|
Report Date : |
21.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHILADELPHIA
PHARMACEUTICAL INDUSTRIAL COMPANY LTD |
|
|
|
|
Registered Office : |
10th Street, King Abdullah II Industrial Estate, Sahab,
276, Amman 11512 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
05.07.1993 |
|
|
|
|
Com. Reg. No.: |
394, Amman |
|
|
|
|
Legal Form : |
Public
Shareholding Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture of pharmaceutical preparations and medical
requisites. |
|
|
|
|
No of Employees : |
139 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but correct |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 :
PHILADELPHIA PHARMACEUTICAL INDUSTRIAL COMPANY LTD
Country of Origin : Jordan
Legal Form : Public
Shareholding Company
Registration Date : 5th
July 1993
Commercial
Registration Number : 394, Amman
Chamber Membership
Number : 9896
National ID Number : 200009764
Issued Capital : JD
3,000,000
Paid up Capital : JD
3,000,000
Total Workforce : 139
Activities :
Manufacture of pharmaceutical preparations and medical requisites
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
PHILADELPHIA PHARMACEUTICAL
INDUSTRIAL COMPANY LTD
Street : 10th
Street
Area : King
Abdullah II Industrial Estate, Sahab
PO Box : 276
Town : Amman 11512
Country : Jordan
Telephone : (962-6) 4029181
/ 4029352 / 4025181
Facsimile : (962-6)
4029182
Email : phil@orange.jo
/ phil@go.com.jo
/ info@philapharma.com
Subject operates from a medium sized suite of offices and a factory
covering an area of 4,200 square metres that are owned and located in the
Industrial Area of Amman.
Name Position
· Dr Bassam Ahmed Abdullah Abdulrahim Chairman
· Osama Yousef Shamis Khair Vice
Chairman
· Mazin Noufall Director
· Fahed Abdul Ghaffar Director
· Fouzi Yahya Director
· Ibrahim Madbek Director
· Dr Khader Jarwan General
Manager
· Mahmoud Al Raji Finance
Manager
Date of Establishment : 5th July 1993
Legal Form : Public
Shareholding Company
Commercial Reg.
No. : 394, Amman
Membership No. : 9896
National ID No. : 200009764
Issued Capital : JD 3,000,000
Paid up Capital : JD 3,000,000
· Mohamed Ismail Mohamed Sayan 21.02%
· Ahmed Ismail Mohamed Sayan 21.02%
· Munzer Ahmed Sulaiman Hussain 10.73%
· Reda Ashour Abdul Rahim Al Goul 9.00%
· Kheder Mohamed Mahmoud Jerwan 6.83%
· Gobrial George Emile Kalis 5.17%
· Sakher Adly Tawfiq Abdul Wahab 4.16%
· Kayed Ghazi Abdullah Al Shabani 3.84%
· Taghreed Malik Rashid Al Shenar 2.91%
· Zayed Kayed Ghazi Abdullah Al Shabani 2.51%
· Ghazi Kayed Ghazi Abdullah Al Shabani 2.50%
· Ashraf Ahmed Sulaiman Hussain 2.04%
· Mona Rafiq Shahbeer 1.66%
· Iman Abdulrahim Taher Saadi 1.17%
· Masoud Abdul Hameed Masoud Al Siyhani 1.00%
· Local businessmen
and private investors 4.44%
Activities: Engaged in the manufacture of pharmaceutical preparations and medical
requisites.
The plant facilities include two main production lines which
produce a variety of products, including
Semisolid Dosage forms such as (creams, ointments, lotions,
gels and suppositories). Liquid Dosage
forms (Oral and Topical), such as (syrups, suspensions,
solutions, nasal drops and mouthwashes).
Subject is ISO 9002 accredited.
Import Countries: Europe and the United States of America
Export Countries: Saudi Arabia, United Arab Emirates, Oman, Kuwait,
Bahrain, Lebanon, Yemen, Iraq, Libya,
Sudan, Tunisia and Morocco
Operating Trend: Steady
Subject has a workforce of 139 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Balance Sheet 31/12/13 31/12/12 31/12/11
|
Cash on Hand & at Banks |
49,410 |
39,061 |
38,045 |
|
Accounts Receivable, Net |
1,602,262 |
995,900 |
1,313,261 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
0 |
119,078 |
155,750 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
995,128 |
786,836 |
1,010,720 |
|
Spare Parts |
0 |
0 |
0 |
|
3,247,933 |
1,992,148 |
2,632,971 |
|
|
Long Term Investments |
0 |
187,298 |
187,298 |
|
Fixed Assets, Net |
1,336,314 |
1,322,035 |
1,410,199 |
|
Lands |
124,865 |
124,865 |
0 |
|
Projects in Progress |
0 |
0 |
0 |
|
Total Fixed Assets |
1,461,179 |
1,446,900 |
1,410,199 |
|
Other Assets |
50,634 |
32,526 |
15,474 |
|
4,759,746 |
3,658,872 |
4,245,942 |
|
Accounts and Notes Payable |
695,221 |
369,744 |
413,350 |
|
Credit Banks |
972,530 |
853,964 |
916,715 |
|
Short Term Loans |
0 |
0 |
0 |
|
Accrued Part of Long Term Loans |
0 |
0 |
0 |
|
Total Current Liabilities |
1,854,018 |
1,404,367 |
1,458,983 |
|
Long Term Loans & Notes Payable |
0 |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
0 |
0 |
0 |
|
1,854,018 |
1,404,367 |
1,458,983 |
|
|
Authorized Capital |
3,000,000 |
3,000,000 |
3,000,000 |
|
3,000,000 |
3,000,000 |
3,000,000 |
|
|
Paid in Capital |
3,000,000 |
3,000,000 |
3,000,000 |
|
Compulsory Reserves |
280,870 |
211,248 |
211,248 |
|
Voluntary Reserve |
328,821 |
328,821 |
328,821 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
0 |
0 |
0 |
|
|
Proposed Stock Dividends |
0 |
0 |
0 |
|
Accumulated Change in Fair Value |
0 |
0 |
0 |
|
-703,963 |
-1,285,564 |
-753,110 |
|
|
2,905,728 |
2,254,505 |
2,786,959 |
|
|
Minority Interest |
0 |
0 |
0 |
|
4,759,746 |
3,658,872 |
4,245,942 |
Income Statement
|
Operating Sales |
4,493,820 |
1,255,254 |
1,727,540 |
|
Operating Expenses |
2,558,388 |
1,138,373 |
1,301,814 |
|
Gross Profit |
1,935,432 |
116,881 |
425,726 |
|
General and Administrative Expenses |
304,961 |
180,932 |
185,971 |
|
Selling and Distribution Expenses |
531,629 |
359,679 |
386,151 |
|
Depreciation (Period) |
107,396 |
119,501 |
120,901 |
|
Other Operating Expenses |
221,759 |
23,233 |
22,027 |
|
Net Operating Income |
877,083 |
-446,963 |
-168,423 |
|
Other Sales |
0 |
1,404 |
9,898 |
|
Other Expenses |
83,885 |
0 |
0 |
|
Income Before Interest & Tax |
793,198 |
-445,559 |
-158,525 |
|
Interest Expenses |
96,975 |
86,895 |
71,838 |
|
Net Income Before Tax |
696,223 |
-532,454 |
-230,363 |
|
Income Tax (Period) |
10,000 |
0 |
0 |
|
Income Tax (Previous Years) |
0 |
0 |
0 |
|
Universities and Research Train Fees |
0 |
0 |
0 |
|
Board of Directors Remuneration |
35,000 |
0 |
0 |
|
Net Income |
651,223 |
-532,454 |
-230,363 |
|
Minority Interest |
0 |
0 |
0 |
|
651,223 |
-532,454 |
-230,363 |
Local sources consider subject’s financial condition to be Fair.
·
Bank of Jordan Ltd
King Hussain Street
PO Box: 37
Amman
Tel: (962-6) 5630301
Fax: (962-6) 5638889
·
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6)
5607231 / 5607115
Fax: (962-6) 5606793
/ 5606830
Email: secretariat@arabbank.com.jo
Slow but correct
Credit amount 10,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in 1995, subject is involved in the manufacture of
pharmaceutical preparations and medical requisites.
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.62.10 |
|
|
1 |
Rs.97.32 |
|
Euro |
1 |
Rs.77.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.