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Report Date : |
11.08.2012 |
IDENTIFICATION DETAILS
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Name : |
BEIT JALA PHARMACEUTICAL MANUFACTURING CO. |
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Formerly Known As : |
JORDAN CHEMICAL
LABORATORY |
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Registered Office : |
P.O. Box 58, 81 Al
Madress Street, Beit Jala, West Bank, Palestinian Authority |
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Country : |
Israel |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1933 |
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Legal Form : |
Foreign Private Limited Company |
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Line of Business : |
Manufacturers,
exporters and marketers of pharmaceuticals and medications |
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No. of Employees : |
150 employees |
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Israel |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BEIT JALA PHARMACEUTICAL
MANUFACTURING CO.
(Also known as BEIT
JALA PHARMACEUTICAL (BJP))
Telephone 972 2 274 28 55
Fax 972 2 274 10 72
P.O. Box 58
81 Al Madress Street
BEIT JALA WEST BANK PALESTINIAN AUTHORITY
A foreign private
limited company registered in the Palestinian Authority, incorporated as per file No. 56-240014-3.
Subject was originally
established in 1933 as a pharmacy in Tul Karem. In 1958 converted into private
limited company, registered under the name JORDAN CHEMICAL LABORATORY, which
changed into the present one at a later date.
Data not forthcoming.
1. Nidal Sukhtain, 90%
2. Jiat Sukhtain,
3. Munjet Sukhtain,
(a/m 3 shareholders are
brothers)
4. Some
32 small shareholders.
Ms. Angel Zaboura.
Manufacturers,
exporters and marketers of pharmaceuticals and medications.
Import is of raw
material, very little from Israel.
4% of sales are
export.
Most of sales are in the Palestinian Authority
(not in Israel). Export is to Middle East, Africa, Europe and the Far East.
Operating from owned headquarters premises,
offices and a plant, on an area of 7,000 sq. meters (6,300 sq. meters built),
in 81 Al Madress Street, Beit Jala, West Bank, Palestinian Authority.
Having some 150 employees (same as in mid 2011).
Data from subject’s B/S shows (last obtainable):
NIS
31.12.2010 31.12.2009
Current assets 18,637,381 17,669,691
Total assets 48,514,142 47,112,302
Equity 29,914,412 27,376,328
Current stock is valued at NIS 10,000,000 (same
as in mid 2011).
Statement of Income:
NIS
For
the Year ended 31.12
2010 2009
Operating sales 24,597,260 22,615,809
Gross profit 8,411,389 7,393,405
Profit before tax 2,980,916 2,467,708
Net profit 2,671,741 2,293,266
========= =========
2011 sales claimed to
be US$ 8,000,000.
The first 6 months of
2012 sales claimed to be US$ 5,000,000.
The Sukhtain family has other holdings, among
them:
UNITED PHARMA, 100%, a
Jordanian company, manufacturers and marketers of pharmaceuticals, having 100
employees.
AL KINDI, 100%, an
Algerian company, manufacturers and marketers of pharmaceuticals.
TABUK PHARMA, 50%, a
Saudi Arabian company, manufacturers and marketers of pharmaceuticals.
Arab Bank Plc., Bethlehem Branch (Al-Mahd St., P.O. Box 537), Bethlehem,
West Bank, Palestinian Authority.
Nothing unfavorable learned.
Subject is among the leading pharmaceutical company in the Palestinian
Authority.
Subject is ISO 9001:2008 and ISO 14001:2004 certified.
The Sukhtain family resides in Jordan.
Today, the
Palestinian pharmaceutical industry consists of 6 companies, four in Ramallah,
one in Beit Jala, and one in the Gaza Strip. With products covering more than
half of local consumption, the pharmaceutical industry is a key element of the
Palestinian healthcare continuum. While it contributes less than 1 percent to
GDP, it is considered one of the highest industries in terms of worker output
($44,000 in 2005). The industry produces 1,070 products; a small portion (9
percent) of production is exported. These medicines are of good quality and are
competitive in price. All 6 companies are ISO-9000 certified, five are
ISO-14000 certified, and all are engaged in good manufacturing practices (GMP)
development programs.
The Palestinian pharmaceutical industry employs more than 1,000
employees, 40% of whom hold specialized university degrees in the different
aspects of the industry. During the past decade, the industry has invested more
than USD 50 million in modernizing the production processes and in improving
the industry's premises. The Palestinian pharmaceutical industry increased its
market share in the Palestinian market from 20% to 55%.
There are more than
4,000 Palestinian, Israeli, and foreign pharmaceutical products in the
Palestinian market. Palestinian products cover a wide range of therapeutic
categories with various dosage forms; however many Palestinian pharmaceutical
companies focus on similar products, mostly re-production of generics.
Palestinian drugs are believed to constitute around 45 percent of the dollar
value, and 60 percent of drug consumption, in a market estimated at around USD
100 million.
Good for trade
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.