MIRA INFORM REPORT

 

 

Report Date :

28.02.2008

 

 

IDENTIFICATION DETAILS

 

Name :

AL FURAT COMPANY FOR FOOD & MEAT PROCESSING

 

 

Registered Office :

Airport Road, Qastal, PO Box 9621, Amman 11196

 

 

Country :

Jordan

 

 

Date of Incorporation :

20th April 2005

 

 

Com. Reg. No.:

10018, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Production of burgers.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory                  

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : AL FURAT COMPANY FOR FOOD & MEAT

                                                              PROCESSING

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 20th April 2005

Commercial Registration Number            : 10018, Amman

Issued Capital                                        : JD 600,000

Paid up Capital                                      : JD 600,000

Total Workforce                                     : 35

Line of Business                                    : Production of burgers.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

AL FURAT COMPANY FOR FOOD & MEAT PROCESSING

 

 

ADDRESS

 

Registered & Physical Address

Street               : Airport Road

Area                 : Qastal

PO Box             : 9621

Town                 : Amman 11196

Country             : Jordan

Telephone         : (962-6) 4717710

Facsimile          : (962-6) 4717713 / 5819462

 

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Suburban Business Area of Amman.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Eyad Mahmoud Shaker                                 Iraqi                              Managing Director

 

·       Soud Abdul Aziz Yousef Fadli                        Iraqi                              Director

 

·       Ali ABdulla Elwan                                          Iraqi                              Director

 

·       Mohamed Ali Mohd Khayyat                          Iraqi                              Director

 

·       Mustafa Mohamed Amin Ali                           Iraqi                              Director

 

·       Hareth Mustafa Ali Abbasi                              Iraqi                              Director

 

·       Dr. Ali Al Ghoul                                             -                                   General Manager

 

·       Mohamed Halawani                                       -                                   Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th April 2005

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company)

 

Commercial Reg. No.  : 10018, Amman

 

Issued Capital              : JD 600,000

 

Paid up Capital            : JD 600,000

 

Name of Shareholder (s)                                  Percentage

 

·       Eyad Mahmoud Shaker                                    16.66%

 

·       Soud Abdul Aziz Yousef Fadli                           16.66%

 

·       Ali ABdulla Elwan                                             16.66%

 

·       Mohamed Ali Mohd Khayyat                             16.66%

 

·       Mustafa Mohamed Amin Ali                              16.66%

 

·       Hareth Mustafa Ali Abbasi                                 16.66%

 

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 in the production of burgers.

 

Import Countries          : Turkey and France.

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Jordan are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Jordan Ahli Bank

Queen Noor Street

Shmeisani

PO Box 941273

Amman 11194

Tel: (962-6) 5685905

Fax: (962-6) 5699867

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

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 and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 150,000

 

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.

 

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions