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Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
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Name : |
INTERMEDIATE PETROCHEMICALS INDUSTRIES 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 : |
28.02.1980 |
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Com. Reg. No.: |
134, Zarqa |
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Legal Form : |
Public Shareholding Company |
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Line of Business : |
Subject is engaged in the production of petrochemicals, polypropylene
and dyes |
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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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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 and 2012, the government approved two economic relief packages and a budgetary supplement, meant 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 diesel imports, primarily from Saudi Arabia, to generate electricity. Jordan is currently exploring nuclear power generation in addition to the exploitation of abundant oil shale reserves and renewable technologies to forestall energy shortfalls. In 2012, to correct budgetary and balance of payments imbalances, Jordan entered into a $2.1 billion, multiple year International Monetary Fund Stand-By Arrangement. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan will continue to depend heavily on foreign assistance to finance the deficit in 2013.
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Source
: CIA |
Company Name :
INTERMEDIATE PETROCHEMICALS INDUSTRIES CO LTD
Country of Origin :
Jordan
Legal Form :
Public Shareholding Company
Registration Date :
28th February 1980
Commercial Registration Number :
134, Zarqa
Issued Capital :
JD 7,000,000
Paid up Capital :
JD 7,000,000
Total Workforce :
130
Activities :
Producers of petrochemicals, polypropylene and dyes
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
INTERMEDIATE
PETROCHEMICALS INDUSTRIES CO LTD
Registered &
Physical Address
Location : Awajan Zarqa
Highway
PO Box : 2502
Town : Zarqa
Country : Jordan
Telephone : (962-5) 3653334
/ 3653775
Facsimile : (962-5)
3653335 / 3653777
Email : info@ipi.com.jo
Premises
Subject operates from a suite of offices and a factory covering an area
of 2,500 square metres that are owned and located in the Industrial Area of Zarqa.
Name Position
Abdel Wahab Zubi Chairman
Dr Marwan Kamal Vice
Chairman
Mahmoud Sammour Director
Mahmoud Al Khatib Director
Mohamed Mahmoud Al Qaysi Director
Amer Al Halawani Director
Musab Abdel Wahab Zubi General
Manager
Date of Establishment : 28th February 1980
Legal Form : Public
Shareholding Company
Commercial Reg.
No. : 134,
Zarqa
Issued Capital : JD 7,000,000
Paid up Capital : JD 7,000,000
Name of
Shareholder (s) Percentage
Shaa Financial Investment 20.204%
Jordan
Jamjoom Trading & Industry 11.964%
Saudi Arabia
Houston Maz Corp 11.121%
United States of America
Khalid Bin Mohamed Bin Salem Al Anzi 9.728%
Mahmoud Sulaiman Najm Al Khateeb 4.935%
Hatim Hafiz Rashad Al Tamimi 3.557%
Marwan Rasam Kamal Kamal 2.754%
Khalid Mahmoud Ahmed Latouf 1.970%
Yara Samir Hafiz 1.786%
Ahmed Saleh Mostafa Al Zubi 1.440%
Mahmoud Mamoun Mahmoud Al Ghalabini 1.429%
Hani Mohamed Essa Abu Rahma 1.429%
Khalid Mostafa Mohamed Saleeq 1.095%
Local businessmen and private investors 26.588%
Name Percentage Held
Jordan Polymers & Intermediate Chemicals Co Ltd 60%
Awajan Industrial Area
Wadi Hajjar
PO Box: 862
Zarqa
Tel: (962-5) 3650871
Activities: Engaged in the
production of petrochemicals, polypropylene and dyes.
Import Countries : Turkey
and Germany.
Export Countries : North
Africa and the Middle East
Operating Trend: Steady
Subject has a workforce of 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
|
Cash on Hand & at Banks |
101,980 |
201,440 |
877,065 |
|
Accounts Receivable, Net |
1,343,486 |
523,716 |
1,486,054 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
244,346 |
0 |
312,676 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
2,586,420 |
2,663,562 |
3,113,751 |
|
Spare Parts |
0 |
0 |
0 |
|
4,490,515 |
3,479,131 |
7,352,640 |
|
|
Long Term Investments |
19,406 |
31,064 |
31,064 |
|
Fixed Assets, Net |
6,866,457 |
6,687,875 |
6,249,393 |
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Lands |
0 |
0 |
0 |
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Projects in Progress |
104,049 |
255,859 |
210,538 |
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Total Fixed Assets |
6,970,506 |
6,943,734 |
6,459,931 |
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Other Assets |
0 |
0 |
0 |
|
11,480,427 |
10,453,929 |
13,843,635 |
|
Accounts and Notes Payable |
169,629 |
300,799 |
1,426,998 |
|
Credit Banks |
2,561,529 |
1,248,610 |
3,209,046 |
|
Short Term Loans |
0 |
0 |
0 |
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Accrued Part of Long Term Loans |
0 |
0 |
0 |
|
Total Current Liabilities |
2,996,014 |
2,057,931 |
5,390,100 |
|
Long Term Loans & Notes Payable |
0 |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
0 |
0 |
0 |
|
2,996,014 |
2,057,931 |
5,390,100 |
|
Authorized Capital |
7,000,000 |
7,000,000 |
7,000,000 |
|
7,000,000 |
7,000,000 |
7,000,000 |
|
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Paid in Capital |
7,000,000 |
7,000,000 |
7,000,000 |
|
Compulsory Reserves |
44,049 |
34,042 |
34,042 |
|
Voluntary Reserve |
1,099,958 |
1,166,543 |
1,166,543 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
350,000 |
0 |
0 |
|
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Proposed Stock Dividends |
0 |
0 |
0 |
|
Accumulated Change in Fair Value |
-9,594 |
2,064 |
2,064 |
|
0 |
193,349 |
250,886 |
|
|
8,484,413 |
8,395,998 |
8,453,535 |
|
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Minority Interest |
0 |
0 |
0 |
|
11,480,427 |
10,453,929 |
13,843,635 |
Statement of
Income
|
Operating Revenues |
3,753,089 |
3,941,838 |
6,390,919 |
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Operating Expenses |
3,170,317 |
3,415,627 |
5,416,183 |
|
Gross Profit |
582,772 |
526,211 |
974,736 |
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General and Administrative Expenses |
336,967 |
360,337 |
339,973 |
|
Selling and Distribution Expenses |
46,524 |
41,204 |
50,070 |
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Depreciation (Period) |
128,214 |
117,789 |
127,192 |
|
Other Operating Expenses |
18,312 |
0 |
19,078 |
|
Net Operating Income |
180,969 |
124,670 |
565,615 |
|
Other Revenues |
35,809 |
19,206 |
49,425 |
|
Other Expenses |
0 |
0 |
227,500 |
|
Income Before Interest & Tax |
216,778 |
143,876 |
387,540 |
|
Interest Expenses |
116,705 |
201,449 |
237,266 |
|
Net Income Before Tax |
100,073 |
-57,573 |
150,274 |
|
Income Tax (Period) |
0 |
0 |
0 |
|
Income Tax (Previous Years) |
0 |
0 |
0 |
|
Universities and Research Train Fees |
0 |
0 |
4,220 |
|
Board of Directors Remuneration |
0 |
0 |
10,800 |
|
Net Income |
100,073 |
-57,573 |
135,254 |
|
Minority Interest |
0 |
0 |
0 |
|
100,073 |
-57,573 |
135,254 |
Local sources consider subject’s financial condition to be Fair.
Arab Bank Plc
King Hussein Street
PO Box: 145
Zarqa
Tel: (962-5) 3983381
No complaints regarding subject’s payments have been reported.
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.62.41 |
|
|
1 |
Rs.102.54 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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 |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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.