MIRA INFORM REPORT

 

 

Report No. :

323468

Report Date :

23.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AL TAQADDOM PHARMACEUTICAL INDUSTRIES

 

 

Formerly Known As :

AL TAQADDOM PHARMACEUTICAL INC

 

 

Registered Office :

Abdullah Complex, University Street, Sport City, PO Box 1019, Amman 11947

 

 

Country :

Jordan

 

 

Date of Incorporation :

13.02.2006

 

 

Com. Reg. No.:

11677

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the Manufacture of Pharmaceuticals and Related Products.

 

 

No. of Employees :

70

 

 

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

 

Maximum Credit Limit :

US$ 150,000

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 – 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

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

 

SUMMARY

 

Company Name                                    : AL TAQADDOM PHARMACEUTICAL INDUSTRIES

Also Known As                                     : TQ PHARMA

Country of Origin                                   : Jordan

Legal Form                                           : Limited Liability Company

Registration Date                                  : 13th February 2006

Commercial Registration Number           : 11677, Amman

Chamber Membership Number               : 22768

Issued Capital                                       : JD 18,251,454

Paid up Capital                                     : JD 18,251,454

Total Workforce                         : 70

Activities                                               : Manufacturers of pharmaceuticals.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                    : US$ 150,000

 

 

COMPANY NAME

 

AL TAQADDOM PHARMACEUTICAL INDUSTRIES

 

 

ALSO KNOWN AS

 

TQ PHARMA

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Abdullah Complex

Street               : University Street

Area                 : Sport City

PO Box                        : 1019

Town                : Amman 11947

Country : Jordan

Telephone         : (962-6) 5653433

Facsimile          : (962-6) 5653458

Email                : info@tqpharma.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Amman.

 

Please note that subject’s previous address was, Mahmoud Al Armoti Complex, 2nd Floor, Nazzal Street, Bader Area, Amman.

 

Please note that subject’s PO Box number is 1019 and not 1091.

 

 

Branch Office (s)

 

Location                                                                                               Description

 

Sahab Industrial Area                                                                             Factory premises

Al Muqar Al Nuqaira Area

Amman

Tel: (962-6) 4050084 / 4050092 / 4050098

Fax: (962-6) 4050091

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Fadel Munir Nairokh                                                                   Managing Director

 

Farooq Murad Murad                                                                 Director

 

Mohamed Abdulrahman Noor                                                     Director

 

Osama Mohamed Al Attoot                                                        Director

 

Abdulrahim Salah                                                                      Director

 

Dr Sayed Al Arabi Noaman Salam                                              Director

 

Dr Arafa Zayed                                                                         Commercial Manager

 

Ahmed Hamdan                                                                        Production Manager

 

Nabil Abo Dauss                                                                       Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th February 2006

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 11677, Amman

 

Chamber Member No.  : 22768

 

National ID No. : 200021405

 

Issued Capital              : JD 18,251,454

 

Paid up Capital            : JD 18,251,454

 

Name of Shareholder (s)                                                        Percentage

 

Nafees International Consulting & Investment                              56.16%

Amman

 

Al Fadl Investment Co                                                               11.35%

Amman

 

Osama Yahya Omar Falayli                                                          8.65%

 

Mahmoud Abdul Majeed Mahmoud Dohaish                                 4.93%

 

Yasser Mohamed Omar Zubair                                                     4.71%

 

Abdulrahim Falah Obaidulah Al Mayaah                                        4.29%

 

Dr Sayed Al Arabi Noaman Salam                                                2.49%

 

Rowidah Abdo & Partner Co                                                        1.57%

Amman

 

Ahmed Saadi Ahmed Ahmed                                                       1.40%

 

Hassan Khalf Hassan Al Noyamat                                                0.87%

 

Mohamed Khalf Hassan Al Noyamat                                            0.87%

 

Khaled Khalf Hassan Al Noyamat                                                 0.87%

 

Ahmed Abdulrahman Mohamed Noor                                           0.65%

 

Tayseer Muneer Ahmed Nairookh                                                 0.56%

 

Mohamed Sameh Abdulrahman Mohamed Noor                0.52%

 

Zayad Abdul Hameed Rasheed Sinokarat                                    0.11%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of pharmaceuticals and related products.

 

Subject has two production lines, solid dosage forms as the first phase of production with annual production capacity of 500,000,000 tablets and 55,000,000 capsules (already licensed) and sterile dosage forms as the second phase of production ina separate and dedicated area (still not equipped).

 

Subject has a workforce of 70 employees.

 

 

FINANCIAL DATA

 

Companies registered in Jordan are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

Bank of Jordan Ltd

King Hussain Street

PO Box: 37

Amman

Tel: (962-6) 5630301

Fax: (962-6) 5638889

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

CREDIT Recommendation

 

Recommended credit limit:                  US$ 150,000

 

 

GENERAL COMMENTS

 

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.63.57

UK Pound

1

Rs.99.67

Euro

1

Rs.70.93

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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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.