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MIRA INFORM REPORT

 

 

Report Date :            

19.04.2011

 

IDENTIFICATION DETAILS

 

Name :

JORDAN CARBONATE CO

 

 

Registered Office :

Jordan Carbonate Building, 15 Abdul Wahab Al Majali Street, Area, Near Ministry of Trade, Jabal Amman, P.O. Box : 1059, Amman 11118

 

 

Country :

Jordan

 

 

Year of Establishment :

1979

 

 

Com. Reg. No.:

66

 

 

Legal Form :

Closed Joint Stock Company

 

 

Line of Business :

Mining, Processing and Exporting of calcium carbonate

 

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 :

JD 400,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Jordan

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

 Jordan Carbonate Co

 

 

Company ADDRESS

 

Building            : Jordan Carbonate Building

Street                           : 15 Abdul Wahab Al Majali Street

Area                : Shemisani Area, Near Ministry of Trade, Jabal Amman

P.O. Box          : 1059

Town                : Amman 11118

Country             : Jordan (Hashemite Kingdom of)

Telephone         : (962 6) 446 0320 / 566 5517 / 490 5930

Fax                   : (962 6) 569 3571 / 491 2930

Website            : www.jordancarnonate.com

 

Shortform name : JCC

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                             Position

 

1. Aymen Abdul Kareem Bashir Hatahet              President / Managing Director

 

2. Feras Al Ghussein                                         Deputy Managing Director

 

3. Rayner Sidler                                                             Vice President

 

4. Ayman Abul Al Hams                                     Commercial Manager

     

5. Salem Al Kaisi                                                           Financial Manager

 

6. Jabar Alian                                                    Account Manager

 

Total Employees : 350

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : JD 400,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : ARAB BANK PLC

Branch   : Al Wehdat Branch

PO Box   : 950544 (main branch)

Town     : Amman

Telephone: (962 6) 560 7231

Fax      : (962 6) 560 6793

 

 

FINANCIAL INFORMATION

 

Private companies in Jordan are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover        : JD 15,000,000 - 2008 – exact

                    : JD 18,000,000 – 2009 – exact

                    : JD 20,000,000 – 2010 – exact

                    : JD 23,000,000 – 2011 - projected   

 

Net Profit          : not given, but stated to be profitable

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 1979

 

History : The company was incorporated in Jordan in 1979 by the late Abdul Karim Hatahet, a well-known and respectable industrialist. After his death, the business was taken over by his son, Aymen Hatahet. Initially, there were two companies; Jordan Carbonate Company and Jordan Industrial Minerals Co. In the beginning of 2000, Jordan Industrial Minerals was amalgamated by Jordan Carbonate Company. On 7 November 2004, subject was converted into a general partnership company and on 4 May 2010 was converted into a closed joint stock company under the current shareholding structure.

 

C.R. No. : 66 (formerly 539)

 

National ID No. : 200013787

 

Authorized Capital: JD 14,000,000 (increased from JD 3,000,000 which was initially increased from JD 1,230,000)

 

Paid Up Capital : JD 14,000,000 (increased from JD 3,000,000 which was initially increased from JD 1,230,000)

Closed Joint Stock Company with the following shareholders:

 

                                                            Share Value

 

1. Omya International AG                     JD 7,000,000

   Baslerstrasse 42

   PO Box 335

   CH-4665 Oftringen

   Switzerland

   Telephone : (41 62) 789 2929

   Fax       : (41 62) 789 2077

   Website   : www.omya.com

 

2. Ray Investments                                JD 3,500,000                  

   Suite 3, Savant House

   63-65 Camden High Street

   NW1 7JL

   United Kingdom

   Telephone : (44 20) 7383 0083 / Mobile (44 790) 363 3172    

   E-mail    : info@rayinvestments.co.uk

   Website   : www.rayainvestments.com.uk

 

3. Aymen Abdul Kareem Bashir Hatahet         JD 3,500,000

   (Jordanian national)

 

Affiliated companies of Jordan Carbonate Co.:

 

Associates

 

1. Saudi Carbonate Company

   PO Box 25679

   Riyadh 11476

   Saudi Arabia

   Telephone : (966 1) 265 1947

   Fax       : (966 1) 265 1295

   E-mail    : sacarbo@awalnet.net.sa

   Production capacity of 80,000 t/y of

   calcium carbonate dolomite & talc.

 

2. Egyptian Jordanian Co. For Mineral Industries

   Egypt

   Production capacity of 50,000 t/y of

   calcium carbonate dolomite & talc.

 

3. Syrian Carbonate Co.

   PO Box 14356

   Damascus

   Syria

   Fax      : (963 11) 537 1150 / 537 1151 / 537 1160 / 537 1161 /   

   536 0506

   E-mail   : info@syriancarbonate.com

   Website  : www.syriancarbonate.com

 

4. Moroccan Jordanian Carbonate Company

   Morocco

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Engaged in mining, processing and exporting of calcium carbonate.

 

Operates a quarry situated at the outskirts of Amman, with an annual extraction capacity of 500,000 MT.

 

The deposits of pure Calcium Carbonate is estimated within 5 million MT which secures supply of raw material at least for the next 50 years (at the current level of exploitation).

 

NACE Code : 0899

 

Processing capacity : 200,000 t/y.

 

90% of the production is exported.

 

Production is classified into two major categories namely treated & Natural Calcium Carbonate with different fineness's ranging from 5 micron top cut to 300 micron, produced under the strict quality control procedures.

 

Imports machinery and spare parts principally from Germany and other European countries.

 

Exports to Saudi Arabia, Kuwait, Qatar, UAE, Bahrain, Oman, Yemen, Lebanon, Syria, Iraq, Egypt, Libya, Tunisia, Morocco, Algeria, Sudan as well as occasional exports to UK, the Netherlands, Malta, Pakistan, Bangladesh, Srilanka, Cyprus, Trinidad, Philippines, Ethiopia, Austria, Ukraine & Kenya.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative office located at the heading address as well as two factories located in the Industrial Zones in Marka and Zezya on the outskirts of Amman and one sales office located in Amman and representatives in UAE, Lebanon, Bangladesh, Jeddah and Tunisia.

 

 

SPECIAL NOTE

 

Interviewed: Feras Al Ghussein (Deputy Managing Director).

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.27

UK Pound

1

Rs.7208

Euro

1

Rs.63.66

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.