MIRA INFORM REPORT

Report No. :	353321
Report Date :	12.12.2015

IDENTIFICATION DETAILS

Name :	JERASH PHARMACEUTICALS CO LTD
Registered Office :	15 Naeem Bin Moqrin Street Hay Alzahra, Marka Amman 11131 Po Box 4284
Country :	Jordan
Financials (as on) :	31.12.2014
Date of Incorporation :	27.06.2000
Legal Form :	Limited Liability Partnership
Line of Business :	Subject engaged in the manufacture of liquids, semisolids and hospital disinfectants, including anti-rheumatics, cough syrups, anti-histamines, gastrointestinal, anti-fungal, dermatological and anti-inflammatory products.
No. of Employee :	120

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 and resulting government debt. King ABDALLAH, during the first decade of the 2000s, implemented significant economic reforms, such as opening up foreign trade and privatizing state-owned companies that attracted foreign investment and contributed to average annual economic growth of 8% for 2004 through 2008. The global economic slowdown and regional turmoil since, however, reduced the average annual growth rate to 2.6% for the 2010-2013 period and hurt export-oriented sectors, construction, and tourism. Jordan's finances have 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. To diversify its energy mix, Jordan is currently exploring nuclear power generation, exploitation of abundant oil shale reserves and renewable technologies, as well as the import of Israeli offshore gas. In August 2012, to correct budgetary and balance of payments imbalances, Jordan entered into a $2.1 billion, three year International Monetary Fund Stand-By Arrangement. In 2014, fiscal reform measures enacted in the previous few years continued to boost government revenues and reduced the budget deficit even as an influx of over 620,000 Syrian refugees since 2011 put additional pressure on expenditures.

Source : CIA

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	JERASH PHARMACEUTICALS CO LTD
2) Registered Address:
Address		:	15 Naeem Bin Moqrin Street Hay Alzahra, Marka
Town		:	Amman 11131
Country		:	Jordan
PO Box		:	4284
Phone (s)		:	(962-6) 4899395
			(962-6) 4899396
			(962-6) 4899397
Facsimile		:	(962-6) 4899394
Email		:	jerash@khraim.com
3) Operational Address & Contact Details:
Address		:	15 Naeem Bin Moqrin Street Hay Alzahra, Marka
Town		:	Amman 11131
Country		:	Jordan
PO Box		:	4284
Phone (s)		:	(962-6) 4899395
			(962-6) 4899396
			(962-6) 4899397
Facsimile		:	(962-6) 4899394
Email		:	jerash@khraim.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Limited Liability Partnership
Date of Registration		:	27th June 2000
National ID Number		:	200026455
Commercial Registration Number		:	6230, Amman
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number		:	17542
KEY FACTS
Operational Status		:	Steady+A117
Financial Condition		:	Fair
Primary Business Activity		:	Manufacture of cough syrup and cream for muscle pains
Number of Employees		:	120
Capital		:	JD 4,250,000
Note:
Engaged in the manufacture of liquids, semisolids and hospital disinfectants, including anti-rheumatics, cough syrups, anti-histamines, gastrointestinal, anti-fungal, dermatological and anti-inflammatory products.
CAPITAL DETAILS
Issued Capital:
NO OF SHARES			VALUE OF SHARE		AMOUNT
N/A			N/A		JD 4,250,000
Paid Up Capital:
NO OF SHARES					AMOUNT
N/A			N/A		JD 4,250,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
			Year Ending 31/12/13		Year Ending 31/12/14
Total Sales			JD 2,380,000		JD 2,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Khalid Al Suwaiti, Finance Manager
BANKERS
1	Name			Arab Bank Plc
	Address			Shmeisani Branch
	PO Box			950545 & 950544 Amman 11195
	Tel			(962-6) 5607231
				(962-6) 5607115
	Fax			(962-6) 5606793
				(962-6) 5606830
	Email			secretariat@arabbank.com.jo
BRANCH OFFICES
1	Address			114 Al Shaheed Street Al Madina Al Riyadiah Amman
	Tel			(962-6) 5680687
	Fax			(962-6) 5680692
	Description			Office premises
SHAREHOLDERS
Sr.No	Name			Percentage
1	Khraim Investment Co			17.88%
2	Abdulrahman Sulaiman Lofty Khraim			12.85%
3	Samer Sulaiman Lofty Khraim			12.85%
4	Amro Sulaiman Lofty Khraim			12.85%
5	Samar Hussni Ibrahim Khraim			9.19%
6	Saud Bin Khalifa Mudaj Al Dossary			8.65%
7	Dr Sulaiman Lotfy Khraim			6.44%
8	Heba Sulaiman Lofty Khraim			6.43%
9	Ghadeer Sulaiman Lofty Khraim			6.43%
10	Samah Sulaiman Lofty Khraim			6.43%
Total Shares				100%
SENIOR MANAGEMENT
Sr.No	Name			Designation
1	Abdulrahman Sulaiman Lofty Khraim			Managing Partner
2	Samer Sulaiman Lofty Khraim			Partner
3	Amro Sulaiman Lofty Khraim			Partner
4	Samar Hussni Ibrahim Khraim			Partner
5	Saud Bin Khalifa Mudaj Al Dossary			Partner
6	Dr Sulaiman Lotfy Khraim			Partner
7	Heba Sulaiman Lofty Khraim			Partner
8	Ghadeer Sulaiman Lofty Khraim			Partner
9	Samah Sulaiman Lofty Khraim			Partner
10	Khalid Al Suwaiti			Finance Manager
11	Mohamed Huwaita			Commercial Manager
AFFILIATED COMPANIES
1	Name			Khraim Drugstore
	Country			Amman
2	Name			Aleiman Laboratories
	Country			Amman
3	Name			Amr Khraim Drug Store
	Country			Amman
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	India			Import
2	China			Import
Clients:
Sr.No	Name			Country
1	Hamad Town Pharmacy			Bahrain
2	Vitaserve Egypt Co			Egypt
3	Manayer Najd Co			Saudi Arabia
4	Seven M General Trading & Contracting Co			Kuwait
5	Bwabet Libya for Pharmaceutical and Medical Equipment			Libya
6	Alhashar Pharmacy			Oman
7	Al Fateh Medical Company			Qatar
8	Vertex Pharmacy Pte Ltd			Singapore
9	Manasik Medical Co Ltd			Sudan
10	Sharjah Drug Store			United Arab Emirates
11	Jazeera & Gulf Co			Yemen
BRNAD NAMES
Sr.No	Name
1	AL JIZAL
PREMISES
Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Amman.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Khalid Al Suwaiti, Finance Manager
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.66.79
UK Pound	1	Rs.101.10
Euro	1	Rs.73.10
JOD	1	94.69

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAS
Report Prepared by :	TRU

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.