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Report Date : |
26.03.2012 |
IDENTIFICATION DETAILS
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Name : |
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM) |
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Registered Office : |
Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
1980 |
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Com. Reg. No.: |
347 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of pharmaceutical preparations |
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No. of Employees : |
520 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 1980
Commercial Registration Number : 347
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Total Workforce : 520
Activities : Manufacture of pharmaceutical preparations
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Location : Industrial
Area
PO Box : 94
Town : Naor 11710
Country : Jordan
Telephone : (962-6) 5727207
/ 5728160
Facsimile : (962-6)
5727641 / 5865567
Email :
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Naor.
Branch Office (s)
Location Description
· PO Box: 851658 Office
premises
Abdali Area
Amman 11185
Tel :
(962-6) 5661911
Fax :
(962-6) 5691559
· Al Razi Office
premises
PO Box: 151
Um Amad 16197
Tel: (962-6)
4290744
Fax: (962-6)
4290952
Name Position
· Saleh Mousa Al Shanteer Chairman
· Dr Adnan Badwan Managing
Director
· Sofian Al Sartoui Director
· Ahmed Saad Saheen Director
· Dr Zaid Al Shedfan Production
Manager
· Leena Al Nabulsi Marketing
Manager
· Ahmed Zaid Financial
Manager
Date of
Establishment : 1980
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 347
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
· Saleh Mousa Al Shanteer
· Dr Adnan Badwan
· Sofian Al Sartoui
· Ahmed Saad Saheen
· Jordanian
businessmen and private investors
Activities: Engaged in the manufacture of pharmaceutical preparations, including
antacids, antispasmodics, laxatives, analgesics, antipyretics, antihistamines, mucolytics, cough suppressants, diuretics, antidepressants,
anxiolytics, vitamins and antilipemics.
Import Countries: Germany, France, the United Kingdom and the United
States of America
Export Countries: Lebanon, Yemen, Algeria, Sudan, Bahrain, Oman,
Saudi Arabia, Ethiopia, Bosnia and Germany
Operating Trend: Steady
Subject has a workforce of approximately 520 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Balance Sheet 31/12/09 31/12/08
31/12/07
|
Cash on Hand & at Banks |
375,443 |
174,112 |
188,419 |
|
Accounts Receivable,Net |
20,435,186 |
20,667,696 |
17,757,379 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
1,007,586 |
457,829 |
853,765 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
7,201,058 |
8,247,975 |
4,860,076 |
|
Spare Parts |
0 |
0 |
0 |
|
35,498,225 |
36,016,956 |
28,132,105 |
|
|
Long Term Investments |
6,453,028 |
6,453,028 |
5,352,308 |
|
Fixed Assets,Net |
14,589,451 |
15,315,316 |
16,799,988 |
|
Lands |
0 |
0 |
0 |
|
Projects in Progress |
0 |
0 |
0 |
|
Total Fixed Assets |
14,589,451 |
15,315,316 |
16,799,988 |
|
Other Assets |
3,722,902 |
2,963,493 |
3,101,215 |
|
60,263,606 |
60,748,793 |
53,385,616 |
|
Accounts and Notes Payable |
9,749,060 |
13,976,214 |
6,194,149 |
|
Credit Banks |
0 |
740,555 |
101,727 |
|
Short Term Loans |
810,042 |
1,491,827 |
1,491,827 |
|
Accrued Part of Long Term Loans |
900,613 |
0 |
0 |
|
Total Current Liabilities |
14,264,736 |
19,094,696 |
10,402,934 |
|
Long Term Loans & Notes Payable |
116,986 |
787,001 |
2,089,913 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
7,437,289 |
5,434,787 |
6,626,279 |
|
21,819,011 |
25,316,484 |
19,119,126 |
|
Authorized Capital |
20,000,000 |
20,000,000 |
20,000,000 |
|
20,000,000 |
20,000,000 |
20,000,000 |
|
|
Paid in Capital |
20,000,000 |
20,000,000 |
20,000,000 |
|
Compulsory Reserves |
1,379,217 |
1,061,826 |
937,200 |
|
Voluntary Reserve |
6,085,839 |
6,085,839 |
6,085,839 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
2,000,000 |
2,000,000 |
2,000,000 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
0 |
0 |
0 |
|
|
Proposed Stock Dividends |
0 |
0 |
0 |
|
Accumulated Change in Fair Value |
0 |
0 |
0 |
|
8,943,750 |
6,284,644 |
5,243,451 |
|
|
38,408,806 |
35,432,309 |
34,266,490 |
|
|
Minority Interest |
35,789 |
0 |
0 |
|
60,263,606 |
60,748,793 |
53,385,616 |
Income Statement
|
Operating Revenues |
22,662,646 |
20,136,211 |
21,117,056 |
|
Operating Expenses |
9,447,784 |
6,098,398 |
9,886,591 |
|
Gross Profit |
13,214,862 |
14,037,813 |
11,230,465 |
|
General and Administrative Expenses |
1,485,191 |
1,683,821 |
1,471,695 |
|
Selling and Distribution Expenses |
10,778,669 |
10,413,624 |
7,948,630 |
|
Depreciation (Period) |
1,523,578 |
2,199,298 |
1,658,979 |
|
Other Operating Expenses |
2,604,219 |
1,336,816 |
829,964 |
|
Net Operating Income |
-1,653,217 |
603,552 |
980,176 |
|
Other Revenues |
5,728,392 |
3,391,312 |
1,870,305 |
|
Other Expenses |
0 |
1,439,705 |
0 |
|
Income Before Interest & Tax |
4,075,175 |
2,555,159 |
2,850,481 |
|
Interest Expenses |
900,141 |
1,298,150 |
1,097,269 |
|
Net Income Before Tax |
3,175,034 |
1,257,009 |
1,753,212 |
|
Income Tax (Period) |
62,201 |
8,120 |
0 |
|
Income Tax (Previous Years) |
0 |
0 |
0 |
|
Universities and Research Train Fees |
91,336 |
38,070 |
60,172 |
|
Board of Directors Remuneration |
45,000 |
45,000 |
45,000 |
|
Net Income |
2,976,497 |
1,165,819 |
1,648,040 |
|
Minority Interest |
0 |
0 |
0 |
|
2,976,497 |
1,165,819 |
1,648,040 |
Local sources consider subject’s financial condition to be Good.
Net operating revenue for the year ending 31st December 2010 was
JD 13,634,418 and the expected figure for the year ending 31st
December 2011 is JD 21,691,538.
· Arab Bank Plc
Abdali Branch
PO Box: 926607
Amman
Tel: (962-6)
5627271
Fax: (962-6) 5649305
No complaints regarding subject’s payments have been reported.
Established in 1980, subject is involved in the manufacture of
pharmaceutical preparations and exports its products throughout the Middle East
and Africa.
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.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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 |
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-- |
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.