MIRA INFORM REPORT

Report Date :

22.08.2011

IDENTIFICATION DETAILS

Name :	ARAB CENTER FOR PHARMACEUTICALS & CHEMICAL INDUSTRIES CO (ACPC)

Registered Office :	King Abdullah II Industrial City, Sahab, P O Box 22, Amman 11512

Country :	Jordan

Financials (as on) :	2010

Date of Incorporation :	05.06.1983

Com. Reg. No.:	185, Amman

Legal Form :	Public Shareholding Company

Line of Business :	Manufacture of gelatine capsules, pharmaceuticals, medicines and veterinary drugs

RATING & COMMENTS

MIRA’s Rating :

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 :	Usually Correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Jordan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

SUMMARY

Company Name : ARAB CENTER FOR PHARMACEUTICALS & CHEMICAL

INDUSTRIES CO (ACPC)

Country of Origin : Jordan

Legal Form : Public Shareholding Company

Registration Date : 5^th June 1983

Commercial Registration Number : 185, Amman

Issued Capital : JD 5,000,000

Paid up Capital : JD 5,000,000

Total Workforce : 120

Activities : Manufacture of gelatine capsules, pharmaceuticals, medicines and

veterinary drugs.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 200,000

COMPANY NAME

ARAB CENTER FOR PHARMACEUTICALS & CHEMICAL INDUSTRIES CO (ACPC)

company ADDRESS

Registered & Physical Address

Location : King Abdullah II Industrial City, Sahab

PO Box : 22

Town : Amman 11512

Country : Jordan

Telephone : (962-6) 4022470 / 4022471

Facsimile : (962-6) 4022473

Email : info@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

· Mazen Hamza Ahmed Yousef Tantash Chairman

· Atta Al Nazer Managing Director

· Ibrahim To’meh Director

· Meshal Abu Amirah Director

· Hamad Tantash Director

· Sami Ziab Abdulla Director

· Khalil Nasr Director

· Mohamed Al Ghoul Director

· Saadi Qatawi Director

· Mohamed Al Manfaloti General Manager

· Dr Ali Musmar Commercial Manager

· Jalal Hatamala Finance Manager

· Yassir Al Nowihy Production Manager

LEGAL FORM & OWNERS

Date of Establishment : 5^th June 1983

Legal Form : Public Shareholding Company

Commercial Reg. No. : 185, Amman

Chamber Member No. : 1229

National ID No. : 200002076

Issued Capital : JD 5,000,000

Paid up Capital : JD 5,000,000

Name of Shareholder (s) Percentage

· Hamza Ahmed Yousef Tantash 44.998%

· General Company For Pharmaceutical Industries & Medical Products 17.500%

Iraq

· General Corporation For Social Security 4.260%

Jordan

· Jordanian Islamic Bank 4.065%

Jordan

· Financial Services Investment Co 2.534%

Jordan

· Orphanage Financial Investment Corp 2.000%

Jordan

· Ahmed Hamza Ahmed Yousef Tantash 1.200%

· Mazen Hamza Ahmed Yousef Tantash 1.200%

· Mayser Hamza Ahmed Yousef Tantash 1.200%

· Ms Badour Hamza Ahmed Yousef Tantash 1.002%

· Ms Maha Hamza Ahmed Yousef Tantash 1.000%

· Ms Basma Hamza Ahmed Yousef Tantash 1.000%

· Ms Rima Hamza Ahmed Yousef Tantash 1.000%

· Jordanian businessmen & private investors 17.041%

OPERATIONS

Activities: Engaged in the manufacture of gelatine capsules, pharmaceuticals, medicines and veterinary drugs.

Production Capacity: ACPC presently produces 1.7 billion capsules per year

Import Countries: Japan and Brazil

Export Countries: Iraq, Syria, Palestine, Saudi Arabia, Yemen & Egypt

Operating Trend: Steady

Subject has a workforce of approximately 120 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Jordanian Dinar (JD)

Balance Sheet 2010 2009

Assets

Non-current assets

Property, plant & equipment, net 1,799,415 1,981,708

Investment accounted for using the equity method 2,545,969 2,486,705

Available for sale securities 1 1

Total non-current assets 4,345,385 4,468,414

Current assets

Inventory 132,679 121,471

Other current assets 935,302 218,442

Due from related parties 1,780,663 1,308,510

Accounts receivable, net 670,154 418,528

Trading securities 371,062 471,590

Checks under collection 29,691 11,925

Cash and cash equivalents 194,489 792,576

Total current assets 4,114,040 3,343,042

Total Assets 8,459,425 7,811,456

Equity

Authorized and paid in capital 5,000,000 5,000,000

Issuance premium 3,000,000 3,000,000

Statutory reserve 1,138,105 1,126,511

Voluntary reserve 701,989 796,348

Retained earnings 81,416 155,641

Total equity 7,221,510 7,378,500

Non-current liabilities

Bank facilities – long term 513,050 -

Current liabilities

Bank facilities – short term 262,720 -

Accounts payable 85,491 81,330

Shareholders withholdings 229,439 153,883

Other current liabilities 147,215 197,743

Total current liabilities 724,865 432,956

Total Liabilities 1,237,915 432,956

Total Equity and Liabilities 8,459,425 7,811,456

Income Statement 2010 2009

Sales 1,282,390 1,813,700

Cost of sales (1,112,557) (1,162,303)

Gross Profit 169,833 651,397

Selling and distribution expenses (104,063) (203,499)

General and administrative expenses (264,382) (243,007)

Realized losses from selling trading securities 137,207 (80,260)

Fair value adjustments (2,647) (22,812)

Share of profit of equity accounted investment 54,254 73,507

Provision for doubtful accounts - (65,000)

Finance expenses (15,128) (129)

Other revenues 140,861 186,027

Other fees and expenses (10,205) (25,521)

Income before tax 105,730 270,703

Income tax provision (12,720) (28,086)

Total comprehensive income for the year 93,010 242,617

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

· 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, pharmaceuticals, medicines and veterinary drugs.

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.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.61
UK Pound	1	Rs.75.32
Euro	1	Rs.65.68

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	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
----	NB	New Business	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

SUMMARY

COMPANY NAME

company ADDRESS

KEY PRINCIPALS

LEGAL FORM & OWNERS

OPERATIONS

FINANCIAL DATA

BANKERS

PAYMENT HISTORY

GENERAL COMMENTS

Unit