Form :
Public Shareholding Company
Commercial Reg. No. : 185, Amman
Issued Capital : JD 5,000,000
Paid up Capital : JD 5,000,000
Name of Shareholder (s)
·
Mazen Tantash
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Atta Al Nazer
·
Ibrahim To’meh
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Meshal Abu
Amirah
·
Hamad Tantash
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Sami Ziab
Abdulla
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Khalil Nasr
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Mohamed Al
Ghoul
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Saadi Qatawi
·
Jordanian
businessmen & private investors
OPERATIONS
Activities: Engaged in the manufacture of gelatine
capsules.
Import
Countries: Japan and Brazil
Operating Trend: Steady
Subject has a
workforce of approximately 110 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency : United
States Dollars (US$)
Profit & Loss Statement 31/12/05 31/12/06 31/12/07
Net Sales 2,235,113 2,067,483 2,150,220
Cost of Sales 1,898,058 1,782,126 -
Gross Profit 337,055 285,357 -
Administrative,
General and other Expenses 1,304,904 943,934 -
Net Operational
Income (967,849) (658,576) -
Other Revenues 301,331 389,151 -
Net Income before
Allocations (666,518) (269,425) -
Other Expenditures 33,613 0 -
Net Profit from
continuous activities (700,131) (269,425) -
Net Profit of
ceased activities 1,920,712 0 -
Net Profit 1,220,581 (269,425) -
Balance Sheet 31/12/05 31/12/06
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1 - Assets
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Cash on Hand & At Bank |
267,364 |
1,450,562 |
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Cheque under Collection |
208,311 |
12,990 |
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Receivables |
3,518,421 |
1,557,915 |
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Stock on Hand |
703,750 |
854,791 |
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Other Current Assets |
1,154,982 |
798,218 |
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Total Current Assets |
5,852,828 |
4,674,476 |
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Fixed Assets, Net
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3,546,965 |
3,559,619 |
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Investments |
3,005,645 |
3,150,282 |
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Total Assets |
12,405,438 |
11,384,377 |
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2 - Liabilities |
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The secretariats of shareholders Bottom of Form |
322,696 |
300,959 |
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Payables |
665,321 |
122,664 |
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Other Current Liabilities |
2,409,674 |
205,987 |
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Total Current Liabilities |
1,028,138 |
629,610 |
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3 - Capital and Shareholders' Equity |
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Authorized & Subscribed and Paid-up Capital |
7,062,147 |
7,062,147 |
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Issuance Allowance |
423,729 |
423,729 |
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Compulsory Reserves |
1,536,356 |
1,536,356 |
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Voluntary Reserves |
3,778,249 |
1,111,863 |
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Retained Earnings |
1,243,205 |
620,672 |
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Shareholders' Equity |
11,377,299 |
10,754,767 |
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Total Liabilities and Shareholders' Equity |
12,405,438 |
11,384,377 |
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Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab Bank Plc
Shmeisani Branch
PO Box : 950545 & 950544
Amman 11195
Tel : (962-6) 5607231 / 5607115
Fax : (962-6) 5606793 / 5606830
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Jordan Islamic
Bank
Shmeisani Branch
PO Box : 926225
Amman 11195
Tel : (962-6) 5677377
Fax : (962-6) 5666326
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1983, subject is involved in the manufacture of gelatine capsules.
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.
Mr Mohamed Al
Manfaloti, General Manager, was unwilling to release the subject’s financial
statements but did however confirm the information in the report and gave the
latest Sales figure.
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%)