|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
MIDDLE EAST PHARMACEUTICAL & CHEMICAL
INDUSTRIES & MEDICAL APPLIANCES CO LTD |
|
|
|
|
Registered Office : |
Mipharma
Building, Al Baqaa Jerash Street, Mobis Area, P O Box 1063, Amman 11821 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
01.07.1993 |
|
|
|
|
Com. Reg. No.: |
231, |
|
|
|
|
Legal Form : |
Public Shareholding Company |
|
|
|
|
Line of Business : |
Manufacture of medical supplies and drugs |
|
|
|
|
No. of Employees : |
288 |
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 : |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
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 & CHEMICAL INDUSTRIES &
MEDICAL APPLIANCES CO LTD
Doing Business As : MIDPHARMA
Country of Origin : Jordan
Legal Form : Public Shareholding Company
Registration Date : 1st July 1993
Commercial Registration Number : 231, Amman
Issued Capital : JD 9,500,000
Paid up Capital : JD 9,500,000
Total Workforce : 288
Activities : Manufacture of medical supplies and drugs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MIDDLE EAST
PHARMACEUTICAL & CHEMICAL INDUSTRIES & MEDICAL APPLIANCES CO LTD
MIDPHARMA
Registered &
Physical Address
Building : Mipharma Building
Street : Al Baqaa Jerash Street
Area : Mobis Area
PO Box : 1063
Town : Amman 11821
Country : Jordan
Telephone : (962-6) 4726723
/ 4794444
Facsimile : (962-6) 4725154
Email : info@midpharma.com / main@midpharma.com
Premises
Subject operates
from a suite of offices, a factory and warehousing covering an area of 12,000
square metres that are owned and located on the outskirts of Amman.
Branch Office (s)
Location Description
·
Amman
Airport Street Rented
sales office
7th Circle, Jabal Amman
Amman
Tel: (962-6) 4726723 / 4794444
Fax: (962-6) 4725154
Name Position
·
Mazin Hamza Tantash Chairman
·
Khalid Abdul Karim Al Dahla Vice
Chairman
·
Zkrya Abokhlaf Director
·
Jameel A. Jobran Director
·
Khalil Anzouqah Director
·
Mahmoud Zaher Finance
Manager
·
Akram Shrem Production
Manager
·
Adli El Sayed Purchasing
Manager
Date of Establishment : 1st
July 1993 (Production began in October 1997)
Legal Form :
Public Shareholding Company
Commercial Reg. No. : 231, Amman
Industrial Licence No. : 5298/80/45/319
Issued Capital : JD 9,500,000
Paid up Capital : JD 9,500,000
Name of
Shareholder (s)
·
Mazin Hamza Tantash
·
Khalid Abdul Karim Al Dahla
·
Zkrya Abokhlaf
·
Jameel A. Jobran
·
Khalil Anzouqah
·
Housing
Bank
Parliament Street
PO Box: 7693
Amman
Tel: (962-6) 5667126
·
Members
of the general public & private investors
Activities: Engaged in the
manufacture of medical supplies and drugs, including antibiotics,
analgesics-antipyretics, vitamins, haematinics, cardiovascular preparations,
hypoglycemics, antiulcerants and antifungals.
Subject is ISO 9001:2000 certified.
Import
Countries: Germany, France,
Italy and the United Kingdom
Operating Trend: Steady
Subject has a
workforce of 288 employees.
Financial
highlights provided by local sources are given below:
Currency: Jordanian
Dinars (JD 000,000’s)
Balance Sheet 31/12/11 31/12/10
|
Assets |
||
|
Cash & Near Cash Items |
0.70 |
0.28 |
|
Short-Term Investments |
0.37 |
0.34 |
|
Accounts & Notes Receivable |
4.41 |
7.22 |
|
Inventories |
5.53 |
5.83 |
|
Other Current Assets |
1.87 |
1.99 |
|
Total Current Assets |
12.88 |
15.66 |
|
Net Fixed Assets |
11.47 |
11.55 |
|
Other Long-Term Assets |
0.92 |
0.92 |
|
Total Long-Term Assets |
12.39 |
12.47 |
|
Total Assets |
25.26 |
28.13 |
|
Liabilities & Shareholders' Equity |
||
|
Accounts Payable |
0.99 |
0.57 |
|
Short-Term Borrowings |
11.94 |
10.03 |
|
Other Short-Term Liabilities |
3.56 |
4.28 |
|
Total Current Liabilities |
16.50 |
14.88 |
|
Long-Term Borrowings |
0.32 |
0.48 |
|
Total Long-Term Liabilities |
0.32 |
0.48 |
|
Total Liabilities |
16.82 |
15.37 |
|
Total Preferred Equity |
0.00 |
0.00 |
|
Minority Interest |
0.00 |
0.00 |
|
Share Capital & APIC |
11.92 |
11.92 |
|
Retained Earnings & Other Equity |
-3.48 |
0.84 |
|
Total Equity |
8.44 |
12.76 |
|
Total Liabilities & Equity |
25.26 |
28.13 |
Statement of Income
|
Revenue |
5.98 |
12.83 |
|
Cost of Revenue |
5.74 |
5.54 |
|
Gross Profit |
0.24 |
7.30 |
|
Operating Expenses |
3.48 |
5.88 |
|
Operating Income |
-3.24 |
1.42 |
|
Interest Expense |
0.91 |
0.69 |
|
Net Non-Operating Losses (Gains) |
0.17 |
0.29 |
|
Income Before XO Items |
-4.32 |
0.44 |
|
Extraordinary Loss Net of Tax |
0.00 |
0.00 |
|
Minority Interests |
0.00 |
0.00 |
|
Net Income |
-4.32 |
0.44 |
|
Total Cash Preferred Dividends |
0.00 |
0.00 |
|
Net Inc Avail to Common Shareholders |
-4.32 |
0.44 |
|
Abnormal Losses (Gains) |
-0.02 |
-0.03 |
|
Normalized Income |
-4.33 |
0.41 |
Local sources consider
subject’s financial condition to be Fair.
·
Arab
Bank Plc
Shmeisani Branch
PO Box: 950545 & 950544
Amman 11195
Tel: (962-6) 5607231 / 5607115
Fax: (962-6) 5606793 / 5606830
·
Housing
Bank
Parliament Street
PO Box: 7693
Amman
Tel: (962-6) 5667126
Acc No. 027 042278-01
·
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
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in 1993,
Middle East Pharmaceutical & Chemical Industries & Medical Appliances
Co Ltd is a leading manufacturer of medical supplies and drugs in Jordan.
During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is deemed to be admissible.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.99 |
|
UK Pound |
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
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.