|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM) |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1962 |
|
|
|
|
Com. Reg. No.: |
646 |
|
|
|
|
Legal Form : |
Private Shareholding Company |
|
|
|
|
Line of Business : |
Subject is engaged in the production, packaging and
marketing of medications, intravenous solutions, chemical and nutritional
products, vitamins, hormone drugs, organ extracts, pharmaceutical
preparations, carbohydrates, proteins, enzymes and veterinary products. |
|
|
|
|
No. of Employees : |
126 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. In 2013, Jordan depended heavily on foreign assistance to finance the budget deficit, as the influx of about 600,000 Syrian refugees put additional pressure on expenditures.
|
Source
: CIA |
Company Name :
ARAB PHARMACEUTICAL MANUFACTURING CO LTD (APM)
Country of Origin :
Jordan
Legal Form :
Private Shareholding Company
Start Date :
1962
Commercial Registration Number :
646
National ID Number :
2000104017
Issued Capital :
JD 20,000,000
Paid up Capital :
JD 20,000,000
Total Workforce :
126
Activities :
Producers and packagers of medications and pharmaceutical preparations.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Yazan Hijab, Treasury Manager
ARAB
PHARMACEUTICAL MANUFACTURING CO LTD (APM)
Registered &
Physical Address
Location : King Hussein
Street
PO Box : 1695
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 5802200
/ 5685121
Facsimile : (962-6)
5802203 / 5685131
Mobile : (962-77)
7716583 / (962-79) 5439388
Email : info@apm.com.jo
/ aallahham@apm.com.jo
/ yhijab@apm.com.jo
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Amman.
Branch Office (s)
Location Description
Al Salalem Street Factory
premises
Al Salt Industrial Area, Buhaira
PO Box: 42
Al Salt 19110
Tel: (962-5) 3491200 / 3554961 / 3554962 / 3554963 / 3492200
Fax: (962-5) 3551897 / 3491207 / 3491203
Ammn Warehouse
premises
Tel: (962-6) 5685131
PO Box: 2418 Laboratory
premises
Damascus
Syria
Name Position
Mazin Samih Taleb Darwazah Chairman
Dr Salah Mohamed Al Moajdah Vice
Chairman
Dr Khaled Jerwan Director
Basil Awadallah Director
Yayha Juma Al Qawasmah Director
Basil Nimer Zayedah Director
Dr Salah Al Moajdah General
Manager
Yasser Mulhem Assistant
General Manager
Elis Fadel Supply
Chain Manager
Ahmed Allaham Arabiya Finance
Manager
Yazan Hijab Treasury
Manager
Ali Herms Purchasing
Manager
Date of Establishment : 1962 (Production began in August 1964)
History : Subject began in 1962
as a Public Shareholding Company, but re-registered as a Private Shareholding
Company in 2010.
Legal Form : Private
Shareholding Company
Commercial Reg. No. : 646
National ID No. : 2000104017
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Name of
Shareholder (s) Percentage
Hikma Pharmaceuticals Co Plc 100%
PO Box: 182400
Amman 11118
Jordan
Tel: (962-6) 5811692
Fax: (962-6) 5817102
Jordan Antiseptics & Detergents Co
Amman
Jordan Detergents Company
Amman
Arab Algerian Pharmaceutical Distribution Company
Algeria
Activities: Subject is engaged in the
production, packaging and marketing of medications, intravenous solutions,
chemical and nutritional products, vitamins, hormone drugs, organ extracts,
pharmaceutical preparations, carbohydrates, proteins, enzymes and veterinary
products.
Subject’s full product range covers
Alimentary Tracts, Blood & Blood Forming Organs, Cardiovascular System,
Central Nervous System, Dermatologicals, Musculo-Skeletal System, Respiratory
System, Systemic Anti-Infectives, Systemic Hormones, Systemic Trichomonacides,
Generics, and I.V Fluids
Subject has a
licensing agreement with Takeda, Japan.
Clients
include the Bulgarian Drug Agency.
Import Countries: Germany
and the United Kingdom
International Suppliers:
Astra Zeneca United Kingdom
Export Countries: Subject exports to over 30 countries in
the Middle East, Africa and Eastern Europe. The main markets are Iraq, Saudi Arabia,
Algeria and Libya. Exports constitute approximately 70 percent of total sales.
Brand Names: APM
Operating Trend: Steady
Subject has a workforce of 126 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales JD
52,629,744 JD
51,964,263
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Yazan Hijab, Treasury Manager
Jordan Kuwait Bank
Abdali Branch
PO Box: 9776
Amman
Tel: (962-6) 5688814
ANZ Grindlays Bank
Shmeisani Branch
PO Box: 9997
Amman
Tel: (962-6) 4660201
Fax: (962-6) 4679115
Cairo Amman Bank
Shabsough Street
PO Box: 715
Amman
Tel: (962-6) 5639321 / 5623100 / 5623109
Fax: (962-6) 5639328
Jordan Islamic Bank
Shmeisani Branch
PO Box: 926225
Amman
Tel: (962-6) 5677377
Arab Bank Plc
Shmeisani Branch
PO Box: 950545 & 950544
Amman 11195
Tel: (962-6) 5607231 / 5607115
Fax: (962-6) 5606793 / 5606830
Jordan National Bank
PO Box: 1578
Amman
Tel: (962-6) 4612391
No complaints regarding subject’s payments have been reported.
Date of transaction May
2006 January
2009
Credit amount 150,000 132,000
Amount overdue 0 0
Payment terms 60
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
In 1962 Arab Pharmaceutical Manufacturing Co Ltd (APM) was established
and became the first pharmaceuticals producer in Jordan.
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.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.