MIRA INFORM REPORT

 

 

Report Date :           

03.10.2011

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL PAINTS FACTORY COMPANY LTD (NPFCO)

 

 

Registered Office :

Al Hizam Road, Abu Alanda, P O Box 533, Amman 11592

 

 

Country :

Jordan 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.10.1969

 

 

Com. Reg. No.:

4472, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of paints and resins

 

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$ 1,000,000

Status :

Satisfactory

Payment Behaviour :

Usually 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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Jordan

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : NATIONAL PAINTS FACTORY COMPANY LTD (NPFCO)

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 28th October 1969

Commercial Registration Number            : 4472, Amman

Chamber Membership Number                : 1307

Issued Capital                                        : JD 2,000,000

Paid up Capital                                      : JD 2,000,000

Total Workforce                                     : 800

Activities                                               : Manufacturers of paints and resins.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

Person Interviewed                                 : Dr Qais Al Khalafat, Human Resources Manager

 

 

COMPANY NAME

 

NATIONAL PAINTS FACTORY COMPANY LTD (NPFCO)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Al Hizam Road

Area                 : Abu Alanda

PO Box             : 533

Town                 : Amman 11592

Country             : Jordan

Telephone         : (962-6) 5797681 / 5732481 / 5732482 / 4790790

Facsimile          : (962-6) 5732483 / 4790799

Email                : npfc@nets.com.jo / info@sayeghgroup.com / qais.alkhalafat@sayeghgroup.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Michael Faiq Sayegh                                     Jordanian                                  Chairman

 

·       Salim Faiq Sayegh                                        Jordanian                                  Managing Director

 

·       Ibrahim Faiq Sayegh                                      Jordanian                                  Director

 

·       Ahmed Abu Ahmed                                              -                                        Finance Manager

 

·       Nawaf Al Qadi Abu Rami                                       -                                        Financial Controller

 

·       Amr Al Hassan                                                    -                                        Commercial Manager

 

·       Hussam Hassan                                                  -                                        Production Manager

 

·       Dr Qais Al Khalafat                                               -                                        Human Resources Manager

 

·       Emad Abu Saleh                                                  -                                        Sales Manager

 

·       Ayman Ayman Al Azaher                                      -                                        Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th October 1969

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 4472, Amman

 

Chamber Member No. : 1307

 

Issued Capital              : JD 2,000,000

 

Paid up Capital            : JD 2,000,000

 

Name of Shareholder (s)

 

·       Michael Faiq Sayegh

 

·       Salim Faiq Sayegh

 

·       Ibrahim Faiq Sayegh

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Sayegh Brothers International Group of Companies, which consists of the following concerns:

 

·       National Paints Factories Co Ltd

     5th Industrial Square

     Industrial Area No. 4

     PO Box: 5822

     Sharjah

     United Arab Emirates

     Tel: (971-6) 5340111 / 5343116

     Fax: (971-6) 5340222 / 5343115

     Email: npfcl@national-paints.com

 

·       National Paints Factories Co WLL

Street No. 41

New Industrial Area

PO Box: 40544

Doha

     Qatar

     Tel: (974) 44601602 / 44601603

     Fax: (974) 44600368 / 44602721

     Email: npf@qatar.net.qa

 

·       National Canning Industries Co Ltd

PO Box: 533

Amman

Jordan

 

·       United Locks Co Ltd

PO Box: 533

Amman

Jordan

 

·       National Drums Co Ltd

PO Box: 533

Amman

Jordan

 

·       Emirates Metallic Industries Co (EMIC)

Industrial Area No. 6

PO Box: 6258

Sharjah

Tel: (971-6) 5341526

Fax: (971-6) 5341265

Email: emic@emirates.net.ae

 

·       Alva Paints

Dubai

     United Arab Emirates

     Tel: (971-4) 2852685

 

·       National Paint Factories

Khartoum

     Sudan

 

·       National Paint Factories

Cairo

     Egypt

 

·       National Paint Factories

     Palestine

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and marketing of paints and resins for the following purposes - industrial,

     decorative, marine, automotive and furniture.

 

Production Capacity: 6,000 tonnes per annum

 

Import Countries: Denmark, Hungary, and the United States of America

 

International Suppliers:

 

·       Dyrup Co                  Denmark

·       Chemolimpex            Hungary

·       Sherwin Williams      United States of America

·       Union Carbide           United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 800 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                JD 5,920,000                             JD 6,400,000

 

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

 

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

 

 

BANKERS

 

·       ANZ Grindlays Bank

Shmeisani Branch

PO Box: 9997

Amman

Tel: (962-6) 4660201

Fax: (962-6) 4679115

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

Email: secretariat@arabbank.com.jo

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              August 2006                             September 2008

Credit amount                                        150,000                         420,000

Amount overdue                         0                                              0

Payment terms                                      60 days                                     90 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 Euros

 

 

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 and the above credit figure is within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.93

UK Pound

1

Rs.76.52

Euro

1

Rs.66.65

 

 

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.