MIRA INFORM REPORT

 

 

Report No. :

343786

Report Date :

08.10.2015

 

IDENTIFICATION DETAILS

 

Name :

RAM PHARMACEUTICAL INDUSTRIES CO LTD

 

 

Registered Office :

Building No. 261, King Abdullah II Industrial City, Street No. 5, Amman Industrial Estate, Gate No. 1, Sahab, PO Box : 211, Amman 11512

 

 

Country :

Jordan

 

 

Date of Incorporation :

05.09.1992

 

 

Com. Reg. No.:

2939, Amman

 

 

Legal Form :

Closed Shareholding Company

 

 

Line of Business :

Subject manufacturers of therapeutic products

 

 

No. of Employee :

300

 

 

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

 

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 – 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                                    : RAM PHARMACEUTICAL INDUSTRIES CO LTD

Country of Origin                                   : Jordan

Legal Form                                           : Closed Shareholding Company

Registration Date                                  : 5th September 1992

Commercial Registration Number           : 2939, Amman

Membership Number                             : 7495

National ID Number                               : 200011910

Issued Capital                                       : JD 5,000,000

Paid up Capital                                     : JD 5,000,000

Total Workforce                         : 300

Activities                                               : Manufacturers of therapeutic products.

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

Person Interviewed                                : Ghassan Moselh, Finance Manager

 

 

COMPANY NAME

 

RAM PHARMACEUTICAL INDUSTRIES CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Building No. 261

Street               : King Abdullah II Industrial City, Street No. 5

Area                 : Amman Industrial Estate, Gate No. 1, Sahab

PO Box            : 211

Town                : Amman 11512

Country : Jordan

 

Telephone         : (962-6) 4023950 / 4023951 / 4023952

Facsimile          : (962-6) 4023749

Email                : info@rampharma.com / ghassan.mosleh@rampharma.com / ghassan.mosleh@ram-pharma.com

 

Please note that the correct PO Box number is 211 and not 221.

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Amman.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Khaleel Al Salem Street                                                                     Rented office premises

     Tal Al Ali Area

     Amman

     Tel: (962-6) 5340165 / 5340216

     Fax: (962-6) 5340439

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mahmoud Mohamed Rashdi El Nejmi                                                Managing Director

 

·       Mohamed Rashdi El Nejmi                                                                Director

 

·       Naji Mohamed El Jundi                                                                     Director

 

·       Munther Thabet El Khalidi                                                                  Director

 

·       Wessam Mohamed Rashdi El Nejmi                                                  Director

 

·       Dr Ali Al Droobi                                                                                Commercial Manager

 

·       Ghassan Moselh                                                                               Finance Manager

 

·       Atheer Mohamed                                                                              Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th September 1992

 

Legal Form                  : Closed Shareholding Company

 

Commercial Reg. No.   : 2939, Amman

 

Membership No.           : 7495

 

National ID No.             : 200011910

 

Issued Capital              : JD 5,000,000

 

Paid up Capital            : JD 5,000,000

 

Name of Shareholder (s)                                                        Percentage

 

·       Abdulaziz Naeem Al Khayal                                                   10.12%

 

·       Muther Thabet El Khalidi                                                       10.12%

 

·       Naji Mohamed El Jundi                                                           8.02%

 

·       Ghassan Naeem Al Khayal                                                      6.22%

 

·       Kamal Sidiqi Al Dabbag                                                          5.46%

 

·       Mahmoud Mohamed Rashid El Nejmi                                      5.40%

 

·       Mohamed Rashid El Nejmi                                                      4.40%

 

·       Wessam Mohamed Rashdi El Nejmi                                        4.40%

 

·       Wassim Mohamed Rashdi El Nejmi                                         4.40%

 

·       Adeeb Mohamed Rashdi El Nejmi                                           4.40%

 

·       Thamer Mohamed Rashdi El Nejmi                                          4.40%

 

·       Mohamed Khedir Zamo                                                           3.33%

 

·       Mostafa Abdul Ghani Al Khayat                                               3.02%

 

·       Tariq Abdul Ghani Al Khayat                                                    3.02%

 

·       Talal Mohamed Al Dabbagh                                                    2.73%

 

·       Saeed Rashad Abu Ghazalah                                                  2.69%

 

·       Local businessmen and private investors                               17.87%

 

 

AFFILIATED COMPANIES

 

·       Al Rouwad For Veterinary and Agricultural Industries Ltd (BIOVET)
Amman

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of a wide range of therapeutic products, including anti-microbial agents,   anxiolytes and anti-depressants, CNS stimulants, anti-hypertensive agents, hormones, analgesics and anti- inflammatory agents, drugs for respiratory and gastrointestinal systems, anti-hyperglycaemic, diuretics and anti-gout preparations.

 

Subject holds ISO 9001:2008 certification. The company is a certified supplier of medicines to the Ministry of Health, Jordan.

 

Production Capacity:

 

Dosage Form

Annum

Capsule

288,000,000 Cap

Dry Suspension

7,800,000 Bottle

Liquid Line (Syrup & Susp. )

5,400,000 Bottle

Tablet

1,400,000,000 Tab.

 

Import Countries: India and Europe

 

Export Countries: Algeria, Yemen, Iraq, Lebanon, Sudan, Saudi Arabia, Oman, Bahrain and the United Arab

                             Emirates

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 31,600,000                           JD 35,000,000

 

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

The above figures were provided by Mr Ghassan Moselh, Finance Manager

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.65.26

UK Pound

1

Rs.99.53

Euro

1

Rs.73.47

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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.