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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AMMAN
PHARMACEUTICAL INDUSTRIES COMPANY LTD (API) |
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Registered Office : |
Street No. 3,
Amman Industrial Estate, Sahab, P O Box 89, Amman 11512 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.12.1989 |
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Com. Reg. No.: |
495, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacturer and exporter of pharmaceuticals and drugs,
specialising in sterile eye drops and ointments, nasal drops, ear drops,
dermatological preparations and oral solutions |
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No of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Jordan |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 : AMMAN PHARMACEUTICAL INDUSTRIES COMPANY LTD (API)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 20th December 1989
Commercial Registration Number : 495, Amman
Chamber Membership Number : 1717
National ID Number : 200095737
Issued Capital : JD 6,000,000
Paid up Capital : JD 6,000,000
Total Workforce : 120
Activities : Manufacturers of pharmaceuticals and drugs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hani Nabil, Financial Controller
AMMAN
PHARMACEUTICAL INDUSTRIES COMPANY LTD (API)
Registered &
Physical Address
Street : Street No. 3
Area : Amman Industrial Estate,
Sahab
PO Box : 89
Town : Amman 11512
Country : Jordan
Telephone : (962-6) 4023072 / 4029543
Facsimile : (962-6) 4023071
Email : api@orange.jo
/ apigm@net.com.jo
Premises
Subject operates from
a medium sized suite of offices and a factory covering an area of 5,000 square
metres that are owned and located in the Industrial Area of Amman.
Branch Office (s)
Location Description
·
7th
Circle Rented
Sales Office
PO Box: 926958
Amman
Tel: (962-6) 5827051
Fax: (962-6) 5810335
Name Position
·
Dr
Mohamed Ismail Atrash Managing
Director
·
Fawzi
Omari Director
·
Qasem
Omari Director
·
Ahmed
Omari Director
·
Nabil
Saadeh Director
·
Ghassan
Farah Director
·
Salman
Abu Ramleh Director
·
Samir
Huneity Director
·
Samir
Khoury Director
·
Fadi Al
Attrash Director
·
Dr
Hassan Saif Marketing
Manager
·
Thamer
Abdulaziz Abu Dawood Finance
Manager
·
Dr
Magedah Saleh Factory
Manager
·
Hani
Nabil Financial
Controller
Date of Establishment : 20th
December 1989
Legal Form :
Limited Liability Company
Commercial Reg. No. : 495, Amman
Chamber Member No. : 1717
National ID No. : 200095737
Issued Capital : JD 6,000,000
Paid up Capital : JD 6,000,000
Name of Shareholder
(s) Percentage
·
Dr
Mohamed Ismail Atrash 10.42%
·
Ghassan
Rashad Saman Farh 9.56%
·
Fahd
Shehada Moosa Mubarak 8.66%
·
Abdul
Salam Yacoub Al Hussaini 7.41%
·
Hilana
Aziz Ibrahim Abdul Seed 7.75%
·
Moosa
Abdul Ghaffar Al Afifi 5.80%
·
Ibrahim
Farooq Ibrahim Al Hussaini 5.52%
·
Ayman
Yacoub Abdul Salam 4.84%
·
Judat
Bin Moosa Bin Judat Al Hably 3.49%
·
Fadi
Mohamed Ismail Al Atrash 3.33%
·
Sami
Mahmoud Daboor 3.24%
·
Mona
Mohamed Anees 2.69%
·
Issa
Ibrahim Farah 2.14%
·
Moayed
Saeed Mahmoud Al Naser 2.05%
·
Rabah
Joma Mahmoud Diyab 2.00%
·
Sami
Bin Moosa Bin Judat Al Hably 1.99%
·
Moosa Abdul
Qader Al Hussain 1.67%
·
Samir
Yacoub Khoury 1.50%
·
Deema
Farooq Ibrahim Al Hussaini 1.46%
·
Riya
Farooq Ibrahim Al Hussaini 1.46%
·
Thoreya
Yacoub Al Hussaini 1.37%
·
Ismail
Mohamed Ismail Al Attrash 1.17%
·
Reema
Alia Zabanah 1.05%
·
Elias
Saleem Atta Allah 1.00%
·
Sari
Sabe Al Ayesh 1.00%
·
Nabil
Saleem Atta Allah 1.00%
·
Jumana
Bint Moosa Bint Judat Al Hably 0.99%
·
Labibah
Mostafa Mohieddine Al Hussaini 0.84%
·
Fekriya
Yacoub Al Hussaini 0.84%
·
Suha Mohamed
Ismail Al Atrash 0.84%
·
Maha
Faraj Sari Habib Atqi 0.79%
·
Lena
Bint Mahdi Bin Taher Al Hussaini 0.71%
·
Omar
Mohamed Jabreel Jaber 0.63%
·
Riyad
Abdul Raouf Saeed 0.51%
·
Nabil
Ibrahim Saadah 0.29%
Activities: Engaged in the manufacture and export of
pharmaceuticals and drugs, specialising in sterile eye drops and ointments,
nasal drops, ear drops, dermatological preparations and oral solutions.
Subject is ISO 9001:2000 and GMP accredited.
Import Countries: United Kingdom, France and Germany
Agents:
·
Nairoukh
Drug Store Jordan
·
Salehiya
Establishment Saudi
Arabia
·
Abdulmajeed
Al Gharabally & Co Kuwait
·
Behzad
Medical Est Bahrain
·
Behzad
Pharmacy Qatar
·
Balsam
Drug & Medical Store United
Arab Emirates
Export
Countries: Jordan,
Oman, Algeria, Yemen, Bahrain, Kuwait, Saudi Arabia, Sudan, Tunisia, Libya,
Iraq, Qatar, Palestine, Egypt, Syria,
Lebanon, Romania, Bosnia, Tanzania, Vietnam, Uganda, Eritrea, Ethiopia and Nigeria
Operating Trend: Steady
Subject has a
workforce of 120 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 4,625,000 JD 4,850,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Jordan
Kuwait Bank
Abdali Branch
PO Box: 9776
Amman
Tel: (962-6) 5688814
·
Industrial
Development Bank
PO Box: 1982
Amman 11118
Tel: (962-6) 4642216 / 4642219
Fax: (962-6) 4647821
No complaints
regarding subject’s payments have been reported.
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.58.43 |
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|
1 |
Rs.98.28 |
|
Euro |
1 |
Rs.80.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.