|
Report No. : |
326633 |
|
Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM) |
|
|
|
|
Registered Office : |
Industrial Area, PO Box 94, Naor 11710 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
Com. Reg. No.: |
347 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
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 |
|
Maximum Credit Limit : |
US$ 100,000 |
|
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 – 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 2000s implemented significant economic reforms, such as
opening the trade regime 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 $2.1 billion, three year International
Monetary Fund Stand-By Arrangement. In 2014, fiscal reform measures enacted in
the previous few years continued to boost government revenues and reduced the
budget deficit even as an influx of over 620,000 Syrian refugees since 2011 put
additional pressure on expenditures.
|
Source
: CIA |
Company Name :
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Country of Origin :
Jordan
Legal Form :
Limited Liability Company
Registration Date :
1980
Commercial Registration Number :
347
Issued Capital :
JD 20,000,000
Paid up Capital :
JD 20,000,000
Total Workforce :
520
Activities :
Manufacture of pharmaceutical preparations
Financial Condition :
Poor
Payments :
Nothing detrimental uncovered
Recommended Credit Limit :
US$ 100,000
JORDANIAN PHARMACEUTICAL MANUFACTURING CO PLC (JPM)
Registered &
Physical Address
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
Premises
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
Name of
Shareholder (s) Percentage
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
No complaints regarding subject’s payments have been reported.
Recommended credit limit: US$
100,000
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.64.11 |
|
|
1 |
Rs.100.31 |
|
Euro |
1 |
Rs.72.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.