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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
PHARMA INTERNATIONAL CO (PIC) |
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Formerly Known As : |
PHARMATEC INTERNATIONAL CO |
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Registered Office : |
Abu Al Haj Building, Queen Rania Al Abdullah Street, Al Jubaiha Area,
PO Box: 334, Amman 11941 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.01.1994 |
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Com. Reg. No.: |
3400, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and marketing of pharmaceuticals. |
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No. of Employees : |
770 |
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 |
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Status : |
Good |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 and 2012,
the government approved two economic relief packages and a budgetary
supplement, meant 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 diesel
imports, primarily from Saudi Arabia, to generate electricity. Jordan is
currently exploring nuclear power generation in addition to the exploitation of
abundant oil shale reserves and renewable technologies to forestall energy
shortfalls. In 2012, to correct budgetary and balance of payments imbalances,
Jordan entered into a $2.1 billion, multiple year International Monetary Fund
Stand-By Arrangement. Jordan''s financial sector has been relatively isolated
from the international financial crisis because of its limited exposure to
overseas capital markets. Jordan will continue to depend heavily on foreign
assistance to finance the deficit in 2013.
|
Source
: CIA |
Company Name :
PHARMA INTERNATIONAL CO (PIC)
Also Known As :
PHARMATEC INTERNATIONAL CO
Country of Origin :
Jordan
Legal Form :
Limited Liability Company
Registration Date :
2nd January 1994
Commercial Registration Number :
3400, Amman
Chamber Membership Number :
108000
National ID Number :
200009818
Issued Capital :
JD 28,816,000
Paid up Capital :
JD 28,816,000
Total Workforce :
770
Activities :
Manufacture and marketing of pharmaceuticals.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Yousef Al Zaghari, Finance Manager
PHARMA INTERNATIONAL CO (PIC)
PHARMATEC INTERNATIONAL CO
Registered & Physical
Address
Building : Abu Al Haj
Building
Street : Queen Rania
Al Abdullah Street
Area : Al Jubaiha
Area
PO Box : 334
Town : Amman 11941
Country : Jordan
Telephone : (962-6) 5336502
/ 5150581 / 5158890 / 5150580 / 5150580 / 5157893 / 5154296
Facsimile : (962-6)
5339163 / 5160865 / 5150583 / 5154783
Email : ipcc@go.com.jo
/ riuad-abuhaj@pic-jo.com
/ marketing@pic-jo.com
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Suburban Business Area of Amman.
Branch Office (s)
Location Description
Qastel Area Owned
manufacturing plant
Amman
Tel: (962-6) 4711585 / 4711586 / 4440585 / 4440586 / 4792222
Fax: (962-6) 4711803 / 4711584
Name Position
Ali Mohamed Hussain Abu Al Haj Managing
Director
Riuad Ali Mohamed Hussain Abu Al Haj Director
Osama Ali Mohamed Hussain Abu Al Haj Director
Sahr Ali Mohamed Hussain Abu Al Haj Director
Ahlam Ali Mohamed Hussain Abu Al Haj Director
Gadeer Ali Mohamed Hussain Abu Al Haj Director
Samar Ali Mohamed Hussain Abu Al Haj Director
Raed Omar Mohamed Hussain Abu Al Haj Director
Khalid Mohamed Hussain Abu Al Haj Director
Paul Glover General
Manager
Gamal Al Refai Production
Manager
Dr Nasser Al Hamawi Marketing
Manager
Thamer Haddad Planning
Manager
Alaa Hafez Commercial
Manager
Omar Al Hoor Factory
Manager
Yousef Al Zaghari Finance
Manager
Date of Establishment : 2nd
January 1994
Legal Form : Limited Liability
Company
Commercial Reg. No. : 3400, Amman
Chamber Member No. : 108000
National ID No. : 200009818
Issued Capital : JD 28,816,000
Paid up Capital : JD 28,816,000
Name of
Shareholder (s)
Ali Mohamed Hussain Abu Al Haj
Riuad Ali Mohamed Hussain Abu Al Haj
Osama Ali Mohamed Hussain Abu Al Haj
Sahr Ali Mohamed Hussain Abu Al Haj
Ahlam Ali Mohamed Hussain Abu Al Haj
Gadeer Ali Mohamed Hussain Abu Al Haj
Samar Ali Mohamed Hussain Abu Al Haj
Raed Omar Mohamed Hussain Abu Al Haj
Khalid Mohamed Hussain Abu Al Haj
Activities: Manufacture and marketing of
pharmaceuticals, including antibiotics, cephalosporin and noncephalosporin, antifungals,
cardiovascular, nervous system, iron preparations and dermatological
preparations under license from Schein Pharmaceuticals of the USA.
Subject
is ISO 9001 accredited.
Import Countries: The
United States of America, Switzerland, France and Germany.
Export Countries: Iran, the Middle
East, Africa and Russia.
Operating Trend: Steady
Subject has a workforce of approximately 770 employees.
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
41,132,624 JD 44,448,958
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Yousef Al
Zaghari, Finance Manager
Arab Bank Plc
Shmeisani Branch
PO Box: 950545 & 950544
Amman 11195
Tel: (962-6) 5607231 / 5607115
Fax: (962-6) 5606793 / 5606830
HSBC Bank Middle East
Khalid Bin Walid Street
Jebel Hussein
PO Box: 925286
Amman
Tel: (962-6) 5660471 / 5607471
Fax: (962-6) 5692964
No complaints regarding subject’s payments have been reported.
Date of transaction June
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Pharma International Co (PIC) is engaged in the manufacture and
marketing of pharmaceuticals. It has recently signed a licensing
agreement with Schein Pharmaceuticals of the USA.
Local sources report that subject is
making good progress in the regional pharmaceutical industry and is under the
direction of a professional management team.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.