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Report No. : |
308303 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
PHARMA
INTERNATIONAL CO (PIC) |
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Registered Office : |
Abu Al Haj Building, Queen Rania Al Abdullah Street, Al Jubaiha Area, 334,
11941 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.01.1994 |
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Com. Reg. No.: |
3400, |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Manufacture and
marketing of pharmaceuticals. |
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No of Employees : |
770 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : PHARMA INTERNATIONAL
CO (PIC)
Also Known As :
PHARMATEC INTERNATIONAL CO
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 2nd
January 1994
Commercial
Registration Number : 3400,
Amman
Chamber Membership
Number : 108000
National ID Number : 200009818
Issued Capital : JD
28,816,000
Paid up Capital : JD
28,816,000
Total Workforce : 770
Activities :
Manufacture and marketing of pharmaceuticals.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yousef Al
Zaghari, Finance Manager
PHARMA
INTERNATIONAL CO (PIC)
ALSO KNOWN AS: PHARMATEC
INTERNATIONAL CO
Building : Abu Al Haj Building
Street : Queen Rania
Al Abdullah Street
Area : Al Jubaiha
Area
PO Box : 334
Town : Amman 11941
Country :
Telephone : (962-6) 5336502
/ 5150581 / 5158890 / 5150580 / 5150580 / 5157893 / 5154296
Facsimile : (962-6)
5339163 / 5160865 / 5150583 / 5154783
Email : ipcc@go.com.jo
/ riuad-abuhaj@pic-jo.com
/ marketing@pic-jo.com
Subject operates from a medium sized suite of offices that are owned and
located in the Suburban Business Area of Amman.
Branch Office (s)
Location Description
· Qastel Area Owned
manufacturing plant
Amman
Tel:
(962-6) 4711585 / 4711586 / 4440585 / 4440586 / 4792222
Fax:
(962-6) 4711803 / 4711584
Name Position
· Ali
Mohamed Hussain Abu Al Haj Managing
Director
· Riuad Ali Mohamed
Hussain Abu Al Haj Director
· Osama Ali Mohamed
Hussain Abu Al Haj Director
· Sahr Ali Mohamed
Hussain Abu Al Haj Director
· Ahlam Ali Mohamed
Hussain Abu Al Haj Director
· Gadeer Ali Mohamed
Hussain Abu Al Haj Director
· Samar Ali Mohamed
Hussain Abu Al Haj Director
· Raed Omar Mohamed
Hussain Abu Al Haj Director
· Khalid Mohamed
Hussain Abu Al Haj Director
· Paul Glover General
Manager
· Gamal Al Refai Production
Manager
· Dr Nasser Al Hamawi Marketing
Manager
· Thamer Haddad Planning Manager
· Alaa Hafez Commercial
Manager
· Omar Al Hoor Factory
Manager
· Yousef Al Zaghari Finance
Manager
Date of
Establishment : 2nd
January 1994
Legal Form : Limited Liability
Company
Commercial Reg. No. : 3400, Amman
Chamber Member No. : 108000
National ID No. : 200009818
Issued Capital : JD 28,816,000
Paid up Capital : JD 28,816,000
· Ali
Mohamed Hussain Abu Al Haj
· Riuad Ali Mohamed
Hussain Abu Al Haj
· Osama Ali Mohamed Hussain Abu
Al Haj
· Sahr Ali Mohamed
Hussain Abu Al Haj
· Ahlam Ali Mohamed
Hussain Abu Al Haj
· Gadeer Ali Mohamed
Hussain Abu Al Haj
· Samar Ali Mohamed
Hussain Abu Al Haj
· Raed Omar Mohamed
Hussain Abu Al Haj
· Khalid Mohamed
Hussain Abu Al Haj
Activities: Manufacture and marketing of pharmaceuticals, including antibiotics, cephalosporin and
noncephalosporin, antifungals, cardiovascular, nervous system, iron
preparations and dermatological preparations under license from Schein
Pharmaceuticals of the USA.
Subject is ISO 9001 accredited.
Import Countries: The United States of America, Switzerland, France
and Germany.
Export Countries: Iran, the Middle East, Africa and Russia.
Operating Trend: Steady
Subject has a workforce of approximately 770 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
44,448,958 JD 46,203,377
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Yousef Al
Zaghari, Finance Manager
·
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6) 5607231
/ 5607115
Fax: (962-6)
5606793 / 5606830
·
HSBC Bank Middle East
Khalid Bin Walid
Street
Jebel Hussein
PO Box: 925286
Amman
Tel: (962-6)
5660471 / 5607471
Fax: (962-6)
5692964
Regular
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Pharma International Co (PIC) is engaged in the manufacture and marketing
of pharmaceuticals. It has recently signed a licensing agreement with Schein Pharmaceuticals of
the USA.
Local sources report that subject is making good
progress in the regional pharmaceutical industry and is under the direction of
a professional management team.
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.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
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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 |
|
<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.