MIRA INFORM REPORT

 

 

Report Date :

12.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ARAB DRUG STORE COMPANY

 

 

Registered Office :

Khalil Salem Street Telal El Ali Area PO Box: 2509 Amman 11953

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

20.04.1953

 

 

Com. Reg. No.:

113625, Amman

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of medical equipment.

 

 

No. of Employees :

35

 

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

(31.03.2011)

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                                     : ARAB DRUG STORE COMPANY

Country of Origin                                                : Jordan

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 20th April 1953

Commercial Registration Number                        : 113625, Amman

Chamber Membership Number                : 73

Issued Capital                                        : JD 700,000

Paid up Capital                                      : JD 700,000

Total Workforce                                     : 35

Activities                                               : Distributors of medical equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Shamlawi, Finance Manager

 

 

 

COMPANY NAME

 

ARAB DRUG STORE COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Khalil Salem Street

Area                 : Telal El Ali Area

 

PO Box             : 2509

 

Town                 : Amman 11953

Country             : Jordan

 

Telephone         : (962-6) 5502996

Facsimile          : (962-6) 5532358

Mobile               : (962-79) 5330099

Email                : ads@ads.com.jo / mohammad.shamlawi@ads.com.jo

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Thamer Amin Shocair                                                                        Managing Partner

 

·       Amer Amin Shocair                                                                           Partner

 

·       Galia Amin Shocair                                                                           Partner

 

·       Fouz Amin Shocair                                                                            Partner

 

·       Hala Amin Shocair                                                                            Partner

 

·       Dr Ibrahim Al Beiruti                                                                          Partner

 

·       Mrs Adela Mohamed Tawfiq                                                               Partner

 

·       Mohamed Al Swafani                                                             Commercial Manager

·       Mohamed Shamlawi                                                                          Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th April 1953

 

History                         : Subject was originally established in 1953 as a Sole Proprietorship owned by Mr Amin Khalil Shocair, trading under the name of “Amin Shocair Establishment” and registered with CR No. 213, Amman.

 

                                      However, in 2003 Mr Amin Khalil Shocair passed away and the business ownership was

  transferred to his legal heirs.

 

                                      On 5th January 2005 the subject was re-registered as a Limited Liability Partnership under the new name of “Arab Drug Store Company”

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 113625, Amman

 

Chamber Member No. : 73

 

Issued Capital              : JD 700,000

 

Paid up Capital            : JD 700,000

 

Name of Partner (s)

 

·       Thamer Amin Shocair

 

·       Amer Amin Shocair

 

·       Galia Amin Shocair

 

·       Fouz Amin Shocair

 

·       Hala Amin Shocair

 

·       Dr Ibrahim Al Beiruti

 

·       Mrs Adela Mohamed Tawfiq

 

 

AFFILIATED COMPANIES

 

·       Arab Medical & Scientific Alliance

PO Box: 2509

Amman 11953

CR No. 79750

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of medical equipment, scientific instruments, pharmaceuticals and  other medical consumables, as well as baby food.

 

Subject’s clients include the Jordan Armed Forces, and many of the country’s leading hospitals such as the Al Hayat Hospital, Irbid Speciality Hospital, and the King Abdullah Hospital.

 

Import Countries: Germany, the United Kingdom, Italy and the United States of America

 

Agents for:

 

·       Medaes Ltd              United Kingdom

·       Eschman Ltd            United Kingdom

·       Omeda Ltd               United Kingdom

·       Grispy                      United Kingdom

·       Brown Medical          Germany

·       Medite GmbH           Germany

·       Anthos                     Italy

·       Bracco SpA              Italy

·       Varian Inc                 United States of America

·       Serono                     Spain

·       Brongner                  Germany

·       Eliliy Inc                   United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

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

 

Total Sales                                JD 9,450,000                             JD 10,500,000

 

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

 

The above figures were provided by Mr Mohamed Shamlawi, Finance Manager

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

     Email: secretariat@arabbank.com.jo

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.68

UK Pound

1

Rs.84.84

Euro

1

Rs.71.87

 

 

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.