MIRA INFORM REPORT

 

 

Report Date :

15.03.2011

 

IDENTIFICATION DETAILS

 

Name :

IVORY GARMENTS FACTORY LLC

 

 

Registered Office :

Building O Al Tajamout Industrial City (aka Sahab Industrial Area), Plot 1326 P.O. Box  32 Amman 11636 Jordan (Hashemite Kingdom of)

 

 

Country :

Jordan

 

 

Date of Incorporation :

24.07.2002

 

 

Com. Reg. No.:

7420

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of readymade garments and textiles.

 

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 1,000,000

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 – 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

 

Ivory Garments Factory LLC

 

ADDRESS

 

Building : Building O

 

Area     : Al Tajamout Industrial City (aka Sahab Industrial Area), Plot 1326

 

P.O. Box : 32

Town     : Amman 11636

Country  : Jordan (Hashemite Kingdom of)

 

Telephone: (962 6) 402 4801 / 402 4802

Fax      : (962 6) 402 4805

E-mail   : info@ivory.com.jo

Website  : www.ivory.com.jo

 

Trading Style : Ivory Clothing

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                 Position

 

1. Rajesh Kumar Sacdvah                       Chairman

 

2. Muna Sacdvah                                   Deputy Chairman

 

3. Ravish Vikram Sacdvah                      Managing Director

 

4. Kochupaul K.P                                   Chief Accountant

 

Total Employees : 850

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

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

 

Opinion on maximum credit : JD 1,000,000

 

Trade risk assessment : Normal

 

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

 

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

capabilities.

 

PRINCIPAL BANKERS

 

NAME     :         STANDARD CHARTERED GRINDLAYS BANK LTD (formerly known as 

                        ANZ GRINDLEYS BANK)

 

Branch   : Shmeisani

PO Box   : 9997

Town     : Amman

 

Telephone: (962 6) 568 3429 / 560 7201

Fax      : (962 6) 567 9115

 

The company also has an account with:

 

HSBC Bank Of The Middle East

Khalid Bin Walid Street

Jabal Hussein

PO Box   : 925286

Amman

Telephone: (962 6) 560 7471

Fax      : (962 6) 568 2047

 

 

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 48,000,000 - 2009 - exact

                                    : JD 52,500,000 - 2010 – exact

                                    : JD 55,500,000 - 2011 - projected

 

Net Profit                       : JD  5,500,000 – 2009 – exact

                                    : JD  6,350,000 – 2010 - exact

 

Financial year ends 31 December.

 

LEGAL STATUS AND HISTORY

 

Date Started : 24 July 2002

 

History : Subject was established in Jordan on 24 July 2002 as a general partnership company between the following partners: Rajesh Sacdvah and Muna Sacdvah. In 2008 subject was converted into a limited liability company.

 

C.R. No. : 7420

 

National ID No. : 200021608

 

Authorised Capital : JD 500,000

 

Paid-Up Capital : JD 500,000

 

Limited Liability Company with the following shareholders:

 

                                                                        Share Value

 

1. Rajesh Kumar Sacdvah                                   JD 400,000

   (Indian national, National ID 1574458)

 

2. Muna Sacdvah                                               JD 100,000

   (Indian national, National ID 1048656)

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers of readymade garments and textiles.

 

Trading as exporters of readymade garments and textiles.

 

Imports raw materials, spare parts and machinery from South Korea, USA, Germany, India, Turkey and China.

 

Exports to USA, India, China, Egypt and Syria.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices and a manufacturing plant with integrated warehousing facilities located at the heading address.

 

SPECIAL NOTE

 

Interviewed: Kochupaul K.P (Chief Accountant).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.15

UK Pound

1

Rs.72.59

Euro

1

Rs.62.95

 

 

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.