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MIRA
INFORM REPORT
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Report Date : |
30.12.2008 |
IDENTIFICATION DETAILS
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Name : |
INDO JORDAN CHEMICAL COMPANY LTD (IJC) |
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Registered Office : |
Shadieyeh Maan
Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
02.04.1992 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and Export of Phosphoric
Acid and Sulphuric Acid |
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$ 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : INDO JORDAN CHEMICAL COMPANY LTD (IJC)
Country of Origin :
Legal Form : Limited Liability Company
Registration Date : 2nd April 1992
Chamber Membership Number : 7022
Issued Capital : US$ 200,000,000
Paid up Capital : US$ 200,000,000
Total Workforce : 360
Activities : Manufacture and export of phosphoric acid and sulphuric acid
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
COMPANY NAME
INDO JORDAN
CHEMICAL COMPANY LTD (IJC)
ADDRESS
Registered & Physical Address
Location : Shadieyeh Maan Industrial Area
PO Box : 17028
Town :
Country :
Telephone : (962-6) 5512872 / 5537218
Facsimile : (962-6) 5512871 / 5537219
Email : ijcamman@go.com.jo
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Amman.
Branch Office
(s)
Location Description
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PO Box
254 Owned
factory premises
Maan
Tel: (962-3) 2132798
Fax: (962-3) 2132820
KEY PRINCIPALS
Name Position
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Walid Al Kurdi Chairman
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S. Subaih General
Manager
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S. Narayan Rao Operations
Manager
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Sunil Deshmukh Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2nd
April 1992
Legal Form :
Limited Liability Company
Chamber Member No. : 7022
Issued Capital : US$ 200,000,000
Paid up Capital : US$ 200,000,000
Name of Shareholder (s) Percentage
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Southern Petrochemicals Industries Co 52.2%
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Jordan Phosphate Mines Co 34.8%
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The Arab Investment Co 13.0%
OPERATIONS
Activities: Engaged in the
manufacture and export of phosphoric acid and sulphuric acid.
Production
Capacity: 224,000 metric tonnes per annum of phosphoric
acid
660,000
metric tonnes per annum of sulphuric acid
Import
Countries:
Export
Countries:
Operating Trend: Steady
Subject has a
workforce of approximately 360 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency:
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales US$ 94,500,000 US$ 110,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Standard
Chartered Grindlays Bank
Shmeisani Branch
PO Box : 9997
Tel : (962-6) 4660201
Fax : (962-6) 4679115
Acc No. 408123
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.50 |
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1 |
Rs.70.02 |
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Euro |
1 |
Rs.67.95 |
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%)