MIRA INFORM REPORT

 

 

Report Date :

12.02.2013

 

IDENTIFICATION DETAILS

 

Name :

ADVANCED AGROCHEMICALS AND VETERINARY PRODUCTS INDUSTRIAL CO (CHEMVET)

 

 

Registered Office :

Street No. 6 King Abdullah II Industrial Estate, Sahab PO Box 294 Amman 11512

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

11.05.2000

 

 

Com. Reg. No.:

6142

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of agrochemical products and veterinary products

 

 

No. of Employees :

50

 

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

(31.03.2011)

Current Rating

(30.06.2012)

Jordan

B1

B1

 

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                                     : ADVANCED AGROCHEMICALS AND VETERINARY PRODUCTS

                                                              INDUSTRIAL CO (CHEMVET)

Country of Origin                                                : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 11th May 2000

Commercial Registration Number                        : 6142

Chamber Membership Number                : 14208

Issued Capital                                        : JD 300,000

Paid up Capital                                      : JD 300,000

Total Workforce                                     : 50

Activities                                               : Manufacture of agrochemical products and veterinary products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Shadu Al Samhouri, Assistant Finance Manager

 

 

 

COMPANY NAME

 

ADVANCED AGROCHEMICALS AND VETERINARY PRODUCTS INDUSTRIAL CO (CHEMVET)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Street No. 6

Area                 : King Abdullah II Industrial Estate, Sahab

 

PO Box             : 294

 

Town                 : Amman 11512

Country             : Jordan

 

Telephone         : (962-6) 4022640 / 4022630

Facsimile          : (962-6) 4022340

Mobile               : (962-79) 6800084

Email                : marketing@chemvetjo.com / chemvet@orange.jo

 

Premises

 

Subject operates from a suite of offices and a factory covering an area 1,800 square metres that are owned and located in the Industrial Area of Amman.

 

 

KEY PRINCIPALS

 

     Name                                                                       Nationality                     Position

 

·       Qustandi Saliba Abu Slaieh                                        Palestinian                    Chairman

 

·       Hussein Mohmad Ahmad Al Jazzar                            Jordanian                      Managing Director

 

·       Maryana Jawdat Naser                                              Jordanian                      Director

 

·       Khaled Mohamad Awni Husain Al Ansari                     Palestinian                    Director

 

·       Jehad Samih Bustami                                                Palestinian                    Director

 

·       Tagreed Barbakh                                                              -                            General Manager

 

·       Haytham Al Jahra                                                             -                            Finance Manager

 

·       Shadu Al Samhouri                                                          -                            Assistant Finance Manager

 

·       Basma Mohamed                                                             -                            Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th May 2000

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 6142

 

Chamber Member No. : 14208

 

National ID No.            : 200021899

 

Issued Capital              : JD 300,000

 

Paid up Capital            : JD 300,000

 

Name of Shareholder (s)                                     Percentage

 

·       Qustandi Saliba Abu Slaieh                                            29.0%

 

·       Hussein Mohmad Ahmad Al Jazzar                                25.0%

 

·       Maryana Jawdat Naser                                                  25.0%

 

·       Khaled Mohamad Awni Husain Al Ansari                         16.6%

 

·       Jehad Samih Bustami                                                      4.4%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of agrochemical products and veterinary products.

 

                 Subject is ISO 9001 accredited.

 

Import Countries: France, Belgium and the United Kingdom

 

Export Countries: Yemen, Sudan and Egypt

 

Operating Trend: Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

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

 

Total Sales                                JD 2,820,000                             JD 3,000,000

 

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

 

The above figures were provided by Mr Shadu Al Samhouri, Assistant Finance Manager

 

 

BANKERS

 

·       Islamic International Arab Bank

Wasfi Al Tal Street

PO Box: 925802

Amman

Tel: (962-6) 5694901

Fax: (962-6) 5694914

     Acc No. 3646/500

 

·       Arab Bank Plc

Sahab Branch

Amman

Tel: (962-6) 4022107

Fax: (962-6) 4022762

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              February 2008

Credit amount                                        20,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

GENERAL COMMENTS

 

 

Advanced Agrochemicals And Veterinary Products Industrial Co (Chemvet) was established in May 2000 and has made good progress in the local market as well as exporting to Yemen, Sudan and Egypt.

 

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 and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.68

UK Pound

1

Rs.84.84

Euro

1

Rs.71.87

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.