MIRA INFORM REPORT

 

 

Report No. :

342734

Report Date :

02.10.2015

 

IDENTIFICATION DETAILS

 

Name :

PHARMA INTERNATIONAL CO (PIC)

 

 

Registered Office :

Abu Al Haj Building, Queen Rania Al Abdullah Street, Al Jubaiha Area, P O Box: 334, Amman 11941

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

02.01.1994

 

 

Com. Reg. No.:

3400, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

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.

 

 

No. of Employees :

770

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Maximum Credit Limits :

US$ 1,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

 

SUMMARY

 

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

Recommended Credit Limit                    : US$ 1,500,000

Person Interviewed                                : Ahmed Hussain, Financial Controller

 

COMPANY NAME

 

PHARMA INTERNATIONAL CO (PIC)

 

 

ALSO KNOWN AS

 

PHARMATEC INTERNATIONAL CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Abu Al Haj Building

Street               : Queen Rania Al Abdullah Street

Area                 : Al Jubaiha Area

 

PO Box            : 334

 

Town                : Amman 11941

Country             : Jordan

 

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

 

Premises

 

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 / 4792225

     Fax: (962-6) 4711803 / 4711584

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Osama Ali Mohamed Hussain Abu Al Haj                                           Managing Director

 

·       Ali Mohamed Hussain Abu Al Haj                                                      Director

 

·       Raed Ali Mohamed Hussain Abu Al Haj                                              Director

 

·       Ghazi Abdulrahi, Mohamed Al Rawi                                                   Director

 

·       Abdel Malil Bin Abdullah Bin Hamd Al Hokail                                      Director

 

·       Abdullah Bin Ahmed Bin Sultan Al Kenani                                          Director

 

·       Zayed Bin Mohamed Makki Bin Saleh Al Tonsi                                   Director           

 

·       Feras Al Khorishan                                                                           Commercial Manager

 

·       Rolla Al Qassim                                                                                Marketing Manager

 

·       Omar Al Hurr                                                                                    Production Manager

 

·       Mohamed Abu Hassan                                                                      Chief Financial Officer

 

·       Ahmed Hussain                                                                                Financial Controller

 

 

LEGAL FORM & OWNERS

 

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

 

Name of Shareholder (s)                                                     Percentage

 

·       Akzantia Cayman Holding Ltd                                                51%

Cayman Islands

 

·       Osama Ali Mohamed Hussain Abu Al Haj                               49%

 

 

 

OPERATIONS

 

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 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 46,203,377                           JD 48,647,551

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

Regular

 

 

CREDIT RATING

 

Recommended credit limit:                  US$ 1,500,000

 

 

GENERAL COMMENTS

 

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.65.74

UK Pound

1

Rs.99.53

Euro

1

Rs.73.80

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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