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Report No. : |
308743 |
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Report Date : |
24.02.2015 |
IDENTIFICATION DETAILS
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Name : |
JORDAN RIVER
PHARMACEUTICAL INDUSTRIES LTD (JORIVER) |
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Registered Office : |
Industry Street, Mobess
Area, P O Box: 1601, Amman 11941 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
26.08.1999 |
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Com. Reg. No.: |
5843, Amman |
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Legal Form : |
Private Shareholding Company |
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Line of Business : |
Manufacture of
Pharmaceuticals, Including Analgesics, Antipyretics, Laxatives, Antibiotics,
Anti-Inflammatories and Anaesthetics. |
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No. of Employees : |
112 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 : JORDAN
RIVER PHARMACEUTICAL INDUSTRIES LTD (JORIVER)
Country of Origin : Jordan
Legal Form : Private
Shareholding Company
Registration Date : 26th
August 1999
Commercial
Registration Number : 5843,
Amman
Chamber Membership
Number : 12602
National ID Number : 200000060
Issued Capital : JD
5,000,000
Paid up Capital : JD
5,000,000
Total Workforce : 112
Activities :
Manufacture of pharmaceuticals.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Marwan Babiya,
Finance Manager
JORDAN RIVER
PHARMACEUTICAL INDUSTRIES LTD (JORIVER)
Street : Industry Street
Area : Mobess Area
PO Box : 1601
Town : Amman 11941
Country : Jordan
Telephone : (962-6) 5320624 / 5320623 / 5343674
Facsimile : (962-6) 4723963 / 5343675
Mobile : (962-79) 9045750
Email : aisser.export@joriver.com / admin@joriver.com / aisser.halloush@jephram.ps
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Amman.
Name Position
·
Aead M
Masrouje Chairman
·
Fadi F
Al Nablse Deputy
Chairman
·
Jihad
Reda Al Maani Managing
Director
·
Foud A
Al Absi Director
·
Nethed
D Bader Director
·
Amjad
Al Kabbah Director
·
Dr Lina Al Tamimi General
Manager
·
Assier Halloush Export
Manager
·
Marwan
Babiya Finance
Manager
·
Dr Loay
Salah Production
Manager
·
Reem Al Khalili Technical
Manager
Date of Establishment : 26th
August 1999
Legal Form :
Private Shareholding
Company
Commercial Reg. No. : 5843, Amman
Chamber Member No. : 12602
National ID No. :
200000060
Issued Capital : JD 5,000,000
Paid up Capital : JD 5,000,000
·
Jerusalem
Pharmaceuticals Co (Jepharm) 98%
·
Farooq
Fahmy Abdul Qader Al Nabulsi 2%
Activities: Engaged in the manufacture of
pharmaceuticals, including analgesics, antipyretics, laxatives, antibiotics,
anti-inflammatories and anaesthetics.
Joriver is
producing 32 various pharmaceutical products from 15 pharmaceutical groups.
Subject is ISO 9002
certified.
Production
Capacity: Solid Dosage form 360
million per annum
-
Topical 20 million per annum
Import
Countries: United Kingdom,
Switzerland, United States of America and the Far East.
International Suppliers:
·
Dr
Reddy Laboratories Ltd India
·
LAMP Italy
·
Pfizer Sweden
Clients:
· Maskati Pharmacy
WLL Bahrain
· Al Amin PLC for
Medical & Para Medical Eritrea
· Al Noor
Scientific Drug Bureau Iraq
· Jarzeem
Medical Store Jordan
· Mohammed
R. Hassouneh Est. Lebanon
· National
Pharmacy LLC Oman
· Ebn Sina
Medical Est Qatar
· Al Ashban
Trading Est Saudi
Arabia
· S.O.
Pharmaceuticals (SOP) Dubai,
UAE
· El Exir
Drug Chemicals & Medical Serves Co Sudan
· Al Garash
Trading Yemen
· Pharma Globe United Kingdom
Export
Countries: Europe, the
Middle East and Africa.
Operating Trend: Steady
Subject has a
workforce of 112 employees.
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 2,424,183 JD 2,874,871
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Marwan Babiya, Finance Manager
·
Union
Bank for Saving & Investment (UBSI)
Chamber of Commerce Building
Shmeisani
PO Box: 35104
Amman
Tel: (962-6) 5666148 / 5666170 / 5666171 /
5675558
Fax:
(962-6) 5666149
·
Arab Banking
Corporation
Matalqa Centre Branch
11th August Street
PO Box: 926691
Amman 11110
Tel: (962-6) 4664183 / 4664185
Fax: (962-6) 4692713
No complaints
regarding subject’s payments have been reported.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.95.71 |
|
Euro |
1 |
Rs.70.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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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 |
-- |
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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.