|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL CHLORINE INDUSTRIES CO LTD |
|
|
|
|
Registered Office : |
60th Street, Al Mowaqqar, PO Box: 37, Sahab 11511 |
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|
|
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Country : |
Jordan |
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|
|
Financials (as on) : |
31.12.2013 |
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|
|
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Date of Incorporation : |
01.11.1991 |
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|
|
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Com. Reg. No.: |
212, Amman |
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|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of chemicals |
|
|
|
|
No. of Employees : |
173 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 :
NATIONAL CHLORINE INDUSTRIES CO LTD
Country of Origin :
Jordan
Legal Form :
Limited Liability Company
Registration Date :
1st November 1991
Commercial Registration Number :
212, Amman
National ID Number :
200025144
Issued Capital :
JD 9,000,000
Paid up Capital : JD 9,000,000
Total Workforce :
173
Activities :
Manufacturers of chemicals
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NATIONAL CHLORINE INDUSTRIES CO LTD
Registered &
Physical Address
Street : 60th
Street
Area : Al Mowaqqar
PO Box : 37
Town : Sahab 11511
Country : Jordan
Telephone : (962-6) 4050292
/ 4050291 / 4050293
Facsimile : (962-6)
4050238
Email : info@chlorine.com.jo
/ purchasing@chlorine.com.jo
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Sahab.
Name Position
Mohamed Yousef Ibrahim Al Taher Chairman
Hassan Sobhi Hassan Al Haj Hassan Vice
Chairman
Mohamed Tahseen Saleem Saeed Al Sabbagh Director
Walied Y Al Najjar Director
Mahmoud Khalil Abdul Rahman Abu Al Rab Director
Radi Shaker Darwish Al Natsha Director
Riad F El Saifi Director
Bashir M Qaddourah Director
Ziad M Abdulmehdi Director
Ahmed M El Taher Director
Mahmoud J Abu Aqel Director
Naeem Mohamed Al Khreshah General
Manager
Date of Establishment : 1st
November 1991
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 212, Amman
National ID No. : 200025144
Issued Capital : JD 9,000,000
Paid up Capital : JD 9,000,000
Name of Shareholder
(s) Percentage
Mahmoud Khalil Abdul Rahman Abu Al Rab 19.208%
Khalil Mahmoud Khalil Abu Al Rab 10.659%
Mohamed Yousef Ibrahim Al Taher 8.676%
Raed Hana Fahd Al Araj 6.429%
Mahmoud Rashid Mahmoud Al Taher 4.556%
Radi Shaker Darwish Al Natsha 4.222%
Hanan Abdul Hameed Rasheed Al Saadi 4.206%
Jordan Chemicals Industries Co 3.944%
Rana Mahmoud Khalil Abu Al Rab 2.903%
Hassan Sobhi Hassan Al Haj Hassan 2.785%
Al Balad Financial Investment Co 2.460%
Ahmed Hassan Hussain Shaheen 2.222%
Jordan Commercial Bank 1.500%
Fareed Abdullatif Fadel Qarman 1.486%
Mahmoud Saleem Mohamed Saeed Al Sabbagh 1.111%
Mohamed Tahseen Saleem Saeed Al Sabbagh 1.111%
Al Muqbel Investment Co 1.056%
Local businessmen and private investors 21.466%
Activities: Engaged in the manufacture
of chemicals such as: chlorine, hydrochloric acid, sodium hydroxide, caustic
soda and sodium hypochlorite.
Import Countries: Europe
and the Far East
Operating Trend: Steady
Subject has a workforce of 173 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Balance Sheet 31/12/13 31/12/12 31/12/11
|
Cash on Hand & at Banks |
185,246 |
778,710 |
195,892 |
|
Accounts Receivable, Net |
1,575,980 |
2,244,629 |
1,106,342 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated Cheques |
214,259 |
43,049 |
156,805 |
|
Short Term Investments |
0 |
0 |
0 |
|
Inventory |
717,296 |
616,823 |
959,410 |
|
Spare Parts |
1,126,796 |
1,097,370 |
1,036,793 |
|
4,318,648 |
5,242,053 |
4,196,839 |
|
|
Long Term Investments |
0 |
0 |
0 |
|
Fixed Assets, Net |
6,622,941 |
7,363,214 |
7,864,858 |
|
Lands |
0 |
0 |
0 |
|
Projects in Progress |
1,143,114 |
33,299 |
0 |
|
Total Fixed Assets |
7,766,055 |
7,396,513 |
7,864,858 |
|
Other Assets |
0 |
0 |
0 |
|
12,084,703 |
12,638,566 |
12,061,697 |
|
Accounts and Notes Payable |
568,356 |
851,454 |
722,509 |
|
Credit Banks |
0 |
0 |
0 |
|
Short Term Loans |
575,909 |
661,163 |
627,899 |
|
Accrued Part of Long Term Loans |
0 |
0 |
0 |
|
Total Current Liabilities |
1,494,749 |
1,989,755 |
1,664,724 |
|
Long Term Loans & Notes Payable |
646,732 |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
0 |
0 |
0 |
|
2,141,481 |
1,989,755 |
1,664,724 |
|
Authorized Capital |
9,000,000 |
9,000,000 |
9,000,000 |
|
9,000,000 |
9,000,000 |
9,000,000 |
|
|
Paid in Capital |
9,000,000 |
9,000,000 |
9,000,000 |
|
Compulsory Reserves |
1,194,248 |
1,194,248 |
1,122,636 |
|
Voluntary Reserve |
4,334 |
4,334 |
4,337 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
0 |
450,000 |
270,000 |
|
|
Proposed Stock Dividends |
0 |
0 |
0 |
|
Accumulated Change in Fair Value |
0 |
0 |
0 |
|
-255,360 |
229 |
0 |
|
|
9,943,222 |
10,648,811 |
10,396,973 |
|
|
Minority Interest |
0 |
0 |
0 |
|
12,084,703 |
12,638,566 |
12,061,697 |
Income Statement
|
Operating Revenues |
8,416,817 |
8,903,284 |
6,707,122 |
|
Operating Expenses |
7,021,399 |
6,636,894 |
5,436,564 |
|
Gross Profit |
1,395,418 |
2,266,390 |
1,270,558 |
|
General and Administrative Expenses |
559,053 |
499,030 |
473,717 |
|
Selling and Distribution Expenses |
1,010,909 |
860,088 |
460,987 |
|
Depreciation (Period) |
877,408 |
767,180 |
797,901 |
|
Other Operating Expenses |
0 |
156,084 |
40,000 |
|
Net Operating Income |
-174,544 |
751,188 |
295,854 |
|
Other Revenues |
6,114 |
11,313 |
60,332 |
|
Other Expenses |
0 |
0 |
0 |
|
Income Before Interest & Tax |
-168,430 |
762,501 |
356,186 |
|
Interest Expenses |
37,085 |
46,373 |
0 |
|
Net Income Before Tax |
-205,515 |
716,128 |
356,186 |
|
Income Tax (Period) |
0 |
24,908 |
32,529 |
|
Income Tax (Previous Years) |
50,074 |
133,379 |
10,171 |
|
Universities and Research Train Fees |
0 |
0 |
0 |
|
Board of Directors Remuneration |
0 |
36,000 |
12,000 |
|
Net Income |
-255,589 |
521,841 |
301,486 |
Local sources consider subject’s financial condition to be Fair.
Arab Bank Plc
Souk Alkhodar Almarkazi Street
Wehdat
PO Box: 16067
Amman
Tel: (962-6) 4771122
Fax: (962-6) 4744572
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
-- |
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.