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MIRA INFORM REPORT
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Report No. : |
510534 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AL RAHMA PHARMACEUTICAL COMPANY LTD |
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Registered Office : |
Al Sharee’ah College Street, Jabal Al Luweibdeh, PO Box 9415, Amman 11191 |
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Country : |
Jordan |
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Date of Incorporation : |
15.09.1993 |
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Com. Reg. No.: |
3976 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture of
pharmaceutical preparations and hospital detergents and disinfectants |
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No. of Employees : |
300 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Jordan |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 and underemployment, budget and current account deficits, and government debt.
King ABDALLAH, during the first decade of the 2000s, implemented significant economic reforms, such as expanding 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 contributed to slower growth from 2010 to 2017 - with growth averaging 2.6% per year - and hurt export-oriented sectors, construction, and tourism. Since the onset of the civil war in Syria and resulting refugee crisis, one of Jordan’s most pressing socioeconomic challenges has been managing the influx of 650,000 UN-registered refugees, more than 80% of whom live in Jordan’s urban areas. Jordan’s own official census estimated the refugee number at 1.3 million as of early 2016.
Jordan is nearly completely dependent on imported energy—mostly natural gas—and energy consistently makes up 25-30 percent of Jordan’s imports. To diversify its energy mix, Jordan has secured several contracts for liquefied natural gas and 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 2016, Jordan and the IMF agreed to a $723 million Extended Fund Facility that aims to build on the three-year, $2.1 billion IMF program that ended in August 2015 with the goal of helping Jordan correct budgetary and balance of payments imbalances
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Source
: CIA |
SUMMARY
Company Name : AL RAHMA
PHARMACEUTICAL COMPANY LTD
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Start Date :
15th September 1993
Commercial
Registration Number : 3976,
Amman
Chamber Membership
Number : 11533
National ID Number : 200010989
Issued Capital : JD
500,000
Paid up Capital : JD
500,000
Total Workforce :
300
Activities :
Manufacturers of pharmaceutical preparations and
hospital detergents and disinfectants
Financial Condition : Undetermined
Payments : No Complaints
COMPANY
NAME
AL RAHMA PHARMACEUTICAL COMPANY LTD
ADDRESS
Registered &
Physical Address
Street :
Al Sharee’ah College Street
Area :
Jabal Al Luweibdeh
PO Box :
9415
Town :
Amman 11191
Country :
Jordan
Telephone : (962-6)
4653280 / 4028427 / 4023808
Facsimile :
(962-6) 4653284 / 4696395
Email : rah@hilwani.com.jo
/ rah@techni-group.com
Premises
Subject operates from a medium sized suite of offices that
are owned and located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· King
Abdullah the 2nd Industrial Estate Factory
premises
Street
H
Sahab
Tel: (962-6) 4026383 / 4029383
Fax: (962-6) 4026383
KEY
PRINCIPALS
Name Position
· Taisir
Mustafa Hilwani Managing
Director
· Hiba
Shaikh Ardh Director
· Atiyat
Mohamed Yousef General
Manager
LEGAL
FORM & OWNERS
Date
of Establishment :
Subject was originally established on 15th September 1993 as a
general partnership,
however on 10th October 1995 subject
re-registered as a Limited Liability Company.
Legal
Form : Limited
Liability Company
Commercial
Reg. No. : 3976,
Amman
Chamber
Member No. : 11533
National
ID No. :
200010989
Issued Capital : JD
500,000
Paid up Capital : JD
500,000
Name of Shareholder (s) Percentage
· Taisir
Mustafa Hilwani 93%
· Hiba
Shaikh Ardh 7%
Note to the Legal Form The
limited liability company may be composed of two or more shareholders whether
legal or natural persons, each responsible
only for the liabilities of the company to the extent of their share
participation in the capital of the company. The limited liability company may
not offer its shares for public subscription or increase its capital or borrow
by subscription. The minimum capital for foreign investments is fifty thousand
Jordanian dinars (JOD 50,000) for each non-Jordanian Shareholder.
AFFILIATED
COMPANIES
· Al
Aqtar Al Arabiya Co
Amman
OPERATIONS
Activities: Engaged in the manufacture of
pharmaceutical preparations and hospital detergents and disinfectants.
Import Countries: Europe
Export Countries: Saudi Arabia, Yemen and Iraq
Subject has a workforce of approximately 300 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
·
Jordan National Bank
Jabal
Amman Branch
PO Box:
1578
Amman
11118
Tel:
(962-6) 5642391
Fax:
(962-6) 5628809
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
During the course of this investigation the following
sources were consulted:
- Internal database
- Journals,
directories, media & web searches
- Local Registry
office
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
According to local sources, subject meets its payment obligations
in a timely manner and the company is considered to be a fair trade risk.
COUNTRY
OUTLOOK
GDP
growth moderated during 2015 to an estimated 2.4 %, the slowest pace in four
years, magnifying already-high unemployment.
Security spill overs from regional conflict worsened, negatively impacting
tourism, construction, investment and trade. However, growth in a number of
sectors held up well through the third quarter of 2015, including in finance
and insurance services, transport, storage and communications, electricity and
water, and mining and quarrying. Unemployment rose to 13.0 % in 2015, an
increase of 1.1 % age points relative to 2014. There was a mild deflation for
most of 2015 due to further falls in global oil prices, a weakened Euro, a
negative output gap, and easing of supply side pressures experienced in
previous years (notably on housing prices, due to the large influx of refugees
in 2012-13). Monetary policy remained expansionary with the central bank
reducing the key policy lending rate by 125 basis points during the course of
2015. International reserves slightly rose to $ 14.2 billion (7.5 months of
imports) by end-2015.
The
fiscal deficit was narrower in 2015 thanks to lower expenditures and lower transfers
to the National Electric Power Company (NEPCO),
which outweighed the fall in domestic revenues and grants. NEPCO resorted to
borrowing from commercial banks instead of the government in 2015 providing a
7.0 % of GDP relief to the fiscal balance, without which the fiscal deficit
would have widened. NEPCO’s debt continues to be government guaranteed and
combined with the fiscal deficit and slowing GDP growth contributed to pushing
the gross debt to GDP ratio to an estimated 93 % at end-2015.
The current
account deficit is expected to have widened in 2015, mainly due to lower public
transfers and a 7.1 % fall in tourism receipts, and despite a narrowing trade
deficit. The merchandise trade balance
narrowed by 14 % on account of a 40.4 % fall in energy imports. These
outweighed a 7.1 % contraction of direct exports (themselves buttressed by 10.9
% growth in phosphate exports) affected by land trade route closures with Syria
and Iraq, traditionally Jordan’s largest export partner. Remittances are slowing,
growing by only 1.5 % during 2015.
Growth
is expected to improve to 3.0 % in 2016, assuming no further worsening in the
regional security situation and associated spill overs. This is driven by an expansion in mining and
quarrying sector and positive base effect of tourism and construction sectors.
Jordan is working towards an Extended Fund Facility (EFF) with the IMF. The EFF
is anticipated to support further fiscal consolidation efforts in parallel with
growth-enhancing and job-creating structural reforms. The baseline growth
forecasts assume agreement on an EFF leading to a fiscal adjustment and a lower
debt-to-GDP level. The balance of risks is on the downside. Managing
repercussions from the regional security and political situation is a key risk in
addition to the challenges of hosting a substantial number of Syrian refugees.
Additionally, persistently low oil prices are a risk this year and in the
medium term, given their potential impact on remittances, exports, FDI and
grants from the GCC. Fiscal adjustment measures are likely to be difficult.
Furthermore, the willingness and speed of reform implementation particularly to
improve the business climate will be crucial to meet the country’s investment
aspirations.
Key Economic Indicators 2014 2015 2016* 2017*
Real GDP Growth (%)
3.1 2.4 3.0 3.3
Inflation Rate (%)
2.9 -0.9 1.3 2.7
Fiscal Balance (% of GDP) -9.1 -3.4 -2.1 -1.3
Current Account Balance (% of GDP) -1.0 -9.1 -6.6 -6.0
* forecast
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.02 |
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1 |
INR 91.25 |
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Euro |
1 |
INR 80.07 |
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JOD |
1 |
INR 96.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.