MIRA INFORM REPORT

 

 

Report Date :

05.04.2013

 

IDENTIFICATION DETAILS

 

Name :

KARMEL DRUGSTORE

 

 

Registered Office :

21 Abdullah Ghousheh Street, 7th Circle, Wadi Seer, Jabal Amman, P O Box 927324, Amman 11190

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.10.1984

 

 

Com. Reg. No.:

77682, Amman

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Distributors of drugs, pharmaceuticals, medicines and dental equipment

 

 

No. of Employees :

15

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Jordan

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Jordan - ECONOMIC OVERVIEW

 

Jordan's economy is among the smallest in the Middle East, with insufficient supplies of water, oil, and other natural resources, underlying the government''s heavy reliance on foreign assistance. Other economic challenges for the government include chronic high rates of poverty, unemployment, inflation, and a large budget deficit. Since assuming the throne in 1999, King ABDALLAH has implemented significant economic reforms, such as opening the trade regime, privatizing state-owned companies, and eliminating some fuel subsidies, which in the last decade spurred economic growth by attracting foreign investment and creating some jobs. The global economic slowdown and regional turmoil, however, have depressed Jordan''s GDP growth, impacting export-oriented sectors, construction, and tourism. In 2011 the government approved two economic relief packages and a budgetary supplement, largely to improve the living conditions for the middle and poor classes. Jordan''s finances have also been strained by a series of natural gas pipeline attacks in Egypt, causing Jordan to substitute more expensive heavy fuel oils to generate electricity. An influx of foreign aid, especially from Gulf countries, has helped to somewhat offset these extrabudgetary expenditures, but the budget deficit is likely to remain high, at nearly 10% of GDP excluding grants. Amman likely will continue to depend heavily on foreign assistance to finance the deficit in 2012. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan is currently exploring nuclear power generation to forestall energy shortfalls.

 

Source : CIA

SUMMARY

 

Company Name                                    : KARMEL DRUGSTORE

Also Known As                                     : SUBHI GHANMEH HEIRS CO

Country of Origin                                   : Jordan

Legal Form                                           : General Partnership

Registration Date                                  : 20th October 1984

Commercial Registration Number           : 77682, Amman

Chamber Membership Number               : 124288

National ID Number                               : 200018603

Partners Capital                                     : JD 5,000

Total Workforce                                     : 15

Activities                                               : Distributors of drugs, pharmaceuticals, medicines and dental

equipment.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

KARMEL DRUGSTORE

 

 

ALSO KNOWN AS

 

SUBHI GHANMEH HEIRS CO

 

 

Company ADDRESS

 

Registered & Physical Address

Street               : 21 Abdullah Ghousheh Street

Area                 : 7th Circle, Wadi Seer, Jabal Amman

PO Box            : 927324

Town                : Amman 11190

Country             : Jordan

Telephone         : (962-6) 5826816

Facsimile          : (962-6) 5815386

Email                : info@karmel-pharma.com / omar.ghanmeh@karmel-pharma.com

 

Premises

Subject operates from a small suite of offices and a pharmacy that are rented and located in the Central Business Area of Amman.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Feras Subhi Al Ghanmeh                                                                   Managing Partner

·       Raya Subhi Al Ghanmeh                                                                   Partner

·       Oraib Abdullatif Saleh Yaish                                                              Partner

·       Omar Al Ghanmeh                                                                            Import Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th October 1984

 

History                         : Subject started in 1984 as a Sole Proprietorship. It re-registered as a General Partnership on 25th September 2005.

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 77682, Amman

 

Chamber Member No.  : 124288

 

National ID No.             : 200018603

 

Partners Capital           : JD 5,000

 

Name of Partners (s)                                                              Percentage

·       Feras Subhi Al Ghanmeh                                                       58.32%

·       Raya Subhi Al Ghanmeh                                                       29.18%

·       Oraib Abdullatif Saleh Yaish                                                  12.50%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of drugs, pharmaceuticals, medicines and dental equipment.

 

Import Countries: United Kingdom, Switzerland and Italy.

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/11:               Year Ending 31/12/12:

 

Total Revenue                           US$ 2,000,000                           US$ 2,250,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

·       Cairo Amman Bank

Amman

Tel: (962-6) 4639321

Fax: (962-6) 4639328

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.65

UK Pound

1

Rs.82.41

Euro

1

Rs.70.08

 

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%)

 

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.