|
Report Date : |
10.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNITED PHARMACEUTICALS MANUFACTURING CO LTD (UPM) |
|
|
|
|
Registered Office : |
United Pharmaceutical Building Housing Public Street PO Box 69 Amman 11591 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
08.06.1989 |
|
|
|
|
Com. Reg. No.: |
2161, Amman |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture of pharmaceutical preparations |
|
|
|
|
No. of Employees : |
450 |
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 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate 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 : UNITED PHARMACEUTICALS MANUFACTURING CO LTD (UPM)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 8th June 1989
Commercial Registration Number : 2161, Amman
Membership Number : 5950
National ID Number : 200004648
Issued Capital : JD 3,000,000
Paid up Capital : JD 3,000,000
Total Workforce : 450
Activities : Manufacturers of pharmaceutical preparations.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Abu Jamoos, Finance Manager
UNITED PHARMACEUTICALS MANUFACTURING CO LTD (UPM)
Building : United
Pharmaceutical Building
Street : Housing
Public Street
PO Box : 69
Town : Amman 11591
Country : Jordan
Telephone : (962-6) 4640771
Facsimile : (962-6)
4652386
Mobile : (962-79) 5699009
Email : info@upm.com.jo / khaledom@upm.com.jo / mohammadaj@upm.com.jo
Please note that subject’s previous address was, Khalidi Hospital
Street, 3rd Circle, Jabal Amman, Amman.
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· Al Raqeem Factory
premises covering 29,000 sq metres
Sahab
Tel:
(962-6) 4162901 / 4162906
Fax:
(962-6) 4162905
Name Position
· Munjid Munir
Sukhtian Chairman
· Ghayyath Munir
Sukhtian Vice
Chairman
· Adel Mishal General
Manager
· Dr Khaled Al Otaibi Marketing
Manager
· Abdul Moniem Al Ali Sales
Manager
· Mohamed Abu Jamoos Finance
Manager
Date of
Establishment : 8th
June 1989
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2161, Amman
Membership No. : 5950
National ID No. : 200004648
Issued Capital : JD 3,000,000
Paid up Capital : JD 3,000,000
· M S Pharma WLL 100%
Bahrain
· Arabian Office
Automation Company Ltd
· Beit Jala Pharmaceutical Manufacturing (BJP)
· Exir LLC
· Households &
Toiletries Manufacturing Co
· Jordan Greenhouses Manufacturing Co Ltd (Rayyan)
· Munir Sukhtian Trading Group Co Ltd
· Sukhtian Industrial Trading (SIT)
· Tabuk Pharmaceutical Manufacturing Company
Activities: Engaged in the manufacture of pharmaceutical preparations.
Subject produces 216 pharmaceutical products of which 44 are produced
under license for multinational
companies. The company has also a manufacturing contract for 20 products
to other companies.
Production
Capacities:
|
Dosage Form |
Annum |
|
Capsule ( Powder & Hard Gelatin ) |
135,000,000 Cap |
|
Capsule (Pellets) |
50,000,000 Cap |
|
Semisolid Line ( Cream, Gel ,Ointment ) |
1,800,000 Tube |
|
Suspension & Dry Suspension |
500,000 Bottle |
|
Shampoo |
750,000 Bottle |
|
Soft Gelatin Capsule |
18,000,000 Cap |
|
Liquid Line ( Syrup ) |
2,500,000 Bottle |
|
Suppository |
1,200,000 Supp. |
|
Tablet |
180,000,000 Tab |
Import Countries: Germany, Belgium, France, Italy and the United
Kingdom.
International Suppliers:
· Astra Romania
· Hiba Drugstore Sudan
· U Carbon Austria
Export Countries: Iraq, Saudi Arabia, United Arab Emirates, Qatar,
Bahrain, Oman, Kuwait, Yemen, Lebanon, Libya,
Algeria, Egypt, Sudan, Ethiopia,
Germany, Romania, Kazakhstan, Hong Kong, Malaysia and the
Philippines.
Operating Trend: Steady
Subject has a workforce of approximately 450 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
16,000,000 JD
16,785,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Abu
Jamoos, Finance Manager
·
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6)
5607231 / 5607115
Fax: (962-6) 5606793
/ 5606830
No complaints regarding subject’s payments have been reported.
Credit amount 150,000 120,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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.