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Report Date : |
19.05.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
ARAB FERTILIZERS AND CHEMICAL INDUSTRIES LTD
(KEMAPCO) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1990 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of industrial chemicals |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company Name : ARAB FERTILIZERS AND CHEMICAL INDUSTRIES LTD (KEMAPCO)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Date Started : 1990
Registration Date : 28th February 2004
Commercial Registration Number : 35
Issued Capital : JD 29,000,000
Paid up Capital : JD 29,000,000
Total Workforce : 250
Activities : Manufacture of industrial chemicals
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Wael Al Badour, Finance Manager
ARAB FERTILIZERS
AND CHEMICAL INDUSTRIES LTD (KEMAPCO)
Registered &
Physical Address
Building : Insurance Building, 5th Floor
Street : Al Sharq Street
Area : Jabal Amman
PO Box : 927783
Town : Amman 11190
Country : Jordan
Telephone : (962-6) 4601993 / 4601994
/ 5684247
Facsimile : (962-6) 4601195 / 5691169
Email : kemapco@kemapco.com.jo
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Amman.
Branch Office
(s)
Location Description
·
Derra
Industrial Zone Owned
factory premises
PO Box: 2564
Aqaba 77110
Tel: (962-3) 2017174
Fax: (962-3) 2017181
Name Position
·
Nabil
Salamah Chairman
·
Bassam
Al Zoumot Managing
Director
·
Thamer Obiydat Director
·
Nabih Laham Director
·
Mayson Bahoos Commercial
Manager
·
Amjad Karaja Production
Manager
·
Anas Al
Majali Human
Resources Manager
·
Wael Al
Badour Finance
Manager
Date of Establishment : Subject’s
operations date back to 1990, however it was registered on 28th
February 2004
History : Subject was formed as a joint venture
between Kemira Agro Oy and the Arab Potash
Company Ltd. On 1st February
2007, Kemira Agro Oy divested its 50% shareholding in the subject. Kemapco is
now fully owned by the Arab Potash Company Ltd. Following the
divestment process the company name was changed on 1st August
2007 to “Arab Fertilizers and Chemical Industries Ltd”. The name Kemapco has
been maintained as a trade mark and a short form name.
Legal Form :
Limited Liability Company
Commercial Reg. No. : 35
Issued Capital : JD 29,000,000
Paid up Capital : JD 29,000,000
Name of Shareholder
(s) Percentage
·
Arab
Potash Company Ltd 100%
APC Building
6 Al Jahidh Street
Shmeisani
PO Box: 1470
Amman 11118
Jordan
Tel: (962-6) 5666165 / 5666166
/ 5666167
Fax: (962-6) 5692855 / 5674416
/ 5687289
Subject is a member of the APC Group Of Companies, which consists of the
following concerns :
Name Stake
Held
·
Jordan
Dead Sea Industries 99.7%
PO Box: 212307
Tel: (962-6) 4618571
Fax: (962-6) 4619125
·
Jordan
Magnesia Company Ltd (JORMAG) 55.3%
PO Box: 941701
Tel: (962-6) 5691201 / 5691202 / 5691203
Fax: (962-6) 5691156
Email: info@jormag.com
·
Numeira
Mixed Salts & Mud Company Ltd 52.7%
PO Box: 941681
Tel: (962-6) 5683892 / 5683637
Fax: (962-6) 5672346
Email: info@numeira.com.jo
·
Jordan
Bromine Company 50.0%
·
·
South
Development Company for Industrial 22.0%
Equipment & Workshops
·
Nippon
·
Jordan
International Chartering Company 20.0%
Activities: Engaged in the manufacture of industrial
chemicals including potassium nitrate and dicalcium phosphate.
Production Capacity: 150,000
tonnes per annum of Potassium
Nitrate
75,000 tonnes per annum of Dicalcium
Phosphate
Import
Countries: India, China and
Europe
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
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 68,500,000 JD 73,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Wael Al
Badour, Finance Manager
·
Arab
Banking Corp
PO Box: 927783
Amman 11190
Tel: (962-6) 4601993/4
Fax: (962-6) 4601995
No complaints
regarding subject’s payments have been reported.
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.54.88 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.