|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM) |
|
|
|
|
Registered Office : |
Industrial Area, PO Box : 94,
Naor 11710 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
1980 |
|
|
|
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Com. Reg. No.: |
347 |
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|
|
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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
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit: |
US$ 750,000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
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 $2.1 billion, multiple year International Monetary Fund Stand-By
Arrangement. Jordan''s financial sector has been relatively isolated from the
international financial crisis because of its limited exposure to overseas
capital markets. Jordan will continue to depend heavily on foreign assistance
to finance the deficit in 2013.
|
Source
: CIA |
Company Name :
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Country of Origin :
Jordan
Legal Form :
Limited Liability Company
Registration Date :
1980
Commercial Registration Number :
347
Issued Capital :
JD 20,000,000
Paid up Capital :
JD 20,000,000
Total Workforce :
520
Activities :
Manufacture of pharmaceutical preparations
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 750,000
JORDANIAN PHARMACEUTICAL
MANUFACTURING CO PLC (JPM)
Registered &
Physical Address
Location : Industrial
Area
PO Box : 94
Town : Naor 11710
Country : Jordan
Telephone : (962-6) 5727207
/ 5728160
Facsimile : (962-6)
5727641 / 5865567
Email : jpm@go.com.jo
Premises
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 A H Badwan Managing
Director
Lina Bahouth Owais Director
Mohamed Ganayem Director
Sofian Al Sartoui Director
Ahmed Saad Saheen Director
Zakieh Alkurdi Director
Dr Zaid Al Shedfan Production
Manager
Lina Al Nabulsi Marketing
Manager
Murad Abed Al Karim Financial
Manager
Mohammed Abdel Kareem Manufacturing
Manager
Mahmoud Abboud Marketing
Executive
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
Name of
Shareholder (s)
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 31/12/11 31/12/10 31/12/09
|
Cash on Hand & at Banks |
159,953 |
442,346 |
375,443 |
|
Accounts Receivable, Net |
18,451,187 |
23,649,108 |
20,435,186 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
3,215,287 |
1,295,826 |
1,007,586 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
9,792,423 |
7,038,482 |
7,201,058 |
|
Spare Parts |
0 |
0 |
0 |
|
41,993,417 |
32,824,002 |
35,498,225 |
|
|
Long Term Investments |
10,638,963 |
10,443,908 |
6,453,028 |
|
Fixed Assets, Net |
6,975,280 |
13,444,411 |
14,589,451 |
|
Lands |
0 |
0 |
0 |
|
Projects in Progress |
50,000 |
3,851 |
0 |
|
Total Fixed Assets |
7,025,280 |
13,448,262 |
14,589,451 |
|
Other Assets |
13,806,919 |
4,293,256 |
3,722,902 |
|
73,464,579 |
61,009,428 |
60,263,606 |
|
Accounts and Notes Payable |
3,448,444 |
10,812,821 |
9,749,060 |
||||
|
Credit Banks |
320,372 |
2,598,495 |
0 |
||||
|
Short Term Loans |
1,112,970 |
166,986 |
810,042 |
||||
|
Accrued Part of Long Term Loans |
0 |
0 |
900,613 |
||||
|
Total Current Liabilities |
14,128,735 |
13,578,302 |
14,264,736 |
||||
|
Long Term Loans & Notes Payable |
7,568,196 |
0 |
116,986 |
||||
|
Corporate Bonds |
0 |
5,695,018 |
0 |
||||
|
Other Liabilities |
9,063,287 |
0 |
7,437,289 |
||||
|
30,760,218 |
19,273,320 |
21,819,011 |
|||||
|
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 |
1,818,939 |
1,617,527 |
1,379,217 |
||||
|
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 |
436,720 |
436,720 |
0 |
||||
|
11,771,638 |
11,026,716 |
8,943,750 |
|||||
|
42,113,136 |
41,166,802 |
38,408,806 |
|||||
|
Minority Interest |
591,225 |
569,306 |
35,789 |
||||
|
73,464,579 |
61,009,428 |
60,263,606 |
|||||
Income Statement
|
Operating Revenues |
29,163,326 |
20,890,027 |
22,662,646 |
|
Operating Expenses |
8,651,387 |
7,255,609 |
9,447,784 |
|
Gross Profit |
20,511,939 |
13,634,418 |
13,214,862 |
|
General and Administrative Expenses |
1,907,801 |
1,782,238 |
1,485,191 |
|
Selling and Distribution Expenses |
11,945,987 |
10,876,640 |
10,778,669 |
|
Depreciation (Period) |
1,702,269 |
0 |
1,523,578 |
|
Other Operating Expenses |
1,096,980 |
161,365 |
2,604,219 |
|
Net Operating Income |
5,561,171 |
814,175 |
-1,653,217 |
|
Other Revenues |
420,526 |
3,766,838 |
5,728,392 |
|
Other Expenses |
3,239,998 |
1,207,442 |
0 |
|
Income Before Interest & Tax |
2,741,699 |
3,373,571 |
4,075,175 |
|
Interest Expenses |
644,893 |
897,023 |
900,141 |
|
Net Income Before Tax |
2,096,806 |
2,476,548 |
3,175,034 |
|
Income Tax (Period) |
83,553 |
14,100 |
62,201 |
|
Income Tax (Previous Years) |
0 |
0 |
0 |
|
Universities and Research Train Fees |
0 |
23,831 |
91,336 |
|
Board of Directors Remuneration |
45,000 |
45,000 |
45,000 |
|
Net Income |
1,968,253 |
2,393,617 |
2,976,497 |
|
Minority Interest |
21,919 |
100,149 |
0 |
|
1,946,334 |
2,293,468 |
2,976,497 |
Local sources consider subject’s financial condition to be Good.
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.
Recommended credit limit: US$
750,000
Established in 1980, subject is involved in the manufacture of
pharmaceutical preparations and exports its products throughout the Middle East
and Africa.
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.65.96 |
|
|
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
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 |
|
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.