MIRA INFORM REPORT

 

 

Report Date :           

14.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MEDMAC FOR MANUFACTURING AGRICULTURAL CHEMICALS AND  VETERINARY PRODUCTS COMPANY LTD

 

 

Registered Office :

Nisrin Building No. 3, 3rd Floor, Medical Centre Street, 8th Circle, Al Jandawil Area, P O Box 214, Amman 11831

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.10.1994

 

 

Com. Reg. No.:

3702, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Formulation of agrochemicals and veterinary products

 

 

No. of Employees :

92

 

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 :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : MEDMAC FOR MANUFACTURING AGRICULTURAL CHEMICALS

AND  VETERINARY PRODUCTS COMPANY LTD

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 2nd October 1994

Commercial Registration Number            : 3702, Amman

Chamber Membership Number                : 9044

Issued Capital                                        : JD 425,000

Paid up Capital                                      : JD 425,000

Total Workforce                                     : 92

Activities                                               : Formulation of agrochemicals and veterinary products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

Person Interviewed                                 : Ayat El Masry, Human Resources Manager

 

COMPANY NAME

 

MEDMAC FOR MANUFACTURING AGRICULTURAL CHEMICALS AND VETERINARY  PRODUCTS COMPANY LTD

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Nisrin Building No. 3, 3rd Floor

Street               : Medical Centre Street

Area                 : 8th Circle, Al Jandawil Area

PO Box             : 214

Town                 : Amman 11831

Country             : Jordan

Telephone         : (962-6) 5819028 / 5819038 / 5526973

Facsimile          : (962-6) 5856220 / 5510418 / 5532563

Email                : medmac@go.com.jo / medmac@orange.jo

 

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 Estate                                                                  Rented factory premises covering

PO Box: 3535                                                                                   an area of 1,800 square metres

Irbid

Tel: (962-2) 7395390

Fax: (962-2) 7395391

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Bassam Fayez Khaled Kaddurah                                                        Managing Director

 

·       Basel Mohamed Deek                                                                       Director

 

·       Khaled Kaddurah                                                                               Director

 

·       Maher Kaddurah                                                                                Director

 

·       Rabah Diab                                                                                       Director

 

·       Nozar Jaber                                                                                      Director

 

·       Ayat El Masry                                                                                   Human Resources Manager

 

·       Feras Barakat                                                                                   Commercial Manager

 

·       Ashraf Jarar                                                                                      Production Manager

 

·       Gergis Gandah                                                                                  Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd October 1994

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 3702, Amman

 

Chamber Member No. : 9044

 

Issued Capital              : JD 425,000

 

Paid up Capital            : JD 425,000

 

Name of Shareholder (s)

 

·       Arab Jordan Investment Bank

Ibn Hani Street

Shmeisani

PO Box: 8797

Amman 11121

Tel: (962-6) 5607126 / 5607138

Fax: (962-6) 5681482

 

·       Bassam Kaddurah

 

·       Basel Mohamed Deek

 

·       Khaled Kaddurah

 

·       Maher Kaddurah

 

·       Rabah Diab

 

·       Nozar Jaber

 

 

OPERATIONS

 

Activities: Subject specialises in the formulation of agrochemicals and veterinary products and its range includes a wide spectrum of agrochemicals (insecticides, herbicides, acaricides, fungicides, nematicides) and veterinary products (anti-bacterials, anticoccidials, anthelminitics, ecto-parasiticides, vitamins,  minerals, amino acids).

 

     Subject is ISO 9002 certified.

 

Import Countries: Europe, Asia and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 92 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                JD 8,250,000                             JD 9,000,000

 

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

 

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

 

 

BANKERS

 

·       Arab Jordan Investment Bank

Ibn Hani Street

Shmeisani

PO Box: 8797

Amman 11121

Tel: (962-6) 5607126 / 5607138

Fax: (962-6) 5681482

 

·       HSBC Bank Middle East

Khalid Bin Walid Street

Jebel Hussein

PO Box: 925286

Amman

Tel: (962-6) 5660471 / 5607471

Fax: (962-6) 5692964

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2005                            June 2006

Credit amount                                        150,000                         135,000

Amount overdue                         0                                              0

Payment terms                                      90 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 Pounds Sterling

 

 

GENERAL COMMENTS

 

Medmac For Manufacturing Agricultural Chemicals And Veterinary Products Company Ltd is a leading concern in the formulation of agrochemicals and veterinary products and enjoys a good reputation for the quality of its products.

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is 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.49.85

UK Pound

1

Rs.77.97

Euro

1

Rs.65.62

 

 

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.