MIRA
INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CANNING
INDUSTRIES CO LTD |
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Registered Office : |
Zarqa Highway,
Rseiffeh Shnneller Area, P O Box 15306 & 533, Amman 11134 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
9th July 1974 |
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Com. Reg. No.: |
1204, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture
of aluminium containers for the foodstuff industry. |
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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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CANNING INDUSTRIES CO LTD
Country of Origin : Jordan
Legal Form : Limited Liability Company
Start Date : 9th July 1974
Registration Date : 19th July 1983
Commercial Registration Number : 1204, Amman
Issued Capital : JD 500,000
Paid up Capital : JD 500,000
Total Workforce : 160
Line of Business : Manufacturers of aluminium containers for the foodstuff industry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CANNING INDUSTRIES
CO LTD
ADDRESS
Registered & Physical Address
Street : Zarqa Highway
Area : Rseiffeh Shnneller Area
PO Box : 15306 & 533
Town : Amman 11134
Country : Jordan
Telephone : (962-5) 3614760 / 3613399
Facsimile : (962-5) 3611861
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Amman.
KEY PRINCIPALS
·
Michael Fayeq
Al Sayegh Managing
Director
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Ibrahim Fayeq
Al Sayegh Director
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Saleem Fayeq
Al Sayegh Director
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Nawaf Al Qadi Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 9th
July 1974 as a general partnership, however on 19th July 1983
subject re-
registered as a limited liability company.
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited
Liability Company)
Commercial Reg. No. : 1204, Amman
Issued Capital : JD 500,000
Paid up Capital : JD 500,000
Name of Shareholder (s) Percentage
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Michael Fayeq
Al Sayegh 33.33%
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Ibrahim Fayeq
Al Sayegh 33.33%
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Saleem Fayeq
Al Sayegh 33.33%
Note to the Legal Form
A Limited Liability Company is defined in the Company Law as a company incorporated with a minimum of two and maximum of fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
AFFILIATED COMPANIES
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Sayegh Bros
Group Company
PO Box : 533
Amman
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National
Paints
PO Box : 533
Amman
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Union Lock Co
PO Box : 476
Amman
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National
Powder Coating
PO Box : 533
Amman
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Rimalux Paints
Factory Company
PO Box : 15306
Amman
LINE OF BUSINESS
Operations : Engaged in the manufacture of aluminium
containers for the foodstuff industry.
Import Countries
: Europe
Operating Trend
: Steady
Subject has a
workforce of 160 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Jordanian Dinars (JD)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Sales JD 2,943,621 JD
3,237,983
Total Assets JD 4,415,406 JD 4,415,406
Stock JD 883,081 JD 912,517
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab Bank Plc
Abu Alanda
Amman
Tel
: (962-6) 4161451
Fax
: (962-6) 4162161
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Housing Bank
for Trade & Finance
Parliament Street
PO Box : 7693
Amman
Tel : (962-6) 5667126
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in 1974,
subject is involved in the manufacture of aluminium containers for the
foodstuff industry.
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.
Maximum suggested
credit figure: US$ 200,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)