MIRA
INFORM REPORT
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Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
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Name : |
PACKAGING INDUSTRIES CO LTD |
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Registered Office : |
3rd Circle, Jabal Amman, Abdoun Area PO Box 154 Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
10.04.1987 |
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Com. Reg. No.: |
1844, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and marketing of flexible food packaging |
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$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : PACKAGING INDUSTRIES CO LTD
Doing Business As : P.I.C. LTD
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 10th April 1987
Commercial Registration Number : 1844, Amman
Chamber Membership Number : 1028
National ID Number : 200074381
Issued Capital : JD 2,000,000
Paid up Capital : JD 2,000,000
Total Workforce : 200
Activities : Manufacture and marketing of flexible food packaging.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
Person Interviewed : Motaz Shammot, Financial Controller
COMPANY NAME
PACKAGING INDUSTRIES CO LTD
DOING BUSINESS AS: P.I.C. LTD
ADDRESS
Registered & Physical Address
Location : 3rd
Circle, Jabal Amman, Abdoun Area
PO Box : 154
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 4022714
/ 4022715 / 5722715 / 4652688
Facsimile : (962-6)
4022656 / 5722656 / 4022656
Email : pic@go.com.jo
/ mshammot@nuqulgroup.com
Premises
Subject operates from a medium sized suite of offices that are owned and
located in the Suburban Business Area of Amman.
Branch Office (s)
Location Description
· Sahab Street Owned
factory premises
Abdullah II Bin
Hussein Industrial Estate
Amman
Tel:
(962-6) 4022651 / 4022713 / 4022714 / 4022715
Fax:
(962-6) 4022656
KEY PRINCIPALS
Name Nationality Position
· Elia Nuqul Jordanian Managing
Director
· George Nuqul Jordanian Director
· Basim Al Salim Jordanian Director
· Issa Azr - General
Manager
· Ghassan Elia Nuqul - Assistant
General Manager
· Marwan Elia Nuqul - Operations
Manager
· Bashir Adnan - Factory
Manager
· Chris Najwan Fasha - Commercial
Manager
· Motaz Shammot - Financial
Controller
· Nasri Omaish - Human
Resources Manager
LEGAL FORM & OWNERS
Date of
Establishment : 10th
April 1987
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 1844, Amman
Chamber Member No. : 1028
National ID No. : 200074381
Issued Capital : JD 2,000,000
Paid up Capital : JD 2,000,000
Name of Shareholder (s)
· Elia Nuqul
· George Nuqul
· Basim Al Salim
AFFILIATED COMPANIES
Subject is a member of the Nuqul Group of Companies, which began
operations in Jordan in 1952 with its nucleus, Nuqul Brothers, starting as a
trading company specialising in the import and distribution of consumer
products. The group now has a diversified range of interests with operations
worldwide and a workforce of approximately 4,000 people.
The Nuqul Group of Companies includes the following concerns:
· Naseem Trading Co
3rd
Circle, Jabal Amman
PO Box: 1368
Amman
Jordan
Tel: (962-6)
5652688 / 5623908
Fax: (962-6)
5645669
· Arab Foam Factory
Company Ltd
PO Box : 1368
Amman
Jordan
Tel : (962-6)
5652688 / 5691366
Fax : (962-6)
5645669
· Nuqul Brothers
& Contracting Co
2nd
Circle, Jabal Amman
PO Box : 154
Amman
Jordan
· Non-Wovens of
Jordan
PO Box : 154
Amman
Jordan
Tel : (962-6)
5652688 / 5722251
Fax : (962-6)
5645669
· Fine Hygienic
Paper Factory Co Ltd
Fine Building
Hussein Bin Ali
Street
Jabal Amman
PO Box : 154
Amman
Jordan
Tel : (962-6)
5652688
Fax : (962-6)
5645669
· Al Keena Hygienic
Paper Mill Co Ltd
Jabal Amman, 3rd Circle
PO Box : 154 / 1368
Amman 11118
Jordan
Tel : (962-6) 5810251 / 4652688 / 4627713
Fax : (962-6) 4654669
· Technical
Application Co
PO Box : 154
Amman
Jordan
Tel : (962-6) 4619074
Fax : (962-6) 4619073
· Fine Hygienic
Paper Co Ltd
Jebel Ali Free
Zone
PO Box :
16927
Dubai
United
Arab Emirates
Tel :
(971-4) 5815276
Fax :
(971-4) 5816761
· Al Bardi Paper
Mill Co SAE
Sixth of October
City
Egypt
Tel: (20-2)
38330960
Fax: (20-2)
38330747
· Nuqul Engineering
Co
· Arab Trading
Exchange Co
OPERATIONS
Activities: Subject is engaged in the manufacture and marketing of flexible food
packaging, including one layer or
laminated polypropylene for chips, biscuits
and flakes, as well as metalised polypropylene and pearlized polypropylene for sweets and chocolates. PIC also produces packaging for pharmaceuticals,
hygienic paper goods and household products.
Subject is ISO 9001 accredited.
Production Capacity: 3,000 tonnes per year
Import Countries: Saudi Arabia and Oman
Export Countries: Arabian Gulf, Yemen, Syria, Iraq, Palestine,
Egypt, Ethiopia, Morocco and Romania.
Operating Trend: Steady
Subject has a workforce of approximately 200 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales JD
7,138,000 JD
7,501,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Motaz Shammot, Financial
Controller
BANKERS
·
Arab Bank Plc
Abu Nameh Building
Jebel Amman
PO Box: 2711
Amman
Tel: (962-6)
5629479
Fax: (962-6)
5655812
·
Union Bank for Saving & Investment (UBSI)
Chamber of
Commerce Building
Shmeisani
PO Box: 35104
Amman
Tel: (962-6)
5666148 / 5666170 / 5666171 / 5675558
Fax: (962-6)
5666149
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction July 1998 June 1999 February 2006
Credit amount 300,000 450,000 150,000
Amount overdue 0 0 0
Payment terms 90
days 90 days 90 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt
Currency US
Dollars US Dollars US Dollars
GENERAL COMMENTS
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.91 |
|
|
1 |
Rs.72.89 |
|
Euro |
1 |
Rs.64.48 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.