MIRA INFORM REPORT

 

 

Report Date :

03.08.2011

 

IDENTIFICATION DETAILS

 

Name :

JORDAN SIPES PAINTS CO LTD

 

 

Registered Office :

Ali Rawabda Street, off Al Quds Street Mugablin Industrial Area PO Box 276 Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.09.1976

 

 

Com. Reg. No.:

420, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of paints.

 

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 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                                     : JORDAN SIPES PAINTS CO LTD

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 6th September 1976

Commercial Registration Number            : 420, Amman

Chamber Membership Number                : 1983

National ID Number                                : 200001300

Issued Capital                                        : JD 800,000

Paid up Capital                                      : JD 800,000

Total Workforce                                     : 90

Activities                                               : Manufacture of paints.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Zakaria Al Haj, Purchasing Manager

COMPANY NAME

 

JORDAN SIPES PAINTS CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Ali Rawabda Street, off Al Quds Street

Area                 : Mugablin Industrial Area

 

PO Box             : 276

 

Town                 : Amman 11118

Country             : Jordan

 

Telephone         : (962-6) 4201292

Facsimile          : (962-6) 4201620

Email                : sipes@wandoo.jo / info@sipes.jo

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Issam Mohamed Al Bdeir                                                                   Managing Director

 

·       Othman Mohamed Al Bdeir                                                                Director

 

·       Mohamed Wajih Ahmed Baziri                                                           Director

 

·       Majid Ahmed Baziri                                                                           Director

 

·       Abdul Hadi Adebri                                                                             Director

 

·       Rostom Abu Arkoob                                                                          Commercial Manager

 

·       Zakaria Al Haj                                                                                   Purchasing Manager

 

·       Ahmed Al Zaher                                                                                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th September 1976

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 420, Amman

 

Chamber Member No. : 1983

 

National ID No.            : 200001300

 

Issued Capital              : JD 800,000

 

Paid up Capital            : JD 800,000

 

Name of Shareholder (s)

 

·       Issam Mohamed Al Bdeir

 

·       Othman Mohamed Al Bdeir

 

·       Mohamed Wajih Ahmed Baziri

 

·       Majid Ahmed Baziri

 

·       Abdul Hadi Adebri

 

 

AFFILIATED COMPANIES

 

·       Sipes International Paint Manufacturing Co Sal

Sipes Paint Building

Route de Khalde

PO Box: 113300

Beirut

Lebanon

Tel: (961-1) 862626 / 813832 / 862625

Fax: (961-1) 603011 / 813822

 

·       Universal Paints SAE (SIPES)

222, El Hegaz Street

     Heliopolis

     Cairo

     Egypt

     Tel: (20-2) 22458064

 

·       Steel Sal

Sipes Paint Building

Route de Khalde

     PO Box: 113300

     Beirut

     Tel: (961-1) 431495

     Fax: (961-1) 431495

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of a range of paints, including emulsion, oil paints, industrial paints, pastes for metallic products and cars, water paints, nitro cellulose paints, solvents and thinners.

 

    Subject is ISO 9001 certified.

 

Import Countries: United Kingdom, Austria, Belgium and Switzerland

 

Brand Names: SIPES

 

Operating Trend: Steady

 

Subject has a workforce of 90 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 5,190,000                             JD 5,650,000

 

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

 

The above financial figures were confirmed by Mr Zakaria Al Haj, Purchasing Manager

 

 

BANKERS

 

·       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                              May 2002                                  September 2009

Credit amount                                        200,000                         343,000

Amount overdue                         0                                              0

Payment terms                                      90 days                                     120 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 Euros

 

 

GENERAL COMMENTS

 

Jordan Sipes Paints Co Ltd has been in business for over 30 years and manufactures a wide range of paints and related products.

 

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.44.23

UK Pound

1

Rs.72.09

Euro

1

Rs.62.98

 

 

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.