|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM) |
|
|
|
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Registered Office : |
Industrial Area PO Box 94 Naor 11710 |
|
|
|
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Country : |
Jordan |
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|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
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Date of Incorporation : |
1980 |
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|
|
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Com. Reg. No.: |
347 |
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|
|
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Engaged in the manufacture of pharmaceutical preparations, including
antacids, antispasmodics, laxatives,
analgesics, antipyretics, antihistamines, mucolytics, cough
suppressants, diuretics, antidepressants, anxiolytics, vitamins and
antilipemics |
|
|
|
|
No. of Employees : |
520 |
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 : JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 1980
Commercial Registration Number : 347
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
Total Workforce : 520
Activities : Manufacture of pharmaceutical preparations
Financial Condition : Poor
Payments : Nothing detrimental uncovered
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Location : Industrial
Area
PO Box : 94
Town : Naor 11710
Country : Jordan
Telephone : (962-6) 5727207
/ 5728160
Facsimile : (962-6)
5727641 / 5865567
Email : jpm@go.com.jo / info@jpm.com.jo
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Naor.
Branch Office (s)
Location Description
· PO Box: 851658 Office
premises
Abdali Area
Amman 11185
Tel:
(962-6) 5661911
Fax:
(962-6) 5691559
· Al Razi Office
premises
PO Box: 151
Um Amad 16197
Tel: (962-6)
4290744
Fax: (962-6)
4290952
Name Position
· Saleh Mousa Al
Shanteer Chairman
· Dr Adnan A H
Badwan Managing
Director
· Lina Bahouth Owais Director
· Mohamed Ganayem Director
· Sofian Al Sartoui Director
· Ahmed Saad Saheen Director
· Zakieh Alkurdi Director
· Dr Zaid Al Shedfan Production
Manager
· Lina Al Nabulsi Marketing
Manager
· Murad Abed Al
Karim Financial
Manager
· Mohammed Abdel
Kareem Manufacturing
Manager
· Mahmoud Abboud Marketing
Executive
Date of
Establishment : 1980
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 347
Issued Capital : JD 20,000,000
Paid up Capital : JD 20,000,000
· Islamic Corporation
for Private Sector Development 28.316%
· Jordan Islamic
Bank 26.560%
· Abdel Moneim Bin
Rashid Bin Abdul Rahman Al Rashed 12.037%
· Housing Reconcile
Development Holding Co 4.439%
Bahrain
· Rashed Abdul
Rahman Al Rashed & Sons
4.119%
Saudi Arabia
· Sufian Ibrahim
Yassin 1.623%
· Company Secretary
for Investment
1.246%
Jordan
· Jordanian
businessmen and private investors 21.660%
Activities: Engaged in the manufacture of pharmaceutical preparations, including
antacids, antispasmodics, laxatives,
analgesics, antipyretics, antihistamines,
mucolytics, cough suppressants, diuretics, antidepressants, anxiolytics,
vitamins and antilipemics.
Import Countries: Germany, France, the United Kingdom and the United
States of America
Export Countries: Lebanon, Yemen, Algeria, Sudan, Bahrain, Oman,
Saudi Arabia, Ethiopia, Bosnia and Germany
Subject has a workforce of approximately 520 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 |
189,324 |
225,030 |
159,953 |
|
Accounts Receivable, Net |
19,606,376 |
18,015,112 |
18,451,187 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
854,622 |
2,134,215 |
3,215,287 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
8,882,825 |
10,142,067 |
9,792,423 |
|
Spare Parts |
0 |
0 |
0 |
|
36,543,261 |
39,363,987 |
41,993,417 |
|
|
Long Term Investments |
10,725,142 |
9,738,963 |
10,638,963 |
|
Fixed Assets, Net |
5,700,429 |
6,201,687 |
6,975,280 |
|
Lands |
0 |
0 |
0 |
|
Projects in Progress |
0 |
50,000 |
50,000 |
|
Total Fixed Assets |
5,700,429 |
6,251,687 |
7,025,280 |
|
Other Assets |
13,957,614 |
13,733,745 |
13,806,919 |
|
66,926,446 |
69,088,382 |
73,464,579 |
|
Accounts and Notes Payable |
7,548,924 |
12,562,430 |
3,448,444 |
|
Credit Banks |
955,648 |
833,114 |
320,372 |
|
Short Term Loans |
0 |
0 |
1,112,970 |
|
Accrued Part of Long Term Loans |
0 |
0 |
0 |
|
Total Current Liabilities |
13,885,162 |
19,419,542 |
14,128,735 |
|
Long Term Loans & Notes Payable |
8,676,687 |
15,025,456 |
7,568,196 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
11,471,316 |
0 |
9,063,287 |
|
34,033,165 |
34,444,998 |
30,760,218 |
|
|
Authorized Capital |
20,000,000 |
20,000,000 |
20,000,000 |
|
20,000,000 |
20,000,000 |
20,000,000 |
|
|
Paid in Capital |
20,000,000 |
20,000,000 |
20,000,000 |
|
Compulsory Reserves |
1,617,527 |
1,617,527 |
1,818,939 |
|
Voluntary Reserve |
6,085,839 |
6,085,839 |
6,085,839 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
2,000,000 |
2,000,000 |
2,000,000 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
0 |
0 |
0 |
|
|
Proposed Stock Dividends |
0 |
0 |
0 |
|
Accumulated Change in Fair Value |
436,720 |
436,720 |
436,720 |
|
2,205,067 |
3,979,280 |
11,771,638 |
|
|
32,345,153 |
34,119,366 |
42,113,136 |
|
|
Minority Interest |
548,128 |
524,018 |
591,225 |
|
66,926,446 |
69,088,382 |
73,464,579 |
Income Statement
|
Operating Revenues |
26,128,822 |
35,853,042 |
29,163,326 |
|
Operating Expenses |
9,611,986 |
10,102,453 |
8,651,387 |
|
Gross Profit |
16,516,836 |
25,750,589 |
20,511,939 |
|
General and Administrative Expenses |
2,333,282 |
2,154,094 |
1,907,801 |
|
Selling and Distribution Expenses |
14,638,497 |
20,093,922 |
11,945,987 |
|
Depreciation (Period) |
1,853,650 |
1,885,450 |
1,702,269 |
|
Other Operating Expenses |
1,000,000 |
1,159,494 |
1,096,980 |
|
Net Operating Income |
-1,454,943 |
2,343,079 |
5,561,171 |
|
Other Revenues |
1,510,866 |
7,501 |
420,526 |
|
Other Expenses |
849,702 |
2,135,707 |
3,239,998 |
|
Income Before Interest & Tax |
-793,779 |
214,873 |
2,741,699 |
|
Interest Expenses |
955,323 |
1,473,032 |
644,893 |
|
Net Income Before Tax |
-1,749,102 |
-1,258,159 |
2,096,806 |
|
Income Tax (Period) |
1,001 |
140,721 |
83,553 |
|
Income Tax (Previous Years) |
0 |
0 |
0 |
|
Universities and Research Train Fees |
0 |
0 |
0 |
|
Board of Directors Remuneration |
0 |
45,000 |
45,000 |
|
Net Income |
-1,750,103 |
-1,443,880 |
1,968,253 |
|
Minority Interest |
24,110 |
72,922 |
21,919 |
|
-1,774,213 |
-1,516,802 |
1,946,334 |
Local sources consider subject’s financial condition to be Poor
· Arab Bank Plc
Abdali Branch
PO Box: 926607
Amman
Tel: (962-6)
5627271
Fax: (962-6) 5649305
SLOW BUT CORRECT
Established in 1980, subject is involved in the manufacture of
pharmaceutical preparations and exports its products throughout the Middle East
and Africa.
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.61.22 |
|
|
1 |
Rs.98.52 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.