MIRA INFORM REPORT

 

 

Report Date :           

07.07.2011

 

IDENTIFICATION DETAILS

 

Name :

EAM MALIBAN TEXTILES (JORDAN)& PTY LTD 

 

 

Registered Office :

Eam Mailban Building, Ad Dulayl Industrial Park, QIZ Area, P.O.Box. No.204, Zarqa

 

 

Country :

Jordan

 

 

Date of Incorporation :

07.08.2000

 

 

Com. Reg. No.:

6285

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers and distributors of a wide range of men's and ladies readymade garments

 

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 500,000

Status :

Good

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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 

 

Eam Maliban Textiles (Jordan) & Pty Ltd

 

 

Company ADDRESS

 

Building             : Eam Mailban Building

Area                 : Ad Dulayl Industrial Park, QIZ Area

P.O.Box. No.     : 204

Town                 : Zarqa

Country             : Jordan

Telephone         : (962 5) 382 4765 / 382 4766 / (Mobile) (962 79) 909

                        9174 (Abdulghani Abdulaziz)

Fax                   : (962 5) 382 4767

E-Mail               : ghani@jdn.maliban.com

Website            : www.maliban.com

 

Also Known As : Eam Maliban Textiles Private Ltd / Eam Maliban

                Textiles Private For Manufacturing Ready Made

                Garments Co Ltd

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                    Position

 

1. Elias Abdul Kareem                Chairman

 

3. Shakir Ismail                          General Manager

 

4. Abdulghani Abdulaziz            Financial Manager

 

5. Mondher Al Ashqar                 Logistics Manager

 

Total Employees :          1,700 (subject)

                                    10,000 plus (group)

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

Subject is a subsidiary of EAM Maliban Textiles (Pvt) Ltd, Sri Lanka,

parent company for the EAM Maliban Group, operating since 1974 and

one of the largest apparel manufacturing and wet processing

specialists in Sri Lanka. With a strong network that spreads over 13

locations in Sri Lanka and Jordan. The group employs more than 10,000

people.

 

Associations inspire confidence and we consider it is acceptable to

deal with subject for LARGE amounts.

 

Opinion on maximum credit : JD 500,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 100,000 :

 

We consider the above figure to be within the company's financial

capabilities.

 

PRINCIPAL BANKERS

 

NAME     : HSBC BANK MIDDLE EAST

Branch   : Khalid Bin Walid Street, Jabal Hussein

P.O. Box : 925286

Town     : Amman

 

Telephone: (962 6) 560 7471

Fax      : (962 6) 568 2047

 

The company also has an account with the following banks :

 

1. Standard Chartered Bank Jordan

   Shmeissani Area

   PO Box 9997

   Amman 11191  

   Telephone: (962 6) 560 7201

   Fax      : (962 6) 562 4106 

 

2. The Housing Bank for Finance and Trade

   Police College Street

   PO Box 7693

   Amman 11118

   Telephone: (962 6) 566 7126 / 560 7315

   Fax      : (962 6) 567 8121 / 569 1675

 

 

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 : US DLRS 25,000,000 - 2005 - exact

               : US DLRS 30,000,000 - 2006 - approx

               : US DLRS 35,000,000 - 2007 - approx

               : US DLRS 36,000,000 - 2008 - exact

               : US DLRS 38,000,000 - 2009 – exact

               : US DLRS 35,000,000 – 2010 – exact *

               : US DLRS 40,000,000 – 2011 – projected

              

Net Profit     : not given but stated to be profitable

 

* Decrease in sales turnover in 2010 was due to unfavourable market conditions.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started :    7 August 2000

 

History :            The subject company was established in Jordan on 7 August 2000 and started production in

September 2004.

 

C.R. No. :          6285

 

National ID No. : 200010862

 

Authorised Capital : JD 5,000,000 (increased from JD 1,000,000)

 

Paid up Capital : JD 5,000,000 (increased from JD 1,000,000)

 

Limited Liability Company with the following shareholders :

 

                                                                                    Share Value

 

1. EAM Maliban Textiles (Pvt) Ltd                        JD 4,950,000

   Sri Dhamma Mawatha 261

   Colombo 10

   Sri Lanka

   Telephone: (94 11) 266 8000 / 268 6391-4

   Fax      : (94 11) 269 9513

   E-Mail   : general@maliban.com

 

2. Melbourne Textile Washing Plant (Pvt) Ltd      JD 50,000 

   809/4 Bangalawatte

   Mabole

   Wattala

   Sri Lanka

   Telephone: (94 11) 293 2898

   Fax      : (94 11) 293 2995

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers and distributors of a wide range of men's and ladies

readymade garments such as blouses, shirts, trousers/pants, skirts and shorts.

 

NACE Code : 1399 / 1392

 

Production capacity : 300,000 pieces per month

 

Main clients include:

 

    - Gap Inc

    - May Department Stores

    - Dilards Department Stores

    - Gloria Vanderbilt

    - Land’s End

    - Langco

    - C&A

    - Nordstrom

    - Marks & Spencer

    - Dewhirst Group

    - SR Gent

    - Christies’ London

    - Colombia Sports Wear

    - LIZ Claiborne

    - Jones Apparel Group

 

Imports from Europe and Asia, mainly from Italy, France, Romania, Turkey, India and China.

 

Exports to USA.

 

 

FACILITIES

 

The Company has the following facilities :

 

22,000 sq.m owned premises comprising administrative offices and a

manufacturing unit with warehousing facilities of located at the

heading address.

 

 

SPECIAL NOTE

 

The telephone and fax numbers given by you : (962 5) 283 4765 and (962 5) 283 7674 respectively are incorrect. Please note that the subject's correct contact numbers are as per heading.

 

Interviewed: Abdulghani Abdulaziz (Financial Manager).

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.71.24

Euro

1

Rs.64.16

 

 

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

----

NB

New Business

----

 

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.