MIRA INFORM REPORT

 

 

Report Date :           

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

YOUSEF NADER & SONS CO.

 

 

Registered Office :

Yousef Nader Building, Al Loz Street, Muqablain Area, P.O.Box No. 6867, Amman 11118

 

 

Country :

Jordan

 

 

Date of Incorporation :

21.07.1987

 

 

Com. Reg. No.:

44091

 

 

Legal Form :

General Partnership

 

 

Line of Business :

importers and distributors of a wide range of food stuff including juice, rice, sugar and canned meats

 

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 DLRS 10,000

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 

 

Yousef Nader & Sons Co. (Correct)

YOUSSEF NADER AND SONS CO (NADERCO) (Requested)

 

 

company ADDRESS

 

Building             : Yousef Nader Building

Street               : Al Loz Street

Area                 : Muqablain Area

P.O.Box No.      : 6867

Town                 : Amman 11118

Country             : Jordan (Hashemite Kingdom of)

Telephone         : (962 6) 420 6010 / 420 0191 / 420 4624 

Fax                   : (962 6) 420 6012 / 420 4625

E-Mail               : khalid.dawoud@nadergroup.com / info@nadergroup.com

Website            : www.nadergroup.com

 

Shortform Name : Naderco

 

Also known as : Yousef Nader & Sons Co.

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                    Position

 

1. Yousef Albert Nader               Managing Partner

 

2. Ramzi Yousef Nader               General Manager

 

3. Khalid Sobhi Dawoud              Financial Manager

 

Total Employees : 175 (subject)

                        850 (group)

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

Subject is a member of the Nader Group of Companies, Jordan, whose main lines of business in Jordan include manufacturing, distribution and logistics. The group employs more than 850 people in Amman, Zarqa, Irbid and Aqaba.

 

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

 

Opinion on maximum credit : JD 900,000 (higher amounts may be

                            considered with assurances from the

                            shareholders).

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 10,000 / 90 days :

 

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

capabilities.

 

 

PRINCIPAL BANKERS

 

NAME     : JORDAN AHLI BANK (FMLY NATIONAL BANK OF JORDAN)

Branch   : Queen Noor Street, Shmeisani

PO Box   : 941273 

Town     : Amman 11118

Telephone: (962 6) 568 5905 / 567 8775 / 567 7430

Fax      : (962 6) 569 9867 / 567 2459

 

The company also has an account with the following banks :

 

1. Arab Bank PLC

   Shmeisani

   PO Box 950544

   Amman 11195

   Telephone: (962 6) 566 6325 / 567 7377

   Fax      : (962 6) 566 6326 / 568 4755

 

2. HSBC Bank

   Abdoun Circle

   Amman

   Telephone: (962 6) 590 1100

   Fax    : (962 6) 592 0452

 

3. Jordan Kuwait Bank

   Main branch

   PO Box 9776

   Amman

   Telephone: (962 6) 568 8814

   Fax      : (962 6) 569 5604

 

 

FINANCIAL INFORMATION

 

Private companies in Jordan (Hashemite Kingdom of) are not required

to publish or disclose balance sheets. However, the subject

interviewed offered the following information :

 

Sales Turnover          : JD 40,000,000 - 2008 - exact

                        : JD 45,000,000 - 2009 - exact

                        : JD 46,142,000 – 2010 – exact

                        : JD 47,000,000 - 2011 - projected

 

Net Profit              : JD  3,900,000 – 2009 – exact

                        : JD  4,500,000 – 2010 – exact

                        : JD  5,000,000 – 2011 - projected

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 21 July 1987

 

History : The subject company was established in Jordan on 21 July 1987 as a Limited Partnership Company under the same name and CR number 2833 with the following partners: Yousef Albert Yousef Nader, Samia Riyadh Nadhir Haddad, Ramzi Yousef Albert Nader, Tania Yousef Albert Nader and Kamil Yousef Albert Nader. On 20 August 1996, the subject company was converted into a General Partnership Company under the present name, CR number and shareholding structure.

 

C.R. No. : 44091 (previously 2833)

 

National ID No.: 200025215

 

Capital : JD 1,000,000 (increased from JD 100,000 on 25 November

                2010)

 

General Partnership with the following partners :

 

                                                                            Share Value   

 

1. Yousef Albert Yousef Nader                               JD 450,000

   (Jordanian national)

 

3. Ramzi Yousef Albert Nader                                JD 300,000

   (son of the above)

 

4. Tania Yousef Albert Nader (Mrs.)                        JD 150,000

   (sister of the above)

 

2. Samia Riyadh Nadhir Haddad (Mrs.)          JD 100,000

   (mother of the above)

 

Affiliated companies of Yousef Nader And Sons Co.:

 

Associates

 

Subject is a member of the Nader Group of Companies which also include the following companies :

 

1. Italia Film Co

   Beirut

   Lebanon

   Telephone: (961 1) 485 380

   Fax      : (961 1) 485 390

   C.R. Beirut No. 3301

 

2. Arab Italian Trading Co.

   PO Box 20786

   Amman 11118

   Jordan

   Telephone  : (962 6) 420 6010 / 420 0191

   Fax        : (962 6) 420 6012

 

3. Aqaba Processing Company

   PO Box 940 / 925

   Amman 11194

   Jordan

   Telephone: (962 6) 420 6829

   Fax    : (962 6) 420 6832

 

4. Integrated Olive Products

   PO Box 154

   Amman 11118

   Jordan

 

5. Yousef Nader & Sons (Free Zones) Co.

   Aqaba

   Telephone: (962 3) 201 8450

 

6. Modern Arab Distribution Co. Ltd

   Amman

   Telephone: (962 6) 420 0191

   Fax      : (962 6) 420 1193

 

7. Premier For Dist. & General Trade Ltd

   Jordan

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers and distributors of a wide range of food stuff including juice, rice, sugar and canned meats.

 

Subject’s Main Products

 

- Cade

- Al Disi Water

- Sunny Sea Tuna

- Bison Energy Drink

- Harvest Brand U.S. Rice

- Al Mansaf Brand Egyptian Rice

- Ceasar Juices

 

NACE Code : 4634 4636 4632

 

Imports worldwide, mainly from Italy, China and Thailand, India and Saudi Arabia.

 

Exports to Iraq and Libya.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and storage facilities located at the heading address.

 

Until 2000 subject was located at :

 

Omar Ben Khattab Building, 2nd Floor

Elias Abu Madi Street

Shemeisani Area

PO Box 6867

Amman 11118

 

 

SPECIAL NOTE

 

You enquired on: YOUSSEF NADER AND SONS CO (NADERCO). Please note that the correct name is as per heading.  

 

The address given by you: Post Box No. 6867, Omar Ben Khattab Building, 2nd Floor, Elias Abu Madi Street, Shemeisani Area, Ammam 11118 is misspelt and applies to subject's former address. Please note that subject’s correct administrative office address is as per heading.

 

The telephone number given by you: (962 6) 569 7904 is incorrect. Please note that subject’s correct telephone number is as per heading.

 

The email ID given by you: naderco1@go.com.jo is incorrect. Please note that subject's correct email ID is as per heading.

 

Interviewed: Khalid Sobhi Dawoud (Financial Manager).

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.34

UK Pound

1

Rs.73.70

Euro

1

Rs.65.75

 

 

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.