MIRA
INFORM REPORT
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Report Date : |
12.07.2007 |
IDENTIFICATION DETAILS
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Name : |
THE MODERN FLOUR
MILLS & MACARONI FACTORIES CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1949 |
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Com. Reg. No.: |
939, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged as operators
of a flour mill factory, producing macaroni, pasta, breakfast cereals and
snack foods. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 400,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : THE MODERN FLOUR MILLS & MACARONI FACTORIES CO LTD
Country of Origin :
Legal Form : Limited Liability Company
Start Date : 1949
Registration Date : 5th January 1982
Commercial Registration Number :
939,
Issued Capital : JD 1,000,000
Paid up Capital : JD 1,000,000
Total Workforce : 65
Line of Business : Operators of a flour mill.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
THE MODERN FLOUR
MILLS & MACARONI FACTORIES CO LTD
ADDRESS
Registered & Physical Address
Street :
Area :
PO Box : 1688
Town :
Country :
Telephone : (962-6) 4902001 / 4903001
Facsimile : (962-6) 4904353
Email : info@modernmills.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Amman.
KEY PRINCIPALS
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Nagib
Al Bakheet Managing
Director
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Tuma
Yaghnam Director
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Elias
Tsichlakis Director
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Mrs
Nicola Tsichlakis Director
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Mrs
Aydah Al Bakheet Director
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Lina
Bakheet Director
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Raja
Saad Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : Subject’s
activities date back to 1949, however it was registered on 5th
January 1982
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited Liability Company)
Commercial Reg. No. : 939,
Issued Capital : JD 1,000,000
Paid up Capital : JD 1,000,000
Name of Shareholder
(s)
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Nagib
Al Bakheet
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Tuma
Yaghnam
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Elias
Tsichlakis
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Mrs Nicola
Tsichlakis
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Mrs
Aydah Al Bakheet
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Lina
Bakheet
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.
LINE OF BUSINESS
Operations : Engaged as operators of a flour mill
factory, producing macaroni, pasta, breakfast cereals and snack foods. Subject
has a product range of over 55 items.
Production Capacity
Milling capacity - 260 tonnes per day
Pasta - 60 tonnes per day
Snack food -
400,000 packs per day
Import Countries
:
Export
Countries:
Brand Names : AL GAZAL, SUPREMA and
Operating Trend
: Steady
Subject has a
workforce of 65 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 Revenue JD 3,270,000 JD
3,550,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab
Bank Plc
Shmeisani Branch
PO Box : 950545 & 950544
Tel : (962-6) 5607231 / 5607115
Fax : (962-6) 5606793 / 5606830
Email
: secretariat@arabbank.com.jo
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction June 2006
Credit amount 34,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in 1949,
subject is involved in the operation of a flour mill, producing macaroni,
pasta, breakfast cereals and snack foods. The company enjoys a good reputation
for the quality of its products, which is reflected by the fact that their
SAMAR brand of snack foods holds a 30 percent share of the market in
Investigations
undertaken in
Maximum suggested
credit figure: US$ 400,000
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/normal. |
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%)