|
Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARAB PESTICIDES & VETERINARY DRUGS MANUFACTURING CO (MOBEDCO) |
|
|
|
|
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 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.10.1991 |
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|
|
|
Com. Reg. No.: |
366 |
|
|
|
|
Legal Form : |
Public Shareholding Company |
|
|
|
|
Line of Business : |
Engaged in the production of agricultural pesticides and veterinary
products |
|
|
|
|
No. of Employees |
120 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. In 2013, Jordan depended heavily on foreign assistance to finance the budget deficit, as the influx of about 600,000 Syrian refugees put additional pressure on expenditures
|
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
National ID Number : 200012412
Issued Capital : JD 10,600,000
Paid up Capital : JD 10,600,000
Total Workforce : 120
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)
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
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
National ID No. :
200012412
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 10,600,000
Paid up Capital : JD 10,600,000
· 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 120 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Balance Sheet 31/12/12 31/12/11 31/12/10
Assets
|
Cash on Hand & at Banks |
174,395 |
707,265 |
634,710 |
|
Accounts Receivable, Net |
8,369,851 |
7,597,179 |
7,624,049 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
1,342,981 |
1,436,255 |
793,007 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
8,474,630 |
7,522,346 |
6,335,967 |
|
Spare Parts |
0 |
0 |
0 |
|
18,901,010 |
17,805,136 |
16,008,415 |
|
|
Long Term Investments |
1,071,174 |
1,328,976 |
1,243,042 |
|
Fixed Assets, Net |
5,652,545 |
5,331,543 |
4,738,743 |
|
Lands |
0 |
0 |
0 |
|
Projects in Progress |
0 |
0 |
0 |
|
Total Fixed Assets |
5,652,545 |
5,331,543 |
4,738,743 |
|
Other Assets |
0 |
0 |
0 |
|
25,624,729 |
24,465,655 |
21,990,200 |
Liabilities &
Equity
|
Accounts and Notes Payable |
3,104,614 |
2,625,123 |
2,355,282 |
|
Credit Banks |
4,341,730 |
4,341,841 |
0 |
|
Short Term Loans |
0 |
0 |
2,716,333 |
|
Accrued Part of Long Term Loans |
0 |
0 |
0 |
|
Total Current Liabilities |
8,468,158 |
7,798,864 |
6,161,450 |
|
Long Term Loans & Notes Payable |
0 |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
190,015 |
272,890 |
0 |
|
8,658,173 |
8,071,754 |
6,161,450 |
|
Authorized Capital |
10,600,000 |
10,600,000 |
10,600,000 |
|
10,600,000 |
10,600,000 |
10,600,000 |
|
|
Paid in Capital |
10,600,000 |
10,600,000 |
10,600,000 |
|
Compulsory Reserves |
1,905,409 |
1,734,810 |
1,558,866 |
|
Voluntary Reserve |
1,346,023 |
1,175,424 |
1,003,924 |
|
Other Reserves |
-318,690 |
0 |
0 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
742,000 |
1,060,000 |
636,000 |
|
|
Proposed Stock Dividends |
1,431,000 |
0 |
636,000 |
|
Accumulated Change in Fair Value |
0 |
0 |
0 |
|
127,100 |
945,973 |
557,634 |
|
|
15,832,842 |
15,516,207 |
14,992,424 |
|
|
Minority Interest |
1,133,714 |
877,694 |
836,326 |
|
25,624,729 |
24,465,655 |
21,990,200 |
Income Statement
|
Operating Revenues |
17,764,047 |
14,420,530 |
13,524,022 |
|
Operating Expenses |
13,728,059 |
11,144,865 |
10,394,946 |
|
Gross Profit |
4,035,988 |
3,275,665 |
3,129,076 |
|
General and Administrative Expenses |
992,022 |
856,715 |
707,496 |
|
Selling and Distribution Expenses |
285,989 |
412,488 |
361,757 |
|
Depreciation (Period) |
450,292 |
421,643 |
371,375 |
|
Other Operating Expenses |
50,000 |
50,000 |
130,000 |
|
Net Operating Income |
2,707,977 |
1,956,462 |
1,929,823 |
|
Other Revenues |
125,521 |
178,168 |
289,595 |
|
Other Expenses |
0 |
0 |
105,310 |
|
Income Before Interest & Tax |
2,833,498 |
2,134,630 |
2,114,108 |
|
Interest Expenses |
414,137 |
313,861 |
323,884 |
|
Net Income Before Tax |
2,419,361 |
1,820,769 |
1,790,224 |
|
Income Tax (Period) |
263,885 |
150,618 |
122,246 |
|
Income Tax (Previous Years) |
159,131 |
0 |
0 |
|
Universities and Research Train Fees |
0 |
0 |
12,914 |
|
Board of Directors Remuneration |
45,000 |
45,000 |
45,000 |
|
Net Income |
1,951,345 |
1,625,151 |
1,610,064 |
|
Minority Interest |
256,020 |
41,368 |
117,060 |
|
1,695,325 |
1,583,783 |
1,493,004 |
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.
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.60.23 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.