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Report No. : |
338441 |
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Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
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Name : |
JORDAN
SIPES PAINTS CO LTD |
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Registered Office : |
Ali Rawabda Street, off Al Quds Street, Mugablin Industrial Area, P O Box: 276, Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.09.1976 |
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Com. Reg. No.: |
420, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of a
range of paints, including emulsion, oil paints, industrial paints, pastes for metallic products and cars, water paints, nitro
cellulose paints, solvents and thinners. |
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No. of Employees : |
90 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 and resulting government debt. King
ABDALLAH, during the first decade of the 2000s, implemented significant
economic reforms, such as opening up foreign trade and privatizing state-owned
companies, that attracted foreign investment and contributed to average annual
economic growth of 8% for 2004 through 2008. The global economic slowdown and
regional turmoil since, however, reduced the average annual growth rate to 2.6%
for the 2010-2013 period and hurt export-oriented sectors, construction, and
tourism. Jordan's finances have 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. To diversify its
energy mix, Jordan is currently exploring nuclear power generation,
exploitation of abundant oil shale reserves and renewable technologies, as well
as the import of Israeli offshore gas. In August 2012, to correct budgetary and
balance of payments imbalances, Jordan entered into a $2.1 billion, three year
International Monetary Fund Stand-By Arrangement. In 2014, fiscal reform
measures enacted in the previous few years continued to boost government
revenues and reduced the budget deficit even as an influx of over 620,000 Syrian
refugees since 2011 put additional pressure on expenditures.
|
Source
: CIA |
Company Name : JORDAN SIPES PAINTS CO LTD
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 6th
September 1976
Commercial
Registration Number : 420, Amman
Chamber Membership
Number : 1983
National ID Number : 200001300
Issued Capital : JD 2,500,000
Paid up Capital : JD 2,500,000
Total Workforce : 90
Activities :
Manufacturers of paints.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Al Zaher,
Finance Manager
JORDAN
SIPES PAINTS CO LTD
Street : Ali Rawabda Street, off Al Quds Street
Area : Mugablin Industrial Area
PO Box : 276
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 4201292
/ 5924464 / 9072040
Facsimile : (962-6) 4201620
Email : sipes@wandoo.jo / info@sipes.jo
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Amman.
Name Nationality Position
·
Issam Mohamed
Al Bdeir Jordanian Managing Director
·
Othman
Mohamed Al Bdeir Jordanian Director
·
Mohamed
Wajih Ahmed Baziri Lebanese Director
·
Majid
Ahmed Baziri Lebanese Director
·
Abdul
Hadi Adebri Lebanese Director
·
Rostom Abu Arkoob - Commercial Manager
·
Zakaria Al Haj - Purchasing
Manager
·
Ahmed Al Zaher - Finance
Manager
Date of Establishment : 6th
September 1976
Legal Form :
Limited Liability Company
Commercial Reg. No. : 420, Amman
Chamber Member No. : 1983
National ID No. : 200001300
Issued Capital : JD 2,500,000
Paid up Capital : JD 2,500,000
·
Jordanian
Building Material Company 50%
Jordan
·
Sipes
International Paints Manufacturing Co Sal 50%
Lebanon
·
Universal
Paints SAE (SIPES)
222, El Hegaz Street
Heliopolis
Cairo
Egypt
Tel: (20-2) 22458064
·
Steel
Sal
Sipes Paint Building
Route de Khalde
PO Box: 113300
Beirut
Tel: (961-1) 431495
Fax: (961-1) 431495
Activities: Engaged in the manufacture of a range of
paints, including emulsion, oil paints, industrial paints, pastes for metallic products and cars, water paints, nitro
cellulose paints, solvents and thinners.
Subject is ISO 9001
certified.
Import
Countries: Saudi Arabia, United
Kingdom, Austria, Belgium and Switzerland
International
Suppliers:
·
Silvochem Saudi Arabia
·
Crystal Paints Saudi Arabia
Brand Names: SIPES
Operating Trend: Steady
Subject has a workforce
of 90 employees.
Financial
highlights provided by local sources are given below:
Currency: Jordanian
Dinars (JD)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales JD 5,250,000 JD 5,600,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Ahmed Al Zaher, Finance Manager
·
Arab
Bank Plc
Shmeisani Branch
PO Box: 950545 & 950544
Amman 11195
Tel: (962-6) 5607231 / 5607115
Fax: (962-6) 5606793 / 5606830
Email: secretariat@arabbank.com.jo
No complaints
regarding subject’s payments have been reported.
Credit amount 200,000 343,000
Amount overdue 0 0
Payment terms 90
days 120
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Euros
Jordan Sipes
Paints Co Ltd has been in business for over 35 years and manufactures a wide
range of paints and related products.
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.66.06 |
|
|
1 |
Rs.102.35 |
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Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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 |
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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.