MIRA INFORM REPORT

 

 

Report Date :

22.07.2014

 

IDENTIFICATION DETAILS

 

Name :

RAM PHARMACEUTICAL INDUSTRIES CO LTD

 

 

Registered Office :

Building No. 261, King Abdullah II Industrial City, Street No. 5, Amman Industrial Estate, Gate No. 1, Sahab, P O Box 211, Amman 11512

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

05.09.1992

 

 

Com. Reg. No.:

2939

 

 

Legal Form :

Closed Shareholding Company

 

 

Line of Business :

Subject is engaged in the manufacture of a wide range of therapeutic products, including anti-microbial agents, anxiolytes and anti-depressants, CNS stimulants, anti-hypertensive agents, hormones, analgesics and anti- inflammatory agents, drugs.

 

 

No. of Employees :

300

 

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$ 800,000

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

 

SUMMARY

 

Company Name                                     : RAM PHARMACEUTICAL INDUSTRIES CO LTD

Country of Origin                                    : Jordan

Legal Form                                            : Closed Shareholding Company

Registration Date                                   : 5th September 1992

Commercial Registration Number            : 2939, Amman

Membership Number                              : 7495

National ID Number                                : 200011910

Issued Capital                                        : JD 5,600,000

Paid up Capital                                      : JD 5,600,000

Total Workforce                                     : 300

Activities                                               : Manufacturers of therapeutic products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 800,000

Person Interviewed                                 : Kamel Al Soufi , Human Resources Manager

COMPANY NAME

 

RAM PHARMACEUTICAL INDUSTRIES CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Building                         : Building No. 261

Street                           : King Abdullah II Industrial City, Street No. 5

Area                             : Amman Industrial Estate, Gate No. 1, Sahab

PO Box                         : 211

Town                             : Amman 11512

Country                         : Jordan

Telephone                     : (962-6) 4023950 / 4023951 / 4023952

Facsimile                      : (962-6) 4023749

Email                            : info@rampharma.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                              Description

 

Khaleel Al Salem Street                                                                         Rented office premises

Tal Al Ali Area

Amman

Tel: (962-6) 5340165 / 5340216

Fax: (962-6) 5340439

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

·         Mahmoud Mohamed Rashdi El Nejmi                                                Managing Director

 

·         Mohamed Rashdi El Nejmi                                                    Director

 

·         Naji Mohamed El Jundi                                                         Director

 

·         Munther Thabet El Khalidi                                                     Director

 

·         Wessam Mohamed Rashdi El Nejmi                                      Director

 

·         Dr Ali Al Droobi                                                                    Commercial Manager

 

·         Jamal Abu Al Rab                                                                Accounts Manager

 

·         Kamel Al Soufi                                                                     Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment              : 5th September 1992

 

Legal Form                              : Closed Shareholding Company

 

Commercial Reg. No.              : 2939, Amman

 

Membership No.                      : 7495

 

National ID No.                                    : 200011910

 

Issued Capital                          : JD 5,600,000

 

Paid up Capital                        : JD 5,600,000

 

 

NAME OF SHAREHOLDER (S)

 

·         Mahmoud Mohamed Rashdi El Nejmi

 

·         Mohamed Rashdi El Nejmi

 

·         Naji Mohamed El Jundi

 

·         Munther Thabet El Khalidi

 

·         Wessam Mohamed Rashdi El Nejmi

 

 

AFFILIATED COMPANIES

 

Al Rouwad For Veterinary and Agricultural Industries Ltd (BIOVET) Amman

 

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of a wide range of therapeutic products, including anti-microbial agents, anxiolytes and anti-depressants, CNS stimulants, anti-hypertensive agents, hormones, analgesics and anti- inflammatory agents, drugs for respiratory and gastrointestinal systems, anti-hyperglycaemic, diuretics and anti-gout preparations.

 

Subject is ISO 9002 accredited.

 

Import Countries          : India and Europe

 

Export Countries          : Algeria, Yemen, Iraq, Lebanon, Sudan, Saudi Arabia, Oman, Bahrain and the United Arab Emirates

 

Operating Trend          : Steady

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

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 5,600,000                             JD 6,000,000

 

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

 

The above figures were provided by Mr Kamel Al Soufi, Human Resources 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.

 

 

CREDIT RATING

 

Recommended Credit Limit:                US$ 800,000

 

 

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.60.18

UK Pound

1

Rs.102.87

Euro

1

Rs.81.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

TPT

 

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.