MIRA INFORM REPORT

 

 

Report Date :

13.06.2011

 

IDENTIFICATION DETAILS

 

Name :

MIDDLE EAST PHARMACEUTICAL AND CHEMICAL INDUSTRIES AND MEDICAL APPLIANCES CO.

 

 

Registered Office :

Midpharma Building, Al Baqa - Jerash Street, 20 Km north of Amman, Asel Al Galawi Entrance, Mobes - Al Baqa Area, P.O. Box 1063, Amman 11821

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

10.07.1993

 

 

Com. Reg. No.:

231

 

 

Legal Form :

Public Shareholding Company

 

 

Line of Business :

Manufacturers of medicines, pharmaceuticals and medical appliances

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

JD 200,000

Status :

Moderate

Payment Behaviour :

No Complaints

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Jordan

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

company NAME 

 

Middle East Pharmaceutical And Chemical Industries And Medical Appliances Co. (Correct)

 

MIDDLE EAST PHARMACEUTICALS CHEMICAL INDUSTRIES MEDICAL APPLIANCE CO LTD. (Requested)

 

 

company ADDRESS

 

Building             : Midpharma Building

Street                           : Al Baqa - Jerash Street

Area                             : 20 Km north of Amman, Asel Al Galawi Entrance, Mobes - Al Baqa Area

P.O. Box           : 1063

Town                 : Amman 11821

Country             : Jordan (Hashemite Kingdom of)

Telephone         : (962 6) 479 4444 / 472 6723

Fax                   : (962 6) 472 5154

E-Mail               : main@midpharma.com

Website            : www.midpharma.com

 

Trading Styles               :  Midpharma

 

Also Known As              :  Middle East Pharmaceutical Chemical Industries Co. Ltd.

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                                        Position

 

1. Mazen Hamza Ahmed Yousif Tantash              Chairman

 

2. Samer Sami Hassan Juda                               Vice Chairman

 

3. Abdul Fateh Masud Mohideen Al Samhouri      Director

 

4. Khalil Saleh Azouga                                       Director

 

5. Yousif Waleed Al Haj Hassan                          Director

 

6. Ataa Daoud Al Nazir                                       Director

 

7. Hesham Maen Dhubyan                                  Director

 

8. Mazin Hassan Tantash                                   Director

 

9. Mahmoud Zahir                                              Financial Manager

 

10.Eyas Abu Marar                                Chief Accountant

 

11.Yousef Al-hajj Hassan                     Legal Adviser

 

Total Employees :          300 (subject)

1,500 plus (group)

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a member of the Tantash Group of Companies, Jordan, which

employs more than 1,500 people.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : JD 200,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : BANK OF JORDAN

Branch   : Main branch

PO Box   : 2140

Town     : Amman 11181

 

Telephone: (962 6) 559 6277

Fax      : (962 6) 569 6291

Account No. : 002-301-0017370-00

Swift No. : BJORJQAX

 

The company also has an account with:

 

1. The Housing Bank for Trade and Finance

   Police College Street

   PO Box 7693

   Amman 11118

   Telephone: (962 6) 566 7126

   Fax      : (962 6) 567 8121

 

3. Arab Bank PLC

   Al Wehdat Branch, Souk Alkhodar Almarkazi Street

   PO Box 620945

   Amman 11152

   Telephone: (962 6) 560 7231

   Fax      : (962 6) 560 6793

 

AUDITORS

 

Arab Professionals

Monther Hammoudeh

Abu Al-haj Commercial Complex

Queen Rania Street

PO Box 921879

Amman 1192

Telephone : (962 6) 515 1125

Fax       : (962 6) 515 1124

 

 

FINANCIAL INFORMATION

 

Audited Consolidated Balance Sheets as at 31 December showed :

 

                                        31/12/2009      31/12/ 2008

                                           (in thousands of JD)

 

ASSETS

 

Time Deposits                                   38              163

Cash & Cash Equivalents                         38              163

Securities & Short-term Investments            443              504

Accounts Receivables                         6,314            6,100

Provision for Doubtful Receivables           (200)            (169)

Net Receivables                              6,114            5,931

Current receivables                          6,114            5,931

Raw Material                                 3,100            3,659

Spare Parts                                    175              179

Work in Process                                400              348

Finished Goods                               1,831              840

Total Inventory                              5,507            5,026

Provision (Inventory)                          (83)             (72)

Net Inventory                                5,424            4,954

Due from Sister Companies/Associates           212              250

Loans to employees (under one year)             84                0

Prepaid Expenses ST                             84                0

Other Current Assets                           303              588

Total Current Assets                        12,702           12,392

Land & Buildings                            6,647            5,628

Furniture & Equipment                        1,764            1,768

Machinery                                    4,610            3,209

Other Fixed Assets                           3,812            3,504

Accumulated Depreciation                    (4,717)          (4,043)

Capital work in Progress                         0            2,131

Fixed Assets                                12,115           12,197

Other Non-Current Assets                         0              794

Goodwill                                       811                0

Intangibles                                    811                0

Total Long Term Assets                     12,926           12,991

Total Assets                                25,628           25,382

 

LIABILITIES & SHAREHOLDERS EQUITY

 

Short Term Debt                              7,909            7,764

Accounts Payable                             2,030              864

Due To Sister Companies                      1,343            1,070

Other Current Liabilities                      556            1,958

Total Current Liabilities                   11,838           11,656

Long Term Debt                                 974            1,508

Total Long-term Liabilities                    974            1,508

Total Liabilities                           12,812           13,164

Total Liabilities & Provisons               12,812           13,164

Paid-up Capital                              9,870            9,870

Share premium                                2,054            2,054

Legal/Statutory Reserve                        217              153

Retained Earnings/ Accumulated losses          675              142

Total Shareholders' Equity                  12,816           12,218

Total Liab. & Shareholders' Equity         25,628           25,382

 

Gross Revenue                               11,948           10,971

Cost of Goods Sold                          (4,796)          (5,396)

Gross Margin                                 7,152            5,575

S.G. & A.                                   (4,821)          (4,468)

Depreciation Expense                          (742)            (264)

Net Operating Profit                         1,588              844

Interest Expense                             (625)            (473)

Investment Income                               (7)            (446)

Unrealized Investment Gain/ Loss              (100)               0

Total Investment Income                       (107)            (446)

Provisions                                    (89)               0

Provisions for Doubtful Debts                  (31)               0

Other Income                                   (94)               0

Other Expenses                                 (44)             (76)

Net Profit Before Taxes/Zakat                  598             (151)

Net Profit After Taxes or Zakat                598             (151)

Net Profit After Unusual Items                 598             (151)

 

LEGAL STATUS AND HISTORY

 

Date Started : 10 July 1993

 

History : Subject was established in Jordan on 10 July 1993 and  commenced production on 25 October 1993.

 

C.R. No. : 231

 

National ID No. : 200002071

 

Authorised Capital : JD 15,100,000

 

Paid up Capital : JD 9,869,583

 

Public Shareholding Company with the following shareholders :

 

                                                                                    Percentage

 

1. Hamza Ahmed Yousif Tantash                          62.26%

   (Jordanian national)

 

2. Arab Center for Pharmaceutical &                    12.40%

   Chemical Industries (ACPC)

   PO Box 22

   Sahab 11512

   Telephone: (962 6) 402 2470

   Fax      : (962 6) 402 2473

   (member of Tantash Group)

 

3. Khalid Abdul Kareem Ahmed Al Dahla             7.87%

   (Jordanian national)

 

4. Istithmar for Financial Services                        3.07%

   PO Box 940985

   Amman 11194

   Telephone: (962 6) 500 7000

   Fax      : (962 6) 561 0555

   (member of Tantash Group)

 

5. Ahmed Hamza Ahmed Yousif Tantash               1.44%

   (Jordanian national, son of

Hamza Ahmed Yousif Tantash)

 

6. Mazen Hamza Ahmed Yousif Tantash                1.41%

   (brother of the above)

 

7. Basma Hamza Ahmed Yousif Tantash               1.13%

   (sister of the above)

 

8. Maha Hamza Ahmed Yousif Tantash               1.13%

   (sister of the above)

 

9. Reema Hamza Ahmed Yousif Tantash                     1.13%

   (sister of the above)

 

10.Badoor Hamza Ahmed Yousif Tantash                    1.13%

   (sister of the above)

 

11.Mayser Hamid Yousif Aklok                                      1.060%

   (Jordanian national)

 

12.Ideal Investments Company                                        .89%

   PO Box 940985

   Amman 11194

   Telephone: (962 6) 500 7000

   Fax      : (962 6) 561 0555                                 

   (member of Tantash Group)

 

13.Hanan Mohammed Saeed Al Mubarak                       .57%

   (Jordanian national)

 

14.Arab For Nutrition Supply Co.                                                 19%

 

15.Trust Tours Agency                                                   .17%

 

16.Optimal Co. For Tourism and Travel                    .        10%

 

12.Memebrs of the public                                                4.05%

 

Affiliated companies of Middle East Pharmaceutical And Chemical Industries And Medical Appliances Co.:

 

Associates

 

Subject is a member of the Tantash Group of Companies, Jordan,

which also includes the following companies :

 

1. Tantash Travel Agency

   PO Box 941511

   Amman 11194

   Telephone: (962 6) 568 7878

   Fax      : (962 6) 568 5100

 

2. The Jordanian Company For Investment & Touristic Transportation

   PO Box 942462

   Amman 11194

   Telephone: (962 6) 562 2555

   Fax      : (962 6) 560 5666

  (T/A Alpha)

 

3. Jordan Foods

   PO Box 942462

   Amman 11194

   Telephone: (962 6) 562 2555

   Fax      : (962 6) 560 5666

 

4. Ideal Investments Company

   PO Box 940985

   Amman 11194

   Telephone: (962 6) 500 7000

   Fax      : (962 6) 561 0555

 

5. Ensha Properties

   PO Box 942462

   Amman 11194

   Telephone: (962 6) 562 2555

   Fax      : (962 6) 560 5666

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of medicines, pharmaceuticals and medical appliances.

 

Trading as distributors of medicines, pharmaceuticals and

medical appliances.

 

Subject manufactures the following :

 

- Antibiotics

- Analgesics-Antipyretics

- Vitamins

- Haematinics

- Cardiovascular preparations

- Hypoglycaemic

- Antiulcer ants

- Antifungals

- Dermatological

- Local analgesics

- Topical nasal decongestants

- Topical anti-haemorrhoidal

- Gynaecological anti-invectives

- Laxatives

 

Subject produces 170 drugs/medicines

 

Subject is ISO9001:2000 certified.

 

Imports requirements from Europe, Asia and USA.

 

Exports to Middle East and GCC countries.

FACILITIES

 

The Company has the following facilities :

 

35,000 sq. m. owned premises comprising administrative offices and a manufacturing unit with storage facilities located at the heading address.

 

 

SPECIAL NOTE

 

You enquired on : MIDDLE EAST PHARMACEUTICALS CHEMICAL INDUSTRIES MEDICAL APPLIANCE CO LTD. Please note that subject is also known by this name. Subject's correct registered name is as per heading.

 

Interviewed : Eyas Abu Marar (Chief Accountant).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.72.93

Euro

1

Rs.64.72

 

 

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

 

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.