MIRA INFORM REPORT

 

 

Report Date :

07.03.2013

 

IDENTIFICATION DETAILS

 

Name :

UNITED PHARMACEUTICALS MANUFACTURING CO LTD (UPM)

 

 

Registered Office :

Khalidi Hospital Street, 3rd Circle, Jabal Amman, P O Box 69, Amman 11591

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

08.06.1989

 

 

Com. Reg. No.:

2161, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of pharmaceutical preparations

 

 

No. of Employees :

450

 

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 :

Regular 

 

 

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                                     : UNITED PHARMACEUTICALS MANUFACTURING CO LTD (UPM)

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 8th June 1989

Commercial Registration Number            : 2161, Amman

Membership Number                              : 5950

National ID Number                                : 200004648

Issued Capital                                        : JD 3,000,000

Paid up Capital                                      : JD 3,000,000

Total Workforce                                     : 450

Activities                                               : Manufacturers of pharmaceutical preparations.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohammad Abu Jamoos, Finance Manager

 

COMPANY NAME

 

UNITED PHARMACEUTICALS MANUFACTURING CO LTD (UPM)

 

 

Company ADDRESS

 

Registered & Physical Address

Street               : Khalidi Hospital Street

Area                 : 3rd Circle, Jabal Amman

PO Box             : 69

Town                 : Amman 11591

Country             : Jordan

Telephone         : (962-6) 4640771

Facsimile          : (962-6) 4652386

Mobile               : (962-79) 5699009

Email                : info@upm.com.jo / khaledom@upm.com.jo / mohammadaj@upm.com.jo

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Al Raqeem                                                                                       Factory premises covering 29,000 sq metres

Sahab

     Tel: (962-6) 4162901 / 4162906

     Fax: (962-6) 4162905

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Munjid Munir Sukhtian                                                                       Chairman

·       Nidal Munir Sukhtian                                                                         Vice Chairman  

·       Ghayyath Munir Sukhtian                                                                   Director

·       Marlin Nicola Sukhtian                                                                       Director

·       Rana Nidal Sukhtian                                                                          Director

·       Dima Nidal Sukhtian                                                                          Director

·       Dara Nidal Sukhtian                                                                           Director

·       Onoud Nidal Sukhtian                                                                        Director

·       Dr Khaled Al Otaibi                                                                            Marketing Manager

·       Mohamed Al Agbar                                                                            Technical Manager

 

·       Abdul Moniem Al Ali                                                                          Sales Manager

·       Mohammad Abu Jamoos                                                                   Finance Manager

                                                       

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 8th June 1989

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 2161, Amman

 

Membership No.          : 5950

 

National ID No.            : 200004648

 

Issued Capital              : JD 3,000,000

 

Paid up Capital            : JD 3,000,000

 

Name of Shareholder (s)                                              Percentage

·       Munjid Munir Sukhtian                                                  33.3%

 

·       Ghayyath Munir Sukhtian                                              33.3%

 

·       Nidal Munir Sukhtian                                                      5.5%           

 

·       Marlin Nicola Sukhtian                                                    5.5%

 

·       Rana Nidal Sukhtian                                                       5.5%

 

·       Dima Nidal Sukhtian                                                       5.5%

 

·       Dara Nidal Sukhtian                                                        5.5%

 

·       Onoud Nidal Sukhtian                                                     5.5%

 

 

AFFILIATED COMPANIES

 

·       Amana Tourism Services

 

·       Arabian Office Automation Company Ltd

 

·       Beit Jala Pharmaceutical Manufacturing (BJP)

 

·       Exir LLC

 

·       Ghayat Construction

 

·       Households & Toiletries Manufacturing Co

 

·       Jordan Greenhouses Manufacturing Co Ltd (Rayyan)

 

·       Munir Sukhtian Global

 

·       Munir Sukhtian Investment

 

·       Munir Sukhtian Trading Group Co Ltd

 

·       Sukhtian Brothers

 

·       Sukhtian Industrial Trading (SIT)

 

·       Tabuk Pharmaceutical Manufacturing Company

 

·       M S Pharma

     Amman

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceutical preparations.

 

     Subject produces 216 pharmaceutical products of which 44 are produced under license for multinational

     companies. The company has also a manufacturing contract for 20 products to other companies.

 

Production Capacities:

 

Dosage Form

Annum

Capsule ( Powder & Hard Gelatin )

135,000,000 Cap

Capsule (Pellets)

50,000,000 Cap

Semisolid Line ( Cream, Gel ,Ointment )

1,800,000 Tube

Suspension & Dry Suspension

500,000 Bottle

Shampoo  

750,000 Bottle

Soft Gelatin Capsule

18,000,000 Cap

Liquid Line ( Syrup )

2,500,000 Bottle

Suppository

1,200,000 Supp.

Tablet

180,000,000 Tab

 

 

Import Countries: Germany, Belgium, France, Italy and the United Kingdom.

 

International Suppliers:

 

·       Astra                        Romania

·       Hiba Drugstore          Sudan

·       U Carbon                  Austria

 

Export Countries: Iraq, Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Oman, Kuwait, Yemen, Lebanon, Libya,  Algeria, Egypt, Sudan, Ethiopia, Germany, Romania, Kazakhstan, Hong Kong, Malaysia and the          Philippines.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 450 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 17,000,000                           JD 17,650,000                          

 

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

 

The above figures were provided by Mr Mohammad Abu Jamoos, Finance Manager

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2007

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.71

UK Pound

1

Rs.82.79

Euro

1

Rs.71.43

 

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.