MIRA INFORM REPORT

 

 

Report Date :

02.02.2007

 

IDENTIFICATION DETAILS

 

Name :

YOUSSEF NADER & SONS CO (NADERCO)

 

 

Registered Office :

Omar Ben Khattab Building, 2nd Floor, Elias Abu Madi Street, Shemeisani Area, P O Box 6867, Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

1988

 

 

Com. Reg. No.:

2833

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the import and distribution of steel products as well as general foodstuff commodities.

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 400,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

SUMMARY

 

Company Name                         : YOUSSEF NADER & SONS CO (NADERCO)

Country of Origin                                    : Jordan

Legal Form                                            : General Partnership

Registration Date                                   : 1988

Commercial Registration Number            : 2833, Amman

Partners Capital                                     : JD 100,000

Total Workforce                                     : 35

Line of Business                                    : Import and distribution of steel products & general

                                                              foodstuff.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

YOUSSEF NADER & SONS CO (NADERCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Omar Ben Khattab Building, 2nd Floor

Street               : Elias Abu Madi Street

Area                 : Shemeisani Area

PO Box             : 6867

Town                 : Amman 11118

Country             : Jordan

Telephone         : (962-6) 5697904 / 4204624

Facsimile          : (962-6) 5677904 / 4204625

Mobile               : (962-79) 520149

Email                : naderco1@go.com.jo

 

 

Premises

 

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

 

·       Mukablein Aloz Street                                                                       Rented warehouse

PO Box 20786

Amman

     Tel : (962-6) 4424624 / 4200191

 

 

KEY PRINCIPALS

 

·       Youssef Albert Nader                                                             Managing Partner

 

·       Samia Youssef Albert Nader                                                              Partner

 

·       Ramzi Youssef Albert Nader                                                              Partner

 

·       Tania Youssef Albert Nader                                                                Partner

 

·       Kamil Youssef Albert Nader                                                               Partner

 

·       Riyad Telhami                                                                                   General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1988

 

Legal Form                  : Sharikat Al Tadhamun (General Partnership)

 

Commercial Reg. No.  : 2833, Amman

 

Partners Capital           : JD 100,000

 

 

Name of Partner (s)

 

·       Youssef Albert Nader

 

·       Samia Youssef Albert Nader

 

·       Ramzi Youssef Albert Nader

 

·       Tania Youssef Albert Nader

 

·       Kamil Youssef Albert Nader

 

Note to the Legal Form  

 

A General Partnership in Jordan may be formed by a minimum of two and a maximum of twenty natural persons. The partners assume unlimited personal liability for the debt of the partnership jointly and severally amongst themselves. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. Each partner is entitled to take part in the management of the partnership, although the partnership agreement normally provides for its authorised representative and signatory.

 

There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or+ assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.

 

 

AFFILIATED COMPANIES

 

·       Modern Arab Distribution Ltd

Aloz Street

Mukablein

PO Box : 20786

Amman 11118

Tel : (962-6) 4200191

Fax : (962-6) 4201193

Email : kamil@go.com.jo

 

·       Arab Italian Trading Co Ltd

Aloz Street

Mukablein

PO Box : 20786

Amman 11118

Tel : (962-6) 4206102

Fax : (962-6) 4206102

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of steel products as well as general foodstuff commodities.

 

Import Countries : The United Kingdom, Italy, Poland, Turkey, Brazil, the United States of America, Australia and Singapore.

 

International Suppliers :

 

·       British Steel                          United Kingdom

·       Stalexport                             Poland

·       BHP                                     Australia

·       E.D. & F Man (Sugar) Ltd      United Kingdom

·       Rice Growers Co-operative     Australia

·       Kouk Oils & Grains Pte Ltd    Singapore

·       Barila Pasta                          Italy

·       Sun White Rice                     Australia

·       Maxim Foodstuff                   Brazil

·       ADM Oil (USA)                     United States of America

 

Export Countries : Iraq

 

Operating Trend : Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Jordanian Dinars (JD)

 

                                                Year Ending 31/12/04                 Year Ending 31/12/05

 

Total Revenue                            JD 2,900,000                             JD 3,175,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

 

 

 

BANKERS

 

·       Arab Bank Plc

Shemeisani Branch

PO Box : 950545 & 950544

Amman 11195

Tel : (962-6) 5607231 / 5607115

Fax : (962-6) 5606793 / 5606830

Email : secretariat@arabbank.com.jo

 

·       HSBC Bank Middle East

Khalid Bin Walid Street

Jebel Hussein

PO Box : 925286

Amman

Tel : (962-6) 5660471 / 5607471

Fax : (962-6) 5692964

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Youssef Nader & Sons Co (Naderco) has operations dating back to 1988 and is engaged in the import and distribution of steel products and general foodstuff commodities. It deals with a host of well known international suppliers and enjoys an excellent reputation for the quality of its 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 business is considered to be a fair trade risk.

 

Maximum suggested credit: US$ 400,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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