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MIRA
INFORM REPORT
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Report Date : |
15.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM) |
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Registered Office : |
King Hussein
Street, PO Box 1695, Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1962 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Producers and Packagers of Medications and 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$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 1962
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Total Workforce : 905
Activities : Producers and packagers of medications and pharmaceutical preparations.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
COMPANY NAME
ARAB PHARMACEUTICAL
MANUFACTURING CO LTD (APM)
ADDRESS
Registered & Physical Address
Location : King Hussein Street
PO Box : 1695
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 5802200 / 5685121
Facsimile : (962-6) 5802203 / 5685131
Email : info@apm.com.jo
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Amman.
Branch Office
(s)
Location Description
·
Al Salalem
Street Owned
factory premises
Al Sult Industrial Area, Buhaira
PO Box : 42
Al Salt
Tel : (962-5) 3554961 / 3554962 / 3554963 /
3492200
Fax : (962-5) 3551897 / 3491207
·
Amman Owned
warehouse premises
Tel : (962-6) 5685131
·
PO Box : 2418 Owned
laboratory premises
Damascus
Syria
KEY PRINCIPALS
Name Position
·
Anis Moasher Chairman
·
Issam Hamdi
Saket Managing
Director
·
Dr Kamel Al
Shaer Director
·
T. Homsi Director
·
Dr Shukri
Shakshir Director
·
Naser Nasrawi Director
·
Mohamed
J. Hadeed Director
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Salim
Jumaian Director
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G.H. Shahatit Director
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Marwan
Elhmoud Director
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Rajab
Al Saad Director
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Dr
Mahassen Awamleh General
Manager
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Yousef Zaghari Finance
Manager
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Saoud Hijjawi Commercial
Manager
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Nidal Husari Production
Manager
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Kamal Abdullah Service
Manager
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Sayyed Ashouri Marketing
Manager
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Zaid Azzam Quality
Control Manager
LEGAL FORM & OWNERS
Date of Establishment : 1962 (Production
began in August 1964)
Legal Form :
Limited Liability Company
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Name of Shareholder (s) Percentage
·
Hikma
Pharmaceuticals Co PLC 100%
PO Box : 182400
Amman 11118
Jordan
Tel : (962-6) 5811692
Fax : (962-6) 5817102
AFFILIATED COMPANIES
·
Jordan
Antiseptics & Detergents Co
Amman
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Jordan
Detergents Company
Amman
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Arab Algerian
Pharmaceutical Distribution Company
Algeria
OPERATIONS
Activities: Subject is engaged in the production,
packaging and marketing of medications, intravenous solutions,
chemical and nutritional products, vitamins, hormone drugs, organ
extracts, pharmaceutical preparations, carbohydrates, proteins, enzymes and
veterinary products.
Subject’s full product range covers Alimentary Tracts, Blood & Blood
Forming Organs, Cardiovascular System, Central Nervous System, Dermatologicals,
Musculo-Skeletal System, Respiratory System, Systemic Anti-Infectives, Systemic
Hormones, Systemic Trichomonacides, Generics, and I.V Fluids
Subject has a licensing agreement with
Takeda, Japan.
Clients include the Bulgarian Drug Agency.
Import
Countries: Germany and the
United Kingdom
International
Suppliers:
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AstraZeneca United Kingdom
Export
Countries: Subject exports
to over 30 countries in the Middle
East, Africa and Eastern Europe. The main
markets are Iraq, Saudi Arabia, Algeria and Libya. In 2000 exports
constituted 71 percent of total sales.
Brand Names: APM
Operating Trend: Steady
Subject has a
workforce of approximately 905 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Jordanian
Dinars (JD)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales JD 29,112,000 JD 35,640,000
Net Profit JD 5,100,000 JD 7,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were released by the subject.
BANKERS
·
Jordan Kuwait
Bank
Abdali Branch
PO Box : 9776
Amman
Tel : (962-6) 5688814
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ANZ Grindlays
Bank
Shmeisani Branch
PO Box : 9997
Amman
Tel : (962-6) 4660201
Fax : (962-6) 4679115
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Cairo Amman
Bank
Shabsough Street
PO Box : 715
Amman
Tel : (962-6) 5639321 / 5623100 / 5623109
Fax : (962-6) 5639328
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Jordan Islamic
Bank
Shmeisani Branch
PO Box : 926225
Amman
Tel : (962-6) 5677377
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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
·
Jordan
National Bank
PO Box : 1578
Amman
Tel : (962-6) 4612391
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction May
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
In 1962 Arab
Pharmaceutical Manufacturing Co Ltd (APM) was established and became the first
pharmaceuticals producer in Jordan.
According to local
sources subject’s operating history is clear with nothing detrimental uncovered
regarding the manner in which payment obligations are fulfilled. As such the
company is considered to be trustworthy for respecting its financial trade
commitments.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
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%)