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MIRA
INFORM REPORT
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Report Date : |
05.10.2011 |
IDENTIFICATION DETAILS
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Name : |
ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING CO (MOBEDCO) |
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Registered Office : |
Fairdous Commercial Complex, 1st Floor, Building No. 150, Office
101-104 King Abdullah the Second Street, Medical City Street Sweileh P O
Box 930103 Amman 11193 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
17.10.1991 |
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Com. Reg. No.: |
366 |
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Legal Form : |
Public Shareholding Company |
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Line of Business : |
Production of agricultural pesticides and veterinary products |
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$ 450,000 |
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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 – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
SUMMARY
Company Name : ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING CO
(MOBEDCO)
Country of Origin : Jordan
Legal Form : Public Shareholding Company
Registration Date : 17th October 1991
Commercial Registration Number : 366
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
Total Workforce : 130
Activities : Production of agricultural pesticides and veterinary products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 450,000
COMPANY NAME
ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING CO (MOBEDCO)
ADDRESS
Registered & Physical Address
Building : Fairdous
Commercial Complex, 1st Floor, Building No. 150, Office 101-104
Street : King
Abdullah the Second Street, Medical City Street
Area : Sweileh
PO Box : 930103
Town : Amman 11193
Country : Jordan
Telephone : (962-6) 5354161
/ 5354191 / 5354192
Facsimile : (962-6)
5354949
Email : mobedco@nol.com.jo
/ sales@mobedco.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· Al Hasan
Industrial City Owned
factory premises covering an
PO Box: 45 area
of 3,200 square metres
Irbid 21467
Tel:
(962-2) 7395195 / 7395266
Fax:
(962-2) 7395225 / 7395260
KEY PRINCIPALS
Name Position
· Samir Aqel Salim
Owais Chairman
· Bassam Ahmad
Ibrahim Lahlouh Vice
Chairman
· Mohamed Aqel Salem
Owais Managing
Director
· Yousef Ibrahim
Abdullah Abu Jamil Director
· Hasan Abdul Hai
Daoud Al Qawasmi Director
· Mahmoud Yusef Mahmoud Abu Khazneh Director
· Radwan Ahmed Mohammed Al Saad Director
· Asaad Daoud Ibrahim Al Dissy Director
· Kahlid Al Bitar Administration
& Finance Manager
· Hammoudeh Ahmad Marketing
Manager
· Ahmad Al Khatib Accounts
Manager
· Rabab El Henky Production
Manager – Veterinary
· Ziyad Alwadi Production
Manager – Pesticides
LEGAL FORM & OWNERS
Date of
Establishment : 17th
October 1991
Legal Form : Public
Shareholding Company
Commercial Reg.
No. : 366
Registration
Details : The Subject
Company was registered in the Department of Companies Control at the
Ministry of
Industry and Trade under commercial registration no. 2590 as Limited Liability
Company
and changed to Public Shareholding Company under Reg. No. 366 on 31/7/2005.
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
Name of Shareholder (s) Percentage
· Faiek Haisamawi 9.33%
· Najah Ramahi 6.19%
· Al Amin Investment ]
Jordan ] 84.48%
]
· Members of the
general public & private investors ]
AFFILIATED COMPANIES
Name Country
· The Development
Company for Agriculture & Trade Jordan
· Al Petra for
Fertilizers Industries Company Jordan
· ASPICO Syria
· Saudi Delta for Chemical Industries Company Saudi Arabia
OPERATIONS
Activities: Engaged in the production of agricultural pesticides and veterinary
products. When subject was first
established it
specialised in the production of only agricultural pesticides but later
expanded into veterinary products. It
operates 3 factories in Irbid, one for agricultural products, one for
veterinary and the last was set up during 2002 for the production of
disinfectants and injectable solutions.
Veterinary Product
Range: - Antibiotics
- Vitamins
- Feed additives
- Anticoccidials
- Anthelmintics
- Ectoparasiticides
- Disinfectants
Agricultural Product Range: -
Pesticides
- Insecticides
- Fungicides
- Herbicides
- Acaricides
- Rodenticides
Subject was awarded the ISO9002 certificate
for the quality of its products in 1994.
Import Countries: Europe, United States of America, China, India and
Taiwan
Export Countries: Saudi Arabia, United Arab Emirates, Yemen, Egypt,
Sudan, Syria, Taiwan, Pakistan, Algeria,
Morocco and Kenya
Operating Trend: Steady
Subject has a workforce of approximately 130 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Balance Sheet 31/12/09 31/12/08 31/12/07
Assets
|
Cash on Hand & at Banks |
163,451 |
152,058 |
189,081 |
|
Accounts Receivable, Net |
6,618,010 |
5,340,627 |
4,846,502 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
1,112,183 |
1,487,561 |
1,380,485 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
6,424,186 |
5,812,163 |
5,242,785 |
|
Spare Parts |
0 |
0 |
0 |
|
14,714,364 |
13,202,960 |
12,131,192 |
|
|
Long Term Investments |
1,144,548 |
1,524,982 |
1,108,307 |
|
Fixed Assets, Net |
4,714,188 |
3,847,243 |
3,998,537 |
|
Lands |
0 |
0 |
0 |
|
Projects in Progress |
0 |
0 |
0 |
|
Total Fixed Assets |
4,714,188 |
3,847,243 |
3,998,537 |
|
Other Assets |
0 |
0 |
50,000 |
|
20,573,100 |
18,575,185 |
17,288,036 |
Liabilities &
Equity
|
Accounts and Notes Payable |
2,288,350 |
2,371,171 |
2,471,024 |
|
Credit Banks |
0 |
0 |
0 |
|
Short Term Loans |
0 |
1,536,791 |
1,614,867 |
|
Accrued Part of Long Term Loans |
0 |
0 |
0 |
|
Total Current Liabilities |
5,701,564 |
4,585,649 |
4,660,499 |
|
Long Term Loans & Notes Payable |
0 |
407,090 |
796,613 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
52,890 |
0 |
0 |
|
5,754,454 |
4,992,739 |
5,457,112 |
|
|
Authorized Capital |
10,000,000 |
10,000,000 |
9,000,000 |
|
10,000,000 |
10,000,000 |
9,000,000 |
|
|
Paid in Capital |
10,000,000 |
10,000,000 |
9,000,000 |
|
Compulsory Reserves |
1,374,935 |
1,208,259 |
1,022,474 |
|
Voluntary Reserve |
856,628 |
689,952 |
504,167 |
|
Other Reserves |
86,481 |
86,481 |
86,481 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
0 |
1,000,000 |
0 |
|
|
Proposed Stock Dividends |
0 |
0 |
1,000,000 |
|
Accumulated Change in Fair
Value |
0 |
0 |
0 |
|
1,781,376 |
597,754 |
217,802 |
|
|
14,099,420 |
13,582,446 |
11,830,924 |
|
|
Minority Interest |
719,226 |
0 |
0 |
|
20,573,100 |
18,575,185 |
17,288,036 |
Income Statement
|
Operating Revenues |
12,561,821 |
10,172,786 |
8,763,858 |
|
Operating Expenses |
9,430,529 |
7,087,281 |
6,440,929 |
|
Gross Profit |
3,131,292 |
3,085,505 |
2,322,929 |
|
General and Administrative Expenses |
735,652 |
475,832 |
360,309 |
|
Selling and Distribution Expenses |
424,669 |
555,526 |
387,217 |
|
Depreciation (Period) |
465,324 |
373,014 |
268,184 |
|
Other Operating Expenses |
50,000 |
0 |
32,901 |
|
Net Operating Income |
1,920,971 |
2,054,147 |
1,542,502 |
|
Other Revenues |
286,457 |
170,348 |
29,314 |
|
Other Expenses |
0 |
0 |
0 |
|
Income Before Interest & Tax |
2,207,428 |
2,224,495 |
1,571,816 |
|
Interest Expenses |
329,648 |
366,645 |
257,866 |
|
Net Income Before Tax |
1,877,780 |
1,857,850 |
1,313,950 |
|
Income Tax (Period) |
126,942 |
79,712 |
31,052 |
|
Income Tax (Previous Years) |
0 |
40,827 |
0 |
|
Universities and Research Train Fees |
36,506 |
50,097 |
35,868 |
|
Board of Directors Remuneration |
45,000 |
35,000 |
35,000 |
|
Net Income |
1,669,332 |
1,652,214 |
1,212,030 |
Operating revenue for the year ending 31/12/10 was JD 13,524,022 and net
income was JD 1,493,000.
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Jordan National Bank
Queen
Noor Street
PO Box:
941273
Amman
11194
Tel:
(962-6) 5622285
Fax:
(962-6) 5622281
·
Arab Bank Plc
King Abdullah
Square
PO Box: 16
Irbid
Tel: (962-2)
7242251
Fax: (962-2) 7277596
AUDITORS
·
Arab Professionals Co
Abu Al
Haj Complex
Queen
Rania Al Abdullah Street
Amman
Tel:
(962-6) 5151125
Fax:
(962-6) 5151124
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction December 2001 January 2006
Credit amount 153,000 127,000
Amount overdue 0 0
Payment terms 60
days 120
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros Pounds
Sterling
GENERAL COMMENTS
Established in 1991, Arab Pesticides & Veterinary Drugs
Manufacturing Co (Mobedco) has made considerable progress in the regional
market. It specialises in the production of agricultural pesticides, veterinary
products and disinfectants and injectable solutions.
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.49.22 |
|
|
1 |
Rs.76.07 |
|
Euro |
1 |
Rs.65.06 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.