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MIRA
INFORM REPORT
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Report Date : |
04.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM) |
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Registered Office : |
Industrial Area,
PO Box 94, Naor 11710 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1980 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Pharmaceutical Preparations |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 1980
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Total Workforce : 270
Activities : Manufacture of pharmaceutical preparations
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
COMPANY NAME
JORDANIAN
PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
ADDRESS
Registered & Physical Address
Location : Industrial Area
PO Box : 94
Town : Naor 11710
Country : Jordan
Telephone : (962-6) 5727207 / 5728160
Facsimile : (962-6) 5727641 / 5865567
Email : jpm2@go.com.jo
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Naor.
Branch Office
(s)
Location Description
·
PO Box 851658 Office
premises
Abdali Area
Amman 11185
Tel : (962-6) 5661911
Fax : (962-6) 5691559
·
Al Razi Office
premises
PO Box 151
Um Amad 16197
Tel: (962-6) 4290744
Fax: (962-6) 4290952
KEY PRINCIPALS
Name Position
·
Zidan Abbas Chairman
·
Dr Adnan
Badwan Managing
Director
·
Sofian Al
Sartoui Director
·
Ahmed Saad
Saheen Director
·
Saleh Al Shankeer Director
·
Dr Zaid Al
Shedfan Production
Manager
·
Leena Al
Nabulsi Marketing
Manager
·
Ahmed Zaid Financial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1980
Legal Form :
Limited Liability Company
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Name of Shareholder (s)
·
Zidan Abbas
·
Dr Adnan
Badwan
·
Sofian Al
Sartoui
·
Ahmed Saad
Saheen
·
Saleh Al
Shankeer
·
Jordanian
businessmen and private investors
OPERATIONS
Activities: Engaged in the manufacture of
pharmaceutical preparations, including antacids, antispasmodics, laxatives,
analgesics, antipyretics, antihistamines, mucolytics, cough suppressants,
diuretics, antidepressants, anxiolytics, vitamins and antilipemics.
Import Countries: Germany, France, the United Kingdom and the
United States of America
Export
Countries: Lebanon, Yemen,
Algeria, Sudan, Bahrain, Oman, Saudi Arabia, Ethiopia, Bosnia and Germany
Operating Trend: Steady
Subject has a
workforce of approximately 270 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Jordanian
Dinars (JD)
Balance Sheet 31/12/2005 31/12/2006 31/12/2007
ASSETS
Cash & cash
equivalents 272,021 369,623 188,419
Checks under
collection 1,304,407 1,223,937 853,765
Net accounts
receivable 9,341,256 13,514,597 17,374,631
Inventory 7,694,337 7,077,728 4,860,076
Other current
assets 2,066,912 4,215,288 6,000,695
Total Current Assets 20,678,933 26,401,173 29,277,586
Investment in
associates 1,348,032 3,472,032 3,472,032
Available for sale
investments 1,649,011 1,649,155 1,880,276
Net fixed assets 17,883,158 17,339,019 16,799,988
Net other Assets 2,510,098 2,893,315 3,101,215
Total Non
Current Assets 23,390,299 25,353,523 25,253,511
Total Assets 44,069,232 51,754,696 54,531,097
LIABILITIES
Due to Banks 410,592 357,227 101,727
Current portion of
long term loans 1,374,794 1,491,827 1,491,827
Instalments of
financial leases due in 1 year 577,245 461,754 746,601
Accounts payable 1,383,814 1,404,447 1,633,293
Bills of collection 5,707,470 2,047,453 4,840,151
Due to related
parties 500,000 50,000 50,000
Proposed dividends 1,600,000 - -
Other current
liabilities 822,051 1,924,151 1,818,630
Total Current Liabilities 12,375,966 7,736,859 10,682,229
Notes payable 1,512,405 7,401,287 6,799,789
Financial leases 1,731,719 1,154,490 692,676
Long term loans 3,975,319 2,843,610 2,089,913
Total Non Current Liabilities 7,219,443 11,399,387 9,582,378
EQUITY
Paid in capital 16,000,000 20,000,000 20,000,000
Share premium - 2,000,000 2,000,000
Statutory reserve 539,063 762,922 937,200
Voluntary reserve 6,085,839 6,085,839 6,085,839
Retained earnings 1,848,921 3,769,689 5,243,451
Total
Shareholders Equity 24,473,823 32,618,450 34,266,490
Total
Liabilities & Shareholders Equity 44,069,232 51,754,696 54,531,097
Income
Statement 31/12/2005 31/12/2006 31/12/2007
Net sales 13,269,774 16,194,133 21,117,056
Cost of goods sold
(6,271,974) (7,917,001) (9,886,591)
Gross Profit 6,997,800 8,277,132 11,230,465
Selling &
distribution expenses
(4,364,241) (6,051,345) (7,948,630)
General &
administration expenses
(1,627,314) (1,684,769) (1,471,695)
Provision for
doubtful debts - (133,700) (213,149)
Profits from
transferring technical knowledge 1,942,382 2,771,119 1,791,081
Expired inventory (283,670) (536,944) (616,815)
Net other revenues 58,864 370,591 79,224
Finance costs (576,691) (768,442)
(1,097,269)
Profit before tax & other provisions 2,147,130 2,243,642 1,753,212
Income tax - - -
Provision for scientific research & vocation
training (21,471) (21,936) (17,428)
Provision for Jordanian universities fees (21,471) (21,936) (17,428)
Provision for Professional & technical training
fund (18,445) (24,357) (25,316)
Remuneration of board of directors (45,000) (45,000) (45,000)
Net Profit 2,040,743 2,130,413 1,648,040
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab Bank Plc
Abdali Branch
PO Box : 926607
Amman
Tel : (962-6) 5627271
Fax
: (962-6) 5649305
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1980,
subject is involved in the manufacture of pharmaceutical preparations and
exports its products throughout the Middle East and Africa.
According to local
sources subject’s operating history is clear with no problems noted regarding
the manner in which payment obligations are met. We are of the opinion that the
subject would not enter into financial transactions it could not see its way to
fulfil.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.78.09 |
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Euro |
1 |
Rs.63.41 |
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%)