MIRA INFORM REPORT

 

 

Report Date :

21.11.2012

 

IDENTIFICATION DETAILS

 

Name :

UNITED CHEMICALS COMPANY LTD (UNICHEM)

 

 

Registered Office :

Al Muqablain Industrial Area, Naour, 3458 Amman 11181

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

23.01.1976

 

 

Com. Reg. No.:

351, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture and marketing of chemicals.

 

 

No. of Employees :

43

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Jordan

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Jordan - ECONOMIC OVERVIEW

 

Jordan's economy is among the smallest in the Middle East, with insufficient supplies of water, oil, and other natural resources, underlying the government''s heavy reliance on foreign assistance. Other economic challenges for the government include chronic high rates of poverty, unemployment, inflation, and a large budget deficit. Since assuming the throne in 1999, King ABDALLAH has implemented significant economic reforms, such as opening the trade regime, privatizing state-owned companies, and eliminating some fuel subsidies, which in the last decade spurred economic growth by attracting foreign investment and creating some jobs. The global economic slowdown and regional turmoil, however, have depressed Jordan''s GDP growth, impacting export-oriented sectors, construction, and tourism. In 2011 the government approved two economic relief packages and a budgetary supplement, largely to improve the living conditions for the middle and poor classes. Jordan''s finances have also been strained by a series of natural gas pipeline attacks in Egypt, causing Jordan to substitute more expensive heavy fuel oils to generate electricity. An influx of foreign aid, especially from Gulf countries, has helped to somewhat offset these extrabudgetary expenditures, but the budget deficit is likely to remain high, at nearly 10% of GDP excluding grants. Amman likely will continue to depend heavily on foreign assistance to finance the deficit in 2012. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan is currently exploring nuclear power generation to forestall energy shortfalls.

 

Source : CIA

 

SUMMARY

 

Company Name                                     : UNITED CHEMICALS COMPANY LTD (UNICHEM)

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 23rd January 1976

Commercial Registration Number            : 351, Amman

Chamber Membership Number                : 1491

Issued Capital                                        : JD 930,000

Paid up Capital                                      : JD 930,000

Total Workforce                                     : 43

Activities                                               : Manufacture and marketing of chemicals.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Akram Nasser, Financial Controller

 

 

COMPANY NAME

 

UNITED CHEMICALS COMPANY LTD (UNICHEM)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Muqablain Industrial Area, Naour

 

PO Box             : 3458

 

Town                 : Amman 11181

Country             : Jordan

 

Telephone         : (962-6) 4203366 / 4203367

Facsimile          : (962-6) 4203368

Mobile               : (962-79) 7074006

Email                : info@unichemgroup.com

 

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

 

·       Ibrahim Emile Haddad                                                                        Managing Director

 

·       Shadiya Habib Arnita                                                                         Director

 

·       Omar Osama Al Salijiti                                                                      Director

 

·       Osama Edward Jasir                                                                         Director

 

·       Dr Essa Michael Marto                                                                      Director

 

·       Ms Marta Sarkis                                                                               Director

 

·       Ms Lina Yousef Marto                                                                        Director

 

·       Dani Samarneh                                                                                 Chief Executive Officer

 

·       Suhail Kharshan                                                                                Production Manager

 

·       Mansour Asfoor                                                                                 Commercial Manager

 

·       Fadi Zurikat                                                                                      Marketing Manager

 

·       Haytham Saif                                                                                    Finance Manager

 

·       Akram Nasser                                                                                   Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23rd January 1976

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 351, Amman

 

Chamber Member No. : 1491

 

National ID No.            : 200011801

 

Issued Capital              : JD 930,000

 

Paid up Capital            : JD 930,000

 

Name of Shareholder (s)

 

·       Ibrahim Emile Haddad

 

·       Shadiya Habib Arnita

 

·       Omar Osama Al Salijiti

 

·       Osama Edward Jasir

 

·       Dr Essa Michael Marto

 

·       Ms Marta Sarkis

 

·       Ms Lina Yousef Marto

 

 

AFFILIATED COMPANIES

 

·       United Corrosion Technology

Dubai

United Arab Emirates

Tel: (971-50) 2561972

 

·       Ikan Construction Co

Amman

     Jordan

 

·       United Chemical Co Ltd (Unichem Qatar)

Doha

     Qatar

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and marketing of chemicals including protective coatings and linings, floorings and deck coatings, decorative paints, sealants and waterproofing systems as well as construction chemicals.

 

Unichem received ISO 9001 certification in 1997 and has maintained it since.

 

Clients:            Techno Building Materials                                   Lebanon

                        Trade for Engineering Products                            Palestine

                        Barakat for Insulting Materials & Construction       Syria

                        International  Marine Hamyar Co.             Iran

 

Import Countries: France and the United Kingdom

 

Export Countries: Lebanon, Palestine, Syria & Iran

 

Operating Trend: Steady

 

Subject has a workforce of 43 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 3,340,000                             JD 3,750,000

 

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

 

The above figures were provided by Mr Akram Nasser, Financial Controller

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

·       Jordan Investment & Finance Bank

PO Box: 950601

Amman 11195

     Tel: (962-6) 5665145 / 5692470

     Fax: (962-6) 5681410

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.91

UK Pound

1

Rs.87.38

Euro

1

Rs.70.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.