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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING
CO (MOBEDCO) |
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Registered Office : |
Fairdous Commercial Complex, 1st Floor,
Building No. 150, Office 101-104, King Abdullah the
Second Street, Medical City Street, Sweileh,
PO Box 930103,
Amman 11193 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
17.10.1991 |
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Com. Reg. No.: |
366 |
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Legal Form : |
Public Shareholding Company |
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Line of Business : |
Production of agricultural pesticides and veterinary products. |
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No. of Employees : |
130 |
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 : |
Regular |
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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 |
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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 - 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.
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Source : CIA |
Company Name :
ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING
CO
(MOBEDCO)
Country of Origin :
Jordan
Legal Form :
Public Shareholding Company
Registration Date :
17th October 1991
Commercial Registration Number :
366
Issued Capital :
JD 10,000,000
Paid up Capital :
JD 10,000,000
Total Workforce :
130
Activities :
Production of agricultural pesticides and veterinary products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING CO
(MOBEDCO)
Registered &
Physical Address
Building : Fairdous Commercial Complex, 1st Floor, Building
No. 150, Office 101-104
Street : King Abdullah the Second Street, Medical City Street
Area : Sweileh
PO Box : 930103
Town : Amman 11193
Country : Jordan
Telephone : (962-6) 5354161
/ 5354191 / 5354192
Facsimile : (962-6) 5354949
Email : mobedco@nol.com.jo
/ sales@mobedco.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Amman.
Branch Office (s)
Location Description
Al Hasan Industrial City Owned
factory premises covering an
PO Box: 45 area
of 3,200 square metres
Irbid 21467
Tel: (962-2) 7395195 / 7395266
Fax: (962-2) 7395225 / 7395260
Name Position
Samir Aqel Salim Owais Chairman
Bassam Ahmad Ibrahim Lahlouh Vice
Chairman
Mohamed Aqel Salem Owais Managing Director
Yousef Ibrahim Abdullah Abu Jamil Director
Hasan Abdul Hai Daoud Al Qawasmi Director
Mahmoud
Yusef Mahmoud Abu Khazneh Director
Radwan
Ahmed Mohammed Al Saad Director
Asaad
Daoud Ibrahim Al Dissy Director
Kahlid Al Bitar Administration
& Finance Manager
Hammoudeh Ahmad Marketing
Manager
Ahmad Al Khatib Accounts
Manager
Rabab El Henky Production
Manager – Veterinary
Ziyad Alwadi Production
Manager – Pesticides
Date of Establishment : 17th
October 1991
Legal Form : Public
Shareholding Company
Commercial Reg. No. : 366
Registration Details : The Subject Company was registered in the Department of
Companies Control at the
Ministry
of Industry and Trade under commercial registration no. 2590 as Limited
Liability
Company and changed
to Public Shareholding Company under Reg. No. 366 on 31/7/2005.
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
Name of Shareholder (s)
Percentage
Faiek Haisamawi 9.33%
Najah Ramahi 6.19%
Al Amin Investment ]
Jordan ] 84.48%
]
Members of the general public & private investors ]
Name Country
The Development Company for Agriculture & Trade Jordan
Al Petra for Fertilizers Industries Company Jordan
ASPICO Syria
Saudi Delta for
Chemical Industries Company Saudi
Arabia
Activities: Engaged in the production of
agricultural pesticides and veterinary products. When subject was first
established it specialised in the production of only agricultural pesticides
but later expanded into veterinary products.
It operates 3 factories in Irbid, one for agricultural products, one for
veterinary and the last was set up during 2002 for the production of
disinfectants and injectable solutions.
Veterinary Product
Range: - Antibiotics
- Vitamins
- Feed additives
- Anticoccidials
- Anthelmintics
- Ectoparasiticides
- Disinfectants
Agricultural
Product Range: - Pesticides
- Insecticides
- Fungicides
- Herbicides
- Acaricides
- Rodenticides
Subject was awarded the ISO9002
certificate for the quality of its products in 1994.
Import Countries: Europe,
United States of America, China, India and Taiwan
Export Countries: Saudi Arabia, United Arab Emirates, Yemen,
Egypt, Sudan, Syria, Taiwan, Pakistan, Algeria, Morocco and Kenya
Operating Trend: Steady
Subject has a workforce of approximately 130 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
Assets
|
Cash on Hand & at Banks |
707,265 |
634,710 |
163,451 |
|
Accounts Receivable, Net |
7,597,179 |
7,624,049 |
6,618,010 |
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Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
1,436,255 |
793,007 |
1,112,183 |
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Short Term Investments |
0 |
0 |
0 |
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Inventory |
7,522,346 |
6,335,967 |
6,424,186 |
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Spare Parts |
0 |
0 |
0 |
|
17,805,136 |
16,008,415 |
14,714,364 |
|
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Long Term Investments |
1,328,976 |
1,243,042 |
1,144,548 |
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Fixed Assets, Net |
5,331,543 |
4,738,743 |
4,714,188 |
|
Lands |
0 |
0 |
0 |
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Projects in Progress |
0 |
0 |
0 |
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Total Fixed Assets |
5,331,543 |
4,738,743 |
4,714,188 |
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Other Assets |
0 |
0 |
0 |
|
24,465,655 |
21,990,200 |
20,573,100 |
Liabilities &
Equity
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Income Statement
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Operating Revenues |
14,420,530 |
13,524,022 |
12,561,821 |
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Operating Expenses |
11,144,865 |
10,394,946 |
9,430,529 |
|
Gross Profit |
3,275,665 |
3,129,076 |
3,131,292 |
|
General and Administrative Expenses |
856,715 |
707,496 |
735,652 |
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Selling and Distribution Expenses |
412,488 |
361,757 |
424,669 |
|
Depreciation (Period) |
421,643 |
371,375 |
465,324 |
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Other Operating Expenses |
50,000 |
130,000 |
50,000 |
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Net Operating Income |
1,956,462 |
1,929,823 |
1,920,971 |
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Other Revenues |
178,168 |
289,595 |
286,457 |
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Other Expenses |
0 |
105,310 |
0 |
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Income Before Interest & Tax |
2,134,630 |
2,114,108 |
2,207,428 |
|
Interest Expenses |
313,861 |
323,884 |
329,648 |
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Net Income Before Tax |
1,820,769 |
1,790,224 |
1,877,780 |
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Income Tax (Period) |
150,618 |
122,246 |
126,942 |
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Income Tax (Previous Years) |
0 |
0 |
0 |
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Universities and Research Train Fees |
0 |
12,914 |
36,506 |
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Board of Directors Remuneration |
45,000 |
45,000 |
45,000 |
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Net Income |
1,625,151 |
1,610,064 |
1,669,332 |
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Minority Interest |
41,368 |
117,060 |
152,358 |
|
1,583,783 |
1,493,004 |
1,516,974 |
Local sources consider subject’s financial condition to be Fair.
Jordan National Bank
Queen Noor Street
PO Box: 941273
Amman 11194
Tel: (962-6) 5622285
Fax: (962-6) 5622281
Arab Bank Plc
King Abdullah Square
PO Box: 16
Irbid
Tel: (962-2) 7242251
Fax: (962-2) 7277596
Arab Professionals Co
Abu Al Haj Complex
Queen Rania Al Abdullah Street
Amman
Tel: (962-6) 5151125
Fax: (962-6) 5151124
No complaints regarding subject’s payments have been reported.
Date of transaction December
2001 January 2006
Credit amount 153,000 127,000
Amount overdue 0 0
Payment terms 60
days 120
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros Pounds
Sterling
Established in 1991, Arab Pesticides &
Veterinary Drugs Manufacturing Co (Mobedco) has made considerable
progress in the regional market. It specialises in the production of
agricultural pesticides, veterinary products and disinfectants and injectable
solutions.
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.54.70 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.