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Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
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Name : |
THE INDUSTRIAL COMMERCIAL & AGRICULTURAL
CO LTD ( |
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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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Date of Incorporation : |
03.08.1964 |
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Com. Reg. No.: |
34 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturer of detergents, liquid gel, shampoo,
toothpaste, window cleaner, and sulphuric acid |
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No. of Employees : |
225 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
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Source : CIA |
Company Name : THE INDUSTRIAL COMMERCIAL & AGRICULTURAL CO LTD (ICA)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 3rd August 1964
Commercial Registration Number : 34
Chamber Membership Number : 58
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
Total Workforce : 225
Activities : Manufacture of detergents, liquid gel, shampoo, toothpaste, window
cleaner, and sulphuric acid
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Belal Omar, Financial Controller
THE INDUSTRIAL
COMMERCIAL & AGRICULTURAL CO LTD (ICA)
Registered &
Physical Address
Building : Real Estate Development Building,
5th Floor, Suite No. 145
Street : Gardens Street
PO Box : 6066
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 4655446 / 4619823 / 6234586 /
5533201
Facsimile : (962-6) 4619827 / 4733105 / 6234589
/ 5548389
Email : info@ica-jo.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Suburban
Business Area of Amman.
Branch Office (s)
Location Description
·
Rusifah
Area Owned
factory premises
Zarqa
Tel: (962-5) 3741945
Fax: (962-5) 3741198
Name Position
·
Nour
Mohamed Shaher Mahinini Chairman
·
Mashour
Mutliq Abdul Jalil Managing
Director
·
Belal
Omar Financial
Controller
Date of Establishment : 3rd
August 1964
Legal Form :
Limited Liability Company
Commercial Reg. No. : 34
Chamber Member No. : 58
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
Name of
Shareholder (s)
·
Nour
Mohamed Shaher Mahinini
·
Mashour
Mutliq Abdul Jalil
·
Jordanian
businessmen & private investors
·
United
Sulphochemical and Detergent Industries Co Ltd
·
Intaj
Marketing and Distribution Co Ltd
·
Unified
Soap Industry Co Ltd
Activities: Engaged in the manufacture of detergents,
liquid gel, shampoo, toothpaste, window cleaner, and sulphuric acid.
Import
Countries: United Kingdom,
Italy and India
Operating Trend: Steady
Subject has a
workforce of approximately 225 employees.
Financial
highlights provided by local sources are given below:
Currency: Jordanian
Dinars (JD)
Balance Sheet 31/12/11 31/12/10 31/12/09
|
Cash on Hand &
at Banks |
1,486,908 |
1,881,181 |
339,418 |
|
Accounts
Receivable, Net |
1,255,588 |
1,824,285 |
394,316 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated
Cheques |
0 |
0 |
0 |
|
Short Term
Investments |
0 |
0 |
0 |
|
Inventory |
5,271,974 |
5,034,716 |
4,072,476 |
|
Spare Parts |
0 |
0 |
0 |
|
8,245,346 |
10,022,184 |
5,983,789 |
|
|
Long Term Investments |
375 |
540 |
540 |
|
Fixed Assets, Net |
5,239,963 |
5,588,797 |
5,527,250 |
|
Lands |
0 |
0 |
0 |
|
Projects in
Progress |
0 |
0 |
0 |
|
Total Fixed
Assets |
5,239,963 |
5,588,797 |
5,527,250 |
|
Other Assets |
0 |
0 |
0 |
|
13,485,684 |
15,611,521 |
11,511,579 |
|
Accounts and
Notes Payable |
2,367,665 |
2,289,586 |
2,588,136 |
|
Credit Banks |
20,872 |
3,546 |
7,763 |
|
Short Term Loans |
0 |
695,564 |
0 |
|
Accrued Part of
Long Term Loans |
0 |
0 |
0 |
|
Total Current
Liabilities |
2,934,693 |
3,540,326 |
3,511,768 |
|
Long Term Loans
& Notes Payable |
0 |
3,674,853 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
1,369,910 |
0 |
0 |
|
4,304,603 |
7,215,179 |
3,511,768 |
|
Authorized
Capital |
10,000,000 |
10,000,000 |
10,000,000 |
|
10,000,000 |
10,000,000 |
10,000,000 |
|
|
Paid in Capital |
10,000,000 |
10,000,000 |
10,000,000 |
|
Compulsory
Reserves |
2,249,339 |
2,123,902 |
2,123,902 |
|
Voluntary Reserve |
0 |
0 |
0 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
-1,751,441 |
0 |
0 |
|
Issuance Discount |
0 |
1,751,441 |
1,751,441 |
|
Treasury Stocks |
0 |
0 |
0 |
|
Proposed Cash
Dividends |
0 |
0 |
0 |
|
Proposed Stock
Dividends |
0 |
0 |
0 |
|
Accumulated
Change in Fair Value |
0 |
0 |
0 |
|
-1,316,817 |
-1,976,119 |
-2,372,650 |
|
|
9,181,081 |
8,396,342 |
7,999,811 |
|
|
Minority Interest |
0 |
0 |
0 |
|
13,485,684 |
15,611,521 |
11,511,579 |
Income
Statement
|
Operating
Revenues |
28,080,532 |
18,112,847 |
2,482,284 |
|
Operating
Expenses |
25,709,947 |
16,710,673 |
2,985,720 |
|
Gross Profit |
2,370,585 |
1,402,174 |
-503,436 |
|
General and
Administrative Expenses |
648,024 |
486,016 |
636,841 |
|
Selling and
Distribution Expenses |
903,771 |
534,386 |
237,464 |
|
Depreciation
(Period) |
460,196 |
535,874 |
640,376 |
|
Other Operating
Expenses |
0 |
0 |
0 |
|
Net Operating
Income |
818,790 |
381,772 |
-1,377,741 |
|
Other Revenues |
49,081 |
31,836 |
371,406 |
|
Other Expenses |
0 |
0 |
0 |
|
Income Before
Interest & Tax |
867,871 |
413,608 |
-1,006,335 |
|
Interest Expenses |
30,122 |
17,077 |
17,815 |
|
Net Income Before
Tax |
837,749 |
396,531 |
-1,024,150 |
|
Income Tax
(Period) |
28,010 |
0 |
0 |
|
Income Tax
(Previous Years) |
0 |
0 |
0 |
|
Universities and
Research Train Fees |
0 |
0 |
0 |
|
Board of
Directors Remuneration |
25,000 |
0 |
0 |
|
Net Income |
784,739 |
396,531 |
-1,024,150 |
|
Minority Interest |
0 |
0 |
0 |
|
784,739 |
396,531 |
-1,024,150 |
Local sources consider
subject’s financial condition to be Fair.
·
Jordan
Islamic Bank for Finance and Investment
Shmeisani Branch
PO Box: 926225
Amman
Tel: (962-6) 5677377
·
Arab
Bank Plc
Rusifah Branch
Zarqa
Tel: (962-5) 3997481
No complaints
regarding subject’s payments have been reported.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.20 |
|
UK Pound |
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.43 |
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 |
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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 |
|
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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.