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Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PAINTS
FACTORY COMPANY LTD (NPFCO) |
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Registered Office : |
Al Hizam Road,
Abu Alanda, PO Box 533, Amman 11592 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
28.10.1969 |
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Com. Reg. No.: |
4472 |
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Legal Form : |
Limited Liability
Company |
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|
|
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Line of Business : |
Manufacturers of
paints and resins. |
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|
|
|
No. of Employees : |
800 |
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 |
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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) |
|
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 |
Company Name : NATIONAL PAINTS FACTORY COMPANY
LTD (NPFCO)
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 28th
October 1969
Commercial
Registration Number : 4472,
Amman
Chamber Membership
Number : 1307
Issued Capital : JD
2,000,000
Paid up Capital : JD
2,000,000
Total Workforce : 800
Activities :
Manufacturers of paints and resins.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
NATIONAL PAINTS
FACTORY COMPANY LTD (NPFCO)
Registered & Physical Address
Street : Al Hizam Road
Area : Abu Alanda
PO Box : 533
Town : Amman 11592
Country : Jordan
Telephone : (962-6) 5797681 / 5732481 / 5732482 /
4790790
Facsimile : (962-6) 5732483 / 4790799
Email : npfc@nets.com.jo / info@sayeghgroup.com / qais.alkhalafat@sayeghgroup.com
Premises
Subject operates from
a large suite of offices and a factory that are owned and located in the
Industrial Area of Amman.
Name Nationality Position
Michael Faiq Sayegh Jordanian Chairman
Salim Faiq Sayegh Jordanian Managing
Director
Ibrahim Faiq Sayegh Jordanian Director
Ahmed Abu Ahmed - Finance
Manager
Nawaf Al Qadi Abu Rami - Financial
Controller
Amr Al Hassan - Commercial Manager
Hussam Hassan - Production
Manager
Dr Qais Al Khalafat - Human
Resources Manager
Emad Abu Saleh - Sales
Manager
Ayman Ayman Al Azaher - Factory
Manager
Date of
Establishment : 28th October 1969
Legal Form : Limited Liability Company
Commercial Reg.
No. : 4472, Amman
Chamber Member
No. : 1307
Issued Capital : JD 2,000,000
Paid up Capital : JD 2,000,000
Name of Shareholder (s)
Michael Faiq Sayegh
Salim Faiq Sayegh
Ibrahim Faiq Sayegh
Subject is a member
of the Al Sayegh Group of companies, which comprises the following concerns:
Name Country
Remalux Paints
Factories Co. Ltd Jordan
National Trading
and Investment Group Jordan
Al Nuzha Housing
and Real Estate Co Jordan
National Paints
Factories Co. Ltd United
Arab Emirates
Alva Paints
Factory. Ltd United
Arab Emirates
Nobel Paints Plant United
Arab Emirates
National Paints
Factories Co. Ltd Palestine
National Chemicals
B.V. Netherlands
National Paints
Factories Co. Ltd Kazakhstan
National Paints
Factories Co. Ltd Kyrgyzstan
National Paints
Factory Uzbekistan
National Paints
Factories Co Egypt
Canning Industries
Co. Ltd Jordan
National Drums
Factory Jordan
Union Locks Co. Ltd Jordan
Sayegh Brothers for
Engineering Industries Co. Ltd Jordan
Jordan Commercial
Bank Jordan
Design Jordan Jordan
Crystal Call Jordan
Emirates Textiles
Co. Ltd United
Arab Emirates
PVC Co for Plastic
Chips United
Arab Emirates
Sayegh Bothers Co.
Ltd Netherlands
Emirates Co. for
Metal Industries (EMIC) United
Arab Emirates
Decision Makers
Broadcast Station United
Arab Emirates
Sayegh Advertising
& Publishing Company United
Arab Emirates
National Paints Factories
Co. Ltd Qatar
National Paints
Factories Co. Ltd Sudan
Al Jazeera Sudanese
Jordanian Bank Sudan
Jordan English
Paints Co. (CROWN) Jordan
Rum Aladdin
Industries Co. Ltd Jordan
Arab Electrical
Industries Jordan
Radiant Computer and
Electronics Co Jordan
WTV Broadcasting
Station Jordan
Arab Electrical
Industries Egypt
Arab Co. for Paints
Products Palestine
Activities: Engaged
in the manufacture and marketing of paints and resins for the following purposes
- industrial, decorative, marine, automotive and furniture.
Production
Capacity: 6,000 tonnes per annum
Import
Countries: Denmark, Hungary, and the United States
of America
International
Suppliers:
Dyrup Co Denmark
Chemolimpex Hungary
Sherwin Williams United
States of America
Union Carbide United
States of America
Operating Trend: Steady
Subject has a
workforce of approximately 800 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 6,400,000 JD 6,850,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
ANZ Grindlays Bank
Shmeisani Branch
PO Box: 9997
Amman
Tel: (962-6)
4660201
Fax: (962-6)
4679115
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6)
5607231 / 5607115
Fax: (962-6)
5606793 / 5606830
No complaints
regarding subject’s payments have been reported.
Date of transaction August 2006 September 2008
Credit amount 150,000 420,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
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.54.63 |
|
UK Pound |
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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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.