MIRA INFORM REPORT

 

 

Report Date :           

08.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM)

 

 

Registered Office :

King Hussein Street, P O Box 1695, Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

1962

 

 

Com. Reg. No.:

646

 

 

Legal Form :

Private Shareholding Company

 

 

Line of Business :

Producers and packagers of medications and pharmaceutical preparations

 

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$ 1,000,000

 

 

Status :

Satisfactory

 

 

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

 

SUMMARY

 

Company Name                                     : ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM)

Country of Origin                                    : Jordan

Legal Form                                            : Private Shareholding Company

Start Date                                             : 1962

Registration Date                                   : 2010

Commercial Registration Number            : 646

National ID Number                                : 2000104017

Issued Capital                                        : JD 20,000,000

Paid up Capital                                      : JD 20,000,000

Total Workforce                                     : 126

Activities                                               : Producers and packagers of medications and pharmaceutical

preparations.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

Person Interviewed                                 : Mamoun Tabakhana, Finance Manager

 

COMPANY NAME

 

ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM)

 

 

company 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

Mobile               : (962-77) 7716583 / (962-79) 5439388

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                                                                              Factory premises

Al Sult Industrial Area, Buhaira

PO Box: 42

Al Salt

Tel: (962-5) 3491200 / 3554961 / 3554962 / 3554963 / 3492200

Fax: (962-5) 3551897 / 3491207 / 3491203

 

·       Amman                                                                                            Warehouse premises

     Tel: (962-6) 5685131

 

·       PO Box: 2418                                                                                   Laboratory premises

Damascus

     Syria

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mazin Samih Darwazah                                                                     Chairman

 

·       Samih Mazin Samih Darwazah                                                           Managing Director

 

·       Reda El Goul                                                                                    Director

 

·       Dr Khader Jerwan                                                                              Director

 

·       Basil Awadallah                                                                                Director

 

·       Dr Salah Al Moajdah                                                                          General Manager

 

·       Jamal Abu Al Hawa                                                                           Assistant General Manager

 

·       Osama Al Kadaa                                                                               Sales Manager

 

·       Tagareed Al Shanar                                                                           Administration Manager

 

·       Mamoun Tabakhana                                                                          Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1962 (Production began in August 1964)

 

History                         : Subject began in 1962 as a Public Shareholding Company, but re-registered as a Private

  Shareholding Company in 2010.

 

Legal Form                  : Private Shareholding Company

 

Commercial Reg. No.  : 646

 

National ID No.            : 2000104017

 

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

 

·       Jordan Detergents Company

     Amman

 

·       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:

 

·       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. Exports constitute approximately 70 percent of total sales.

 

Brand Names: APM

 

Operating Trend: Steady

 

Subject has a workforce of 126 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                JD 58,700,000                           JD 65,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Mamoun Tabakhana, Finance Manager

 

 

BANKERS

 

·       Jordan Kuwait Bank

Abdali Branch

PO Box: 9776

Amman

Tel: (962-6) 5688814

 

·       ANZ Grindlays Bank

Shmeisani Branch

PO Box: 9997

Amman

Tel: (962-6) 4660201

Fax: (962-6) 4679115

 

·       Cairo Amman Bank

Shabsough Street

PO Box: 715

Amman

Tel: (962-6) 5639321 / 5623100 / 5623109

Fax: (962-6) 5639328

 

·       Jordan Islamic Bank

Shmeisani Branch

PO Box: 926225

Amman

Tel: (962-6) 5677377

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

·       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                                  January 2009

Credit amount                                        150,000                         132,000

Amount overdue                         0                                              0

Payment terms                                      60 days                                     180 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 Euros

 

 

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 and the above credit figure is deemed admissible.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.14

UK Pound

1

Rs.75.97

Euro

1

Rs.65.99

 

 

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.