MIRA INFORM REPORT

 

 

Report Date :

05.03.2008

 

IDENTIFICATION DETAILS

 

Name :

PHARMA INTERNATIONAL CO (PIC)

 

 

Registered Office :

Al Jubaiha, PO Box 334, Amman 11941

 

 

Country :

Jordan

 

 

Date of Incorporation :

1996

 

 

Com. Reg. No.:

4085, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture and Marketing of Pharmaceuticals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUMMARY

 

Company Name                         : PHARMA INTERNATIONAL CO (PIC)

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 1996

Commercial Registration Number            : 4085, Amman

Issued Capital                                        : JD 25,000,000

Paid up Capital                                      : JD 25,000,000

Total Workforce                                     : 80

Line of Business                                    : Manufacture and marketing of pharmaceuticals.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

 

 

COMPANY NAME

 

PHARMA INTERNATIONAL CO (PIC)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Jubaiha

PO Box             : 334

Town                 : Amman 11941

Country             : Jordan

Telephone         : (962-6) 5336502 / 5150581 / 5158890 / 5150580

Facsimile          : (962-6) 5339163 / 5160865 / 5150583

Mobile               : (962-74) 5568444

Email                : ipcc@go.com.jo

 

 

Premises

 

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

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Qastel Area                                                                          Owned manufacturing plant

Amman

     Tel : (962-6) 4711586 / 4440585 / 4440586

     Fax: (962-6) 4711803

 

 

KEY PRINCIPALS

 

·       Ali Mohamed Abu El Haj                                                        Managing Director

 

·       Abdullah Khaley                                                                    Director

 

·       Ismail Khaley                                                                        Director

 

·       Khaled Khaley                                                                      Director

 

·       Omar Khaley Abu El Haj                                                        Director

 

·       Fawzi Soman                                                                        Director

 

·       Paul Glover                                                                           General Manager

 

·       Omar Al Hoor                                                                        Production Manager

 

·       Mohamed Kamal                                                                   Finance & Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1996

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company)

 

Commercial Reg. No.  : 4085, Amman

 

Issued Capital              : JD 25,000,000

 

Paid up Capital            : JD 25,000,000

 

 

Name of Shareholder (s)

 

·       Ali Mohamed Abu El Haj

 

·       Abdullah Khaley

 

·       Ismail Khaley

 

·       Khaled Khaley

 

·       Omar Khaley Abu El Haj

 

·       Fawzi Soman

 

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 : Manufacture and marketing of pharmaceuticals, including antibiotics, cephalosporin and

         noncephalosporin, antifungals, cardiovascular, nervous system, iron preparations and

         dermatological preparations under license from Schein Pharmaceuticals of the USA.

 

Import Countries : The United States of America, Switzerland, France and Germany.

 

Export Countries : Iran, the Middle East, Africa and CIS countries.

 

Subject has a workforce of approximately 80 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Jordan are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box : 950545 & 950544

Amman 11195

Tel : (962-6) 5607231 / 5607115

Fax : (962-6) 5606793 / 5606830

Email : secretariat@arabbank.com.jo

 

·       HSBC Bank Middle East

Khalid Bin Walid Street

Jebel Hussein

PO Box : 925286

Amman

Tel : (962-6) 5660471 / 5607471

Fax : (962-6) 5692964

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 June 2006

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Pharma International Co (PIC) has been in business for 5 years and is engaged in the manufacture and marketing of pharmaceuticals. It has recently signed a licensing agreement with Schein Pharmaceuticals of the USA.

 

Local sources report that subject is making good progress in the regional pharmaceutical industry and is under the direction of a professional management team.

 

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.

 

Maximum suggested credit figure: US$ 200,000

 

 

 

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.

 

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