MIRA INFORM REPORT

 

 

Report Date :

22.08.2012

 

IDENTIFICATION DETAILS

 

Name :

ARAB CENTER FOR PHARMACEUTICALS & CHEM

 

 

Registered Office :

King Abdullah II Industrial City, P.O. Box 22, Sahaab, 11512

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1973

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

manufactures hard hollow gelatin capsules, pharmaceuticals, medicines and veterinary drugs

 

 

No. of Employees :

108

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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)

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 & address  

 

Arab Center for Pharmaceuticals & Chem

King Abdullah II Industrial City

P.O. Box 22

Sahaab, 11512

Jordan

Tel:       962-6-4022470

Fax:      962-6-4022473

Web:    www.acpc.com.jo

           

 

Synthesis

 

Employees:                             108

Company Type:                         Public Independent

Traded:                                     Amman Financial Market: APHC

Incorporation Date:                   1973

Auditor:                                               Arab Professionals       

Financials in:                             USD (Millions)

Fiscal Year End:                        31-Dec-2011

Reporting Currency:                   Jordanian Dinar

Annual Sales:                           1.4  1

Net Income:                              (1.6)

Total Assets:                             12.0  2

Market Value:                           20.1 (18-Jul-2012)

 

 

Business Description     

 

Arab Center for Pharmaceuticals and Chemicals Industries is a Jordan-based company that manufactures hard hollow gelatin capsules, pharmaceuticals, medicines and veterinary drugs. It operates two factories: the capsules factory, which has an annual production capacity of 1.7 billion capsules, and the pharmaceuticals factory, which produces pharmaceutical products in the form of liquids, creams, ointments, tablets, suppositories, ovules, powders, aerosols and capsules. The Company sells its products domestically and exports it to Middle Eastern and African countries, such as Kingdom of Saudi Arabia, Iraq, Syria, Palestine, Yemen and Egypt. Arab Center for Pharmaceuticals and Chemicals is a public shareholding Company listed on the Amman Stock Exchange. It manufactures hard hollow gelatin capsules, pharmaceuticals, medicines and veterinary drugs. It operates two factories: the capsules factory, which has an annual production capacity of 1.7 billion capsules, and the pharmaceuticals factory, which produces products in the form of liquids, creams, ointments, tablets and others.

 

Industry            

Industry           Biotechnology and Drugs

ANZSIC 2006:   1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002:      2442 - Manufacture of pharmaceutical preparations

NAICS 2002:     325412 - Pharmaceutical Preparation Manufacturing

UK SIC 2003:    24421 - Manufacture of medicaments

US SIC 1987:    2834 - Pharmaceutical Preparations

key Executives   

 

Name

Title

Atta Daoud Mohammed Atta Al Nadher

Managing Director, Member of the Board, representing Ideal Investment Co.

Jalal Mahmoud Salama Hatamleh

Finance & Administrator Manager

Ali Husam Alddin Musmar

Marketing & Sales Manager

Yaser Abdul Hamid Mohammed Al Nuwaihi

Chief Operating Manager

Ousama Mahmoud Abdul Karim Falah

Manager - Engineering and Maintenance

 

 

 

Financial Summary   

 

 

As of 31-Mar-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

4.10

2.09

Quick Ratio (MRQ)

3.94

1.48

Debt to Equity (MRQ)

0.39

0.43

Sales 5 Year Growth

-8.05

4.13

Net Profit Margin (TTM) %

-82.77

17.06

Return on Assets (TTM) %

-13.54

9.59

Return on Equity (TTM) %

-17.58

18.98

 

 

Stock Snapshot    

 

 

Traded: Amman Financial Market: APHC

 

As of 18-Jul-2012

   Financials in: JOD

Recent Price

2.84

 

EPS

-0.23

52 Week High

3.15

 

Price/Sales

14.76

52 Week Low

1.96

 

Price/Book

2.29

Avg. Volume (mil)

0.0001

 

Beta

-0.18

Market Value (mil)

14.20

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-0.35%

-0.30%

13 Week

32.09%

40.55%

52 Week

9.23%

20.68%

Year to Date

9.65%

16.17%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = JOD 0.7085965

2 - Balance Sheet Item Exchange Rate: USD 1 = JOD 0.709

 

 

Corporate Overview

 

Location

King Abdullah II Industrial City

P.O. Box 22

Sahaab, 11512

Jordan

Tel:       962-6-4022470

Fax:      962-6-4022473

Web:    www.acpc.com.jo

           

Quote Symbol - Exchange

APHC - Amman Financial Market

Sales JOD(mil):             1.0

Assets JOD(mil):           8.5

Employees:                  108

Fiscal Year End:            31-Dec-2011

Industry:                       Biotechnology and Drugs

Incorporation Date:        1973

Company Type:             Public Independent

Quoted Status:              Quoted

Chairman of the Board:  Mazen Hamza Ahmad Tantash

 

Industry Codes

 

ANZSIC 2006 Codes:

1841     -          Human Pharmaceutical and Medicinal Product Manufacturing

 

NACE 2002 Codes:

2442     -          Manufacture of pharmaceutical preparations

2441     -          Manufacture of basic pharmaceutical products

 

NAICS 2002 Codes:

325412  -          Pharmaceutical Preparation Manufacturing

325411  -          Medicinal and Botanical Manufacturing

 

US SIC 1987:

2833     -          Medicinal Chemicals and Botanical Products

2834     -          Pharmaceutical Preparations

 

UK SIC 2003:

2441     -          Manufacture of basic pharmaceutical products

24421   -          Manufacture of medicaments

 

Business Description

·         Arab Center for Pharmaceuticals and Chemicals Industries is a Jordan-based company that manufactures hard hollow gelatin capsules, pharmaceuticals, medicines and veterinary drugs. It operates two factories: the capsules factory, which has an annual production capacity of 1.7 billion capsules, and the pharmaceuticals factory, which produces pharmaceutical products in the form of liquids, creams, ointments, tablets, suppositories, ovules, powders, aerosols and capsules. The Company sells its products domestically and exports it to Middle Eastern and African countries, such as Kingdom of Saudi Arabia, Iraq, Syria, Palestine, Yemen and Egypt. Arab Center for Pharmaceuticals and Chemicals is a public shareholding Company listed on the Amman Stock Exchange. It manufactures hard hollow gelatin capsules, pharmaceuticals, medicines and veterinary drugs. It operates two factories: the capsules factory, which has an annual production capacity of 1.7 billion capsules, and the pharmaceuticals factory, which produces products in the form of liquids, creams, ointments, tablets and others.

 

More Business Descriptions

·         Manufacture of hard hollow gelatin capsules, manufacture of pharmaceuticals, veterinary medicines and products

 

·         Arab Center for Pharmaceutical and Chemical Industries Co. (ACPC) is a pharmaceutical company principally engaged in the manufacturing of empty hard gelatin capsules. It caters to several pharmaceutical industries in Jordan and surrounding areas. ACPC manufactures approximately 1.7 billion capsules every year. It also offers customized products that meet the client's specifications. The company's domestic customers include Arab Pharmaceutical Manufacturing Company, Jordanian Pharmaceutical Manufacturing Company and Middle East Pharmaceutical & Chemical Company. Further, it exports products to Iraq, Syria, Palestine, Yemen, Egypt and Saudi Arabia countries. The company is headquartered in Sahab, Jordan.The company reported revenues of (Jordanian Dinar) JOD 0.96 million during the fiscal year ended December 2011, a decrease of 24.96% from 2010. The operating loss of the company was JOD 0.64 million during the fiscal year 2011, as compared to an operating loss of JOD 0.20 million during 2010. The net loss of the company was JOD 1.14 million during the fiscal year 2011, as against a net profit of JOD 0.09 million during 2010.

 

·         Drugs

 

Financial Data

Financials in:

JOD(mil)

 

Revenue:

1.0

Net Income:

-1.1

Assets:

8.5

Long Term Debt:

1.1

 

Total Liabilities:

2.3

 

Working Capital:

0.0

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

-25.0%

NA

0.4%

Market Data

Quote Symbol:

APHC

Exchange:

Amman Financial Market

Currency:

JOD

Stock Price:

2.8

Stock Price Date:

07-18-2012

52 Week Price Change %:

9.2

Market Value (mil):

14,200.0

 

SEDOL:

6047539

ISIN:

JO4102311019

 

 

Shareholders

 

 

Major Shareholders

Hamzah Tantash (38.8%); General Pharmaceutical & Medical Appliances Industrial Co (17.5%)

 

 

 

 

Key Corporate Relationships

Auditor:

Arab Professionals

Bank:

Arab Bank Plc, Union Bank

 

Auditor:

Arab Professionals

 

 

 

 

 

 

 

 

 

Executive report  

 

Board of Directors

 

Name

Title

Function

 

Mazen Hamza Ahmad Tantash

 

Chairman

Chairman

 

Samer Joudeh

 

Vice Chairman

Chairman

 

Mazen Hamza Ahmad Tantash

 

Chairman of the Board

Chairman

 

Biography:

Mr. Mazen Hamzeh Ahmad Tantash serves as Chairman of the Board of Arab Center for Pharmaceuticals & Chemical Industries since April 14, 2009. In 1996, he gained his Bachelors degree in Finance from George Washington University. He is Member of the Board of various companies in Jordan.

 

Education:

George Washington University, B (Finance)

 

Samer Sami Hasan Jawdat

 

Vice Chairman

Vice-Chairman

 

 

Samer Sami Hasan Jawda

 

Vice Chairman of the Board, representing Tantash Group for Investment

Vice-Chairman

 

 

Biography:

Mr. Samer Sami Hasan Jawda serves as Vice Chairman of the Board of Arab Center for Pharmaceuticals and Chemical Industries, representing Tantash Group for Investment since December 22, 2009. He gained his Bachelors degree in Business Administration and a Masters degree in Political Science from Georgetown University, United States in 1986 and 1988 respectively. He is Member of the Board of various companies in Jordan and Chief Executive Officer of Ice International since 1995. Mr. Jawda is Chairman of the Company's Audit Committee since December 6, 2011.

 

Age: 47

 

Education:

Georgetown University, M (Political Science)
Georgetown University, B (Business Administration)

 

Saad Kamal Alddin Daoud Al Ahmadi

 

Member of the Board, representing General Pharm. & Medical Appliances Ind. Co.

Director/Board Member

 

 

Biography:

Mr. Saad Kamal Alddin Daoud Al Ahmadi serves as Member of the Board of Arab Center for Pharmaceuticals & Chemical Industries, representing General Pharm. & Medical Appliances Ind. Co. He has a Bachelor degree in engineering chemistry. He is a Member of the Board of various companies.

 

Age: 44

 

Faisal Abdul Razzaq Mousa Al Hayari

 

Member of the Board, representing Association for Dev. of Orphans Funds

Director/Board Member

 

 

Biography:

Dr. Faisal Abdul Razzaq Mousa Al Hayari serves as Member of the Board of Arab Center for Pharmaceuticals & Chemical Industries, representing Association for Dev. of Orphans Funds since April 18, 2009. He holds a Doctorate of Philosophy degree in Economics from Leicester University since 1980.

 

Age: 57

 

Education:

University of Leicester, PHD (Economics)

 

Atta Daoud Mohammed Atta Al Nadher

 

Managing Director, Member of the Board, representing Ideal Investment Co.

Director/Board Member

 

 

Biography:

Mr. Atta Daoud Mohammed Atta Al Nadher serves as Managing Director and Member of the Board of Arab Center for Pharmaceuticals & Chemical Industries, representing Ideal Investment Co. since February 1, 2011, the Board of Directors has also appointed him to carry out General Manager's responsibilities. He gained his Masters of Business Administration degree from Marymount University, Virginia, United States since 1984. He served as General Manager in various companies in Jordan.

 

Age: 52

 

Education:

Marymount University, MBA 

 

Abdul Fattah Masoud Mohieddine Al Samhouri

 

Member of the Board, representing Tantash for Travel and Tourism

Director/Board Member

 

 

Biography:

Mr. Abdul Fattah Masoud Mohieddine Al Samhouri serves as Member of the Board of Arab Center for Pharmaceuticals and Chemical Industries, representing Tantash for Travel and Tourism since April 18, 2009. He gained his Bachelors degree in Accounting from University of Jordan since 1978. Mr. Al Samhouri is Member of the Company's Audit Committee since November 2, 2009.

 

Age: 47

 

Education:

University of Jordan, M (Business Administration)
University of Jordan, B (Accounting)

 

Mohammed Sherif Mohammed Tawfiq Al Zuabi

 

Member of the Board, representing Social Security Co.

Director/Board Member

 

 

Saed Al-Ahmadi

 

Director

Director/Board Member

 

 

Falah Al-Draji

 

Director

Director/Board Member

 

 

Hisham Maan Hisham Dhobyan

 

Member of the Board, representing Istithmar Co. for Financial Services

Director/Board Member

 

 

Biography:

Mr. Hisham Maan Hisham Dhobyan serves as Member of the Board of Arab Center for Pharmaceuticals & Chemical Industries, representing Istithmar Co. for Financial Services. He gained his Bachelors degree in Political Science from Purdue University, Indiana, United States since 1997. He is currently Chairman of the Board of two companies in Jordan.

 

Age: 38

 

Education:

Purdue University, B (Political Science)

 

Faisal Hyareh

 

Director

Director/Board Member

 

 

Maamoun Adnan Kamal Ismail

 

Member of the Board, representing Social Security Corporation

Director/Board Member

 

 

Biography:

Mr. Maamoun Adnan Kamal Ismail serves as Member of the Board of Arab Center for Pharmaceuticals & Chemical Industries, representing Social Security Corporation since April 18, 2009. He holds a Bachelors degree in Accounting from University of Jordan since 1978.

 

Age: 57

 

Education:

University of Jordan, B (Accounting)

 

Khalil Anis Khalil Nasr

 

Member of the Board, representing Mawqef Trading Services Co.

Director/Board Member

 

 

Age: 59

 

Education:

University of Jordan, M (Finance and Business Management)

 

Falah Hasan Saleh

 

Member of the Board, representing Iraq Ministry of Industry and Minerals Investment Dept.

Director/Board Member

 

 

Hesham Thebyan

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Mohammad Eid Manfaloteh

 

General Manager

Division Head Executive

 

Atta Daoud Mohammed Atta Al Nadher

 

Managing Director, Member of the Board, representing Ideal Investment Co.

Managing Director

 

Biography:

Mr. Atta Daoud Mohammed Atta Al Nadher serves as Managing Director and Member of the Board of Arab Center for Pharmaceuticals & Chemical Industries, representing Ideal Investment Co. since February 1, 2011, the Board of Directors has also appointed him to carry out General Manager's responsibilities. He gained his Masters of Business Administration degree from Marymount University, Virginia, United States since 1984. He served as General Manager in various companies in Jordan.

 

Age: 52

 

Education:

Marymount University, MBA 

 

Yaser Abdul Hamid Mohammed Al Nuwaihi

 

Chief Operating Manager

Operations Executive

 

 

Biography:

Mr. Yaser Abdul Hamid Mohammed Al Nuwaihi serves as Chief Operating Manager of Arab Center for Pharmaceuticals & Chemical Industries since 2001. He holds a Bachelors degree in Chemical Engineering since 1989.

 

Age: 47

 

Compensation/Salary:10,560

Compensation Currency: JOD

 

Jalal Al Hatamleh

 

Finance & Administrator Manager

Administration Executive

 

 

Jalal Mahmoud Salama Hatamleh

 

Finance & Administrator Manager

Administration Executive

 

 

Biography:

Mr. Jalal Mahmoud Salama Hatamleh serves as Finance and Administrator Manager of Arab Center for Pharmaceuticals & Chemical Industries since 2006. He holds a Masters degree in Accounting since 2007.

 

Age: 36

 

Maumoon Ismail

 

Director representing Social Security Corp

Security

 

 

Attah Nather

 

Director representing Special Investment Trading Company

Investment Executive

 

 

Bshar Werr

 

Head of Human Resources

Human Resources Executive

 

 

Ali Husam Alddin Musmar

 

Marketing & Sales Manager

Sales Executive

 

 

Biography:

Mr. Ali Husam Alddin Musmar serves as Marketing and Sales Manager of Arab Center for Pharmaceuticals & Chemical Industries since March 20, 2010. He has a Bachelors degree in Pharmacy from Damascus University since 1992.

 

Age: 47

 

Education:

Damascus University, B (Pharmacy)

 

Ousama Mahmoud Abdul Karim Falah

 

Manager - Engineering and Maintenance

Engineering/Technical Executive

 

 

Yassr Nwehy

 

Head of Technical

Engineering/Technical Executive

 

 

 

 

Significant Developments

 

There were no significant developments matching your query for KeyID 42388226

 

 

Annual Income Statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)         

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

JOD

JOD

JOD

JOD

JOD

Exchange Rate (Period Average)

0.708596

0.708147

0.70834

0.708217

0.708426

Auditor

Arab Professionals

Arab Professionals

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

1.4

1.8

2.6

2.1

1.9

Revenue

1.4

1.8

2.6

2.1

1.9

Total Revenue

1.4

1.8

2.6

2.1

1.9

 

 

 

 

 

 

    Cost of Revenue

1.4

1.6

1.4

1.7

1.7

Cost of Revenue, Total

1.4

1.6

1.4

1.7

1.7

Gross Profit

-0.1

0.2

1.2

0.4

0.2

 

 

 

 

 

 

    Selling/General/Administrative Expense

0.6

0.3

0.7

0.5

0.5

    Labor & Related Expense

0.2

0.2

0.0

-

-

    Advertising Expense

0.0

0.0

-

-

-

Total Selling/General/Administrative Expenses

0.8

0.5

0.7

0.5

0.5

    Depreciation

0.0

0.0

0.3

-

-

Depreciation/Amortization

0.0

0.0

0.3

-

-

Total Operating Expense

2.3

2.1

2.4

2.2

2.2

 

 

 

 

 

 

Operating Income

-0.9

-0.3

0.2

-0.1

-0.3

 

 

 

 

 

 

        Investment Income - Non-Operating

-0.9

0.3

0.0

-0.6

0.2

    Interest/Investment Income - Non-Operating

-0.9

0.3

0.0

-0.6

0.2

    Interest Income (Expense) - Net Non-Operating

-0.1

0.0

-

-

-

Interest Income (Expense) - Net Non-Operating Total

-0.9

0.2

0.0

-0.6

0.2

Gain (Loss) on Sale of Assets

0.0

0.0

-

-

-

    Other Non-Operating Income (Expense)

0.2

0.2

0.3

0.2

0.3

Other, Net

0.2

0.2

0.3

0.2

0.3

Income Before Tax

-1.6

0.1

0.4

-0.4

0.1

 

 

 

 

 

 

Total Income Tax

0.0

0.0

0.1

0.0

0.0

Income After Tax

-1.6

0.1

0.3

-0.4

0.1

 

 

 

 

 

 

Net Income Before Extraord Items

-1.6

0.1

0.3

-0.4

0.1

Net Income

-1.6

0.1

0.3

-0.4

0.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

-1.6

0.1

0.3

-0.4

0.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-1.6

0.1

0.3

-0.4

0.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

5.0

5.0

5.0

5.0

5.0

Basic EPS Excl Extraord Items

-0.32

0.03

0.07

-0.09

0.02

Basic/Primary EPS Incl Extraord Items

-0.32

0.03

0.07

-0.09

0.02

Dilution Adjustment

0.0

-

-

0.0

-

Diluted Net Income

-1.6

0.1

0.3

-0.4

0.1

Diluted Weighted Average Shares

5.0

5.0

5.0

5.0

5.0

Diluted EPS Excl Extraord Items

-0.32

0.03

0.07

-0.09

0.02

Diluted EPS Incl Extraord Items

-0.32

0.03

0.07

-0.09

0.02

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.07

0.00

0.07

Gross Dividends - Common Stock

0.0

0.0

0.4

0.0

0.4

Depreciation, Supplemental

0.2

0.3

0.3

0.4

0.4

Total Special Items

0.0

0.0

-

-

-

Normalized Income Before Tax

-1.6

0.1

0.4

-0.4

0.1

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

-

-

-

Inc Tax Ex Impact of Sp Items

0.0

0.0

0.1

0.0

0.0

Normalized Income After Tax

-1.6

0.1

0.3

-0.4

0.1

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-1.6

0.1

0.3

-0.4

0.1

 

 

 

 

 

 

Basic Normalized EPS

-0.33

0.03

0.07

-0.09

0.02

Diluted Normalized EPS

-0.33

0.03

0.07

-0.09

0.02

Advertising Expense, Supplemental

0.0

0.0

0.0

0.0

-

Normalized EBIT

-0.9

-0.3

0.2

-0.1

-0.3

Normalized EBITDA

-0.7

0.0

0.4

0.2

0.1

    Local Tax - Other

-

-

0.1

-

-

Income Tax - Total

-

-

0.1

-

-

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

JOD

JOD

JOD

JOD

JOD

Exchange Rate

0.709

0.7082

0.70775

0.70875

0.70875

Auditor

Arab Professionals

Arab Professionals

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

0.0

0.3

1.1

0.3

1.0

    Short Term Investments

0.5

0.5

0.7

0.7

0.9

Cash and Short Term Investments

0.5

0.8

1.8

1.0

1.9

        Accounts Receivable - Trade, Gross

1.0

1.2

0.9

-

-

        Provision for Doubtful Accounts

-0.5

-0.2

-0.3

-

-

    Trade Accounts Receivable - Net

0.5

0.9

0.6

0.8

1.4

    Other Receivables

5.1

3.8

2.1

2.0

1.2

Total Receivables, Net

5.6

4.8

2.7

2.8

2.6

    Inventories - Finished Goods

0.0

0.0

0.0

-

-

    Inventories - Work In Progress

0.4

0.0

0.0

-

-

    Inventories - Raw Materials

0.1

0.2

0.2

-

-

Total Inventory

0.5

0.2

0.2

0.5

0.5

    Other Current Assets

-

-

0.1

0.1

0.1

Other Current Assets, Total

-

-

0.1

0.1

0.1

Total Current Assets

6.6

5.8

4.7

4.3

5.0

 

 

 

 

 

 

        Buildings

1.7

1.7

1.7

-

-

        Land/Improvements

0.5

0.5

0.5

-

-

        Machinery/Equipment

6.5

6.8

6.8

-

-

        Other Property/Plant/Equipment

0.3

0.3

0.3

-

-

    Property/Plant/Equipment - Gross

8.9

9.3

9.3

-

-

    Accumulated Depreciation

-6.6

-6.8

-6.5

-

-

Property/Plant/Equipment - Net

2.3

2.5

2.8

3.1

3.4

    LT Investment - Affiliate Companies

2.9

3.6

3.5

3.2

3.2

    LT Investments - Other

0.2

0.0

0.0

-

0.0

Long Term Investments

3.1

3.6

3.5

3.2

3.2

Total Assets

12.0

11.9

11.0

10.6

11.7

 

 

 

 

 

 

Accounts Payable

0.2

0.1

0.1

0.1

0.1

Accrued Expenses

0.1

0.1

-

-

-

Notes Payable/Short Term Debt

0.0

0.0

0.0

0.0

0.0

Current Portion - Long Term Debt/Capital Leases

1.1

0.4

-

-

-

    Other Current Liabilities

0.3

0.4

0.5

0.4

0.7

Other Current liabilities, Total

0.3

0.4

0.5

0.4

0.7

Total Current Liabilities

1.7

1.0

0.6

0.5

0.8

 

 

 

 

 

 

    Long Term Debt

1.6

0.7

-

-

-

Total Long Term Debt

1.6

0.7

0.0

0.0

0.0

Total Debt

2.6

1.1

0.0

0.0

0.0

 

 

 

 

 

 

Total Liabilities

3.2

1.7

0.6

0.5

0.8

 

 

 

 

 

 

    Common Stock

7.1

7.1

7.1

7.1

7.1

Common Stock

7.1

7.1

7.1

7.1

7.1

Additional Paid-In Capital

0.4

0.4

0.4

0.4

0.4

Retained Earnings (Accumulated Deficit)

1.3

2.7

2.9

2.6

3.4

Total Equity

8.7

10.2

10.4

10.1

10.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

12.0

11.9

11.0

10.6

11.7

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

5.0

5.0

5.0

5.0

5.0

Total Common Shares Outstanding

5.0

5.0

5.0

5.0

5.0

Employees

108

-

86

-

100

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2011

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Filed Currency

JOD

JOD

JOD

JOD

JOD

Exchange Rate (Period Average)

0.708596

0.708147

0.70834

0.708217

0.708426

Auditor

Arab Professionals

Arab Professionals

Grant Thornton

Grant Thornton International

Grant Thornton International

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-1.6

0.1

0.3

-0.4

0.1

    Depreciation

0.2

0.3

0.3

0.4

0.4

Depreciation/Depletion

0.2

0.3

0.3

0.4

0.4

    Unusual Items

0.0

0.0

0.0

0.0

0.0

    Other Non-Cash Items

1.1

-0.1

0.0

0.3

0.0

Non-Cash Items

1.1

-0.1

0.0

0.3

0.0

    Accounts Receivable

0.2

-0.4

0.1

0.6

-0.8

    Inventories

-0.3

0.0

0.2

0.0

0.4

    Other Assets

-1.2

-1.6

0.0

-0.6

-0.4

    Accounts Payable

0.1

0.0

0.0

0.0

0.0

    Other Liabilities

-0.1

0.1

0.1

-0.7

0.2

    Other Operating Cash Flow

0.0

0.0

-

-

-

Changes in Working Capital

-1.4

-1.9

0.5

-0.7

-0.6

Cash from Operating Activities

-1.7

-1.6

1.1

-0.5

-0.2

 

 

 

 

 

 

    Purchase of Fixed Assets

0.0

0.0

0.0

0.0

-0.2

Capital Expenditures

0.0

0.0

0.0

0.0

-0.2

    Purchase of Investments

-0.1

0.0

-0.2

-

-

Other Investing Cash Flow Items, Total

-0.1

0.0

-0.2

-

-

Cash from Investing Activities

-0.1

0.0

-0.2

0.0

-0.2

 

 

 

 

 

 

    Cash Dividends Paid - Common

0.0

-0.4

0.0

-0.4

0.0

Total Cash Dividends Paid

0.0

-0.4

0.0

-0.4

0.0

    Long Term Debt, Net

1.5

1.1

-

-

-

Issuance (Retirement) of Debt, Net

1.5

1.1

-

-

-

Cash from Financing Activities

1.5

0.7

0.0

-0.4

0.0

 

 

 

 

 

 

Net Change in Cash

-0.3

-0.8

0.9

-0.8

-0.4

 

 

 

 

 

 

Net Cash - Beginning Balance

0.3

1.1

0.2

1.0

1.4

Net Cash - Ending Balance

0.0

0.3

1.1

0.2

1.0

Cash Taxes Paid

0.0

0.0

-

-

-

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.54

UK Pound

1

Rs.87.39

Euro

1

Rs.68.72

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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.