MIRA INFORM REPORT

 

 

Report Date :

21.09.2011

 

IDENTIFICATION DETAILS

 

Name :

JORDAN RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)

 

 

Registered Office :

Industry Street Mobess Area PO Box 1601 Amman 11941

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

26.08.1999

 

 

Com. Reg. No.:

5843, Amman

 

 

Legal Form :

Private Shareholding Company

 

 

Line of Business :

Manufacture of pharmaceuticals.

 

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$ 500,000

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                                     : JORDAN RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)

Country of Origin                                    : Jordan

Legal Form                                            : Private Shareholding Company

Registration Date                                   : 26th August 1999

Commercial Registration Number            : 5843, Amman

Chamber Membership Number                : 12602

National ID Number                                : 200000060

Issued Capital                                        : JD 7,500,000

Paid up Capital                                      : JD 7,500,000

Total Workforce                                     : 112

Activities                                               : Manufacture of pharmaceuticals.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Marwan Babiya, Finance Manager

COMPANY NAME

 

JORDAN RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Industry Street

Area                 : Mobess Area

 

PO Box             : 1601

 

Town                 : Amman 11941

Country             : Jordan

 

Telephone         : (962-6) 5320624 / 5320623 / 5343674

Facsimile          : (962-6) 4723963 / 5343675

Email                : aisser.export@joriver.com / admin@joriver.com

 

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

 

·       Aead M Masrouje                                                                              Chairman

 

·       Jihad Reda Al Maani                                                                          Managing Director

 

·       Foud A Al Absi                                                                                 Director

 

·       Nethed D Bader                                                                                Director

 

·       Amjad Al Kabbah                                                                              Director

 

·       Ayad Roman                                                                         General Manager

 

·       Omar Shiniwaer                                                                                Export Manager

 

·       Marwan Babiya                                                                                 Finance Manager

 

·       Dr Loay Salah                                                                                   Production Manager

 

·       Hadeel Al Homudi                                                                             Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th August 1999

 

Legal Form                  : Private Shareholding Company

 

Commercial Reg. No.  : 5843, Amman

 

Chamber Member No. : 12602

 

National ID No.            : 200000060

 

Issued Capital              : JD 7,500,000

 

Paid up Capital            : JD 7,500,000

 

Name of Shareholder (s)                                           Percentage

 

·       Jerusalem Pharmaceuticals Co (Jepharm)                               98%

 

·       Farooq Fahmy Abdul Qader Al Nabulsi                                      2%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals, including analgesics, antipyretics, laxatives, antibiotics,

     anti-inflammatories and anaesthetics.

 

     Joriver is producing 32 various pharmaceutical products from 15 pharmaceutical groups.

 

     Subject is ISO 9002 certified.

 

Production Capacity:   Solid Dosage form                      360 million per annum

                                                                                                                    Liquid Dosage form                          30 million per annum

                                                                                                             Semi-Solid Dosage form

                                                                                                                                                            - Supp & Ovules   21 million per annum

                                                - Topical                          20 million per annum

 

Import Countries: United Kingdom, Switzerland, United States of America and the Far East.

 

Clients:

 

·       Maskati Pharmacy WLL                                            Bahrain

·       Al Amin PLC for Medical & Para Medical                     Eritrea

·       Al Noor Scientific Drug Bureau                                   Iraq

·       Jarzeem Medical Store                                              Jordan

·       Mohammed R. Hassouneh Est.                                  Lebanon

·       National Pharmacy LLC                                             Oman

·       Ebn Sina Medical Est                                                Qatar

·       Al Ashban Trading Est                                               Saudi Arabia

·       S.O. Pharmaceuticals (SOP)                                     Dubai, UAE

·       El Exir Drug Chemicals & Medical Serves Co              Sudan

·       Al Garash Trading                                                     Yemen

·       Pharma Globe                                                           United Kingdom

 

Export Countries: Europe, the Middle East and Africa.

 

Operating Trend: Steady

 

Subject has a workforce of 112 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 1,975,000                             JD 2,100,000

 

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

 

The above figures were provided by Mr Marwan Babiya, Finance Manager

 

 

BANKERS

 

·       Union Bank for Saving & Investment (UBSI)

Chamber of Commerce Building

Shmeisani

PO Box: 35104

Amman

Tel: (962-6) 5666148 / 5666170 / 5666171 / 5675558

       Fax: (962-6) 5666149

 

·       Arab Banking Corporation

Matalqa Centre Branch

11th August Street

PO Box: 926691

Amman 11110

Tel: (962-6) 4664183 / 4664185

Fax: (962-6) 4692713

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.22

UK Pound

1

Rs.75.63

Euro

1

Rs.65.64

 

 

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.