MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

JAMJOOM PHARMACEUTICALS CO LTD

 

 

Registered Office :

Industrial City, Phase 5, Plot 1-3 6267 Jeddah 21442

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

28.03.2005

 

 

Com. Reg. No.:

4030154596, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacture of Pharmaceuticals

 

 

No. of Employee :

500

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SAUDI ARABIA ECONOMIC OVERVIEW

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : JAMJOOM PHARMACEUTICALS CO LTD

Doing Business As                                 : JAMJOOM PHARMA

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Start Date                                             : 2000

Registration Date                                  : 28th March 2005

Commercial Registration Number           : 4030154596, Jeddah

Membership Number                             : 103578

Issued Capital                                       : SR 100,000,000

Paid up Capital                                     : SR 100,000,000

Total Workforce                         : 500

Activities                                               : Manufacture of pharmaceuticals.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

ARIC Credit Rating                                : BB

Recommended Credit Limit                    : EUR 700,000

Person Interviewed                                : Abdullah Al Zahrani, Financial Controller

 

 

COMPANY NAME

 

JAMJOOM PHARMACEUTICALS CO LTD

 

 

DOING BUSINESS AS

 

JAMJOOM PHARMA

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Industrial City, Phase 5, Plot 1-3

 

PO Box            : 6267

 

Town                : Jeddah 21442

Country : Saudi Arabia

 

Telephone         : (966-2) 6081111

Facsimile          : (966-2) 6081222

Email                : jpharma@jamjoompharma.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Jamjoom Building                                                                             Owned sales office

Al Hamra District

Jeddah

Tel: (966-2) 6140099

Fax: (966-2) 6140088

 

·       Khalidiya Building                                                                             Rented sales office

     Al Kazaan Street

     PO Box: 20167

     Riyadh 11455

     Tel: (966-1) 2766775

     Fax: (966-1) 4065050

 

·       Ansary Building, 2nd Floor, Office 206                                                            Rented sales office

     Dhahran Street

     PO Box: 205

     Al Khobar

     Tel: (966-3) 8948582

     Fax: (966-3) 8948583

 

·       Sayed Shohada Street                                                                      Rented sales office

Madinah

     Tel: (966-50) 6097041

     Fax: (966-4) 8151006

 

·       Khamis Mushait                                                                                Rented sales office

Tel: (966-7) 2212862

Fax: (966-7) 2204718

 

·       Alooz Street                                                                                     Rented sales office

Makkah

Tel: (966-50) 0764712

 

·       Al Rajhi Building                                                                               Rented sales office

Buraidah

Qassim

Tel: (966-55) 5245153

 

·       Jazan Building                                                                                  Rented sales office

Jazan

Tel: (966-50) 8484746

 

·       Al Majeed Building                                                                            Rented sales office

Al Ahsa

Hofuf

Tel: (966-54) 0373059

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sheikh Yousuf Mohamed Saleh Jamjoom                                          Managing Partner

 

·       Sheikh Walid Yousuf Mohamed Saleh Jamjoom                                 Partner

 

·       Sheikh Mahmoud Yousuf Mohamed Saleh Jamjoom                          Partner

 

·       Noor Sherif                                                                                      General Manager

 

·       Anwar Mohiddine                                                                              Finance Manager

 

·       Dr Wajih Al Boukol                                                                            Commercial Manager

 

·       Hisham Sayed                                                                                  Export Manager

 

·       Ahmed Kari                                                                                      Human Resources Manager

 

·       Abdullah Al Zahrani                                                                           Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 2000, however it was registered on 18/02/1426 Hijri

                          (corresponding to 28th March 2005)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030154596, Jeddah

 

Membership No.           : 103578

 

Issued Capital              : SR 100,000,000

 

Paid up Capital            : SR 100,000,000

 

Name of Partner (s)

 

·       Sheikh Yousuf Mohamed Saleh Jamjoom

 

·       Sheikh Walid Yousuf Mohamed Saleh Jamjoom

 

·       Sheikh Mahmoud Yousuf Mohamed Saleh Jamjoom

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Jamjoom Group of Companies, which consists of the following concerns:

 

·       Jamjoom Medicine Store

Jamjoom Building, 1st Floor

Sheikh Abdul Wahab Street

Alammariyyah District

PO Box: 935

Jeddah 21421

Tel: (966-2) 6422463 / 6422563

Fax: (966-2) 6440964

Email: jpharma@saudionline.com.sa

 

·       Depot Pharmacentique Du Moyen Orient

PO Box: 415

Jeddah 21411

Tel: (966-2) 6431711

Fax: (966-2) 6444700

 

·       Jamjoom General Agencies

PO Box: 2127

Jeddah 21451

Tel: (966-2) 6423195

Fax: (966-2) 6431832

Email: jga@jamjoom.com

 

·       Jamjoom Vehicles & Equipment

Jamjoom Vehicles Building

Makkah Road, Kilo 5

PO Box: 1247

Jeddah 21431

Tel: (966-2) 6871876 / 6871708

Fax: (966-2) 6872710 / 6879652

Email: jve@jamjoom.com

 

·       Jamjoom Metal Industries

 

·       Jeddah Trident

 

·       Jamjoom Advanced Technology

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals specialising in the following areas:

 

     -  Ophthalmology
     -  Derma
     -  Infection
     -  Gastrointestinal
     -  Cardiovascular
     -  General Medicine

 

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

International Suppliers:

 

·       Bausch & Strobel                 Germany

·       Diessel                                Germany

·       Romaco Koruma                  Germany

·       IWKA                                   Germany

·       Killian                                   Germany

·       Kramer                                 Germany

·       Robert Bosch                       Germany

·       Zair                                      Germany

·       Uhlmann                               Germany

·       Garvens                               Germany

·       Links                                    Germany

·       Optrel                                  Italy

·       Gordic                                 Sweden

·       Getinge                                Sweden

·       Finn Aqua                            Finland

·       Glatt                                                Switzerland

·       Elga                                     United Kingdom

·       Fristam                                United States of America

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               October 2008

Credit amount                                       23,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Euros

 

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.