|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
INDO JORDAN CHEMICAL COMPANY LTD (IJC) |
|
|
|
|
Registered Office : |
Dabbas Complex, Building No. 15, 3rd Floor, Abdullah Ibn
Rawah Street, Al Rabieh
Habibeh Circle, Shadieyeh Maan Industrial Area, P O Box 17028, Amman 11195 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
02.04.1992 |
|
|
|
|
Com. Reg. No.: |
2750 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture and export of phosphoric acid and sulphuric acid |
|
|
|
|
No. of Employees : |
380 employees |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Jordan - ECONOMIC OVERVIEW
Jordan's economy is among the smallest in the Middle East, with insufficient supplies of water, oil, and other natural resources, underlying the government''s heavy reliance on foreign assistance. Other economic challenges for the government include chronic high rates of poverty, unemployment, inflation, and a large budget deficit. Since assuming the throne in 1999, King ABDALLAH has implemented significant economic reforms, such as opening the trade regime, privatizing state-owned companies, and eliminating some fuel subsidies, which in the last decade spurred economic growth by attracting foreign investment and creating some jobs. The global economic slowdown and regional turmoil, however, have depressed Jordan''s GDP growth, impacting export-oriented sectors, construction, and tourism. In 2011 the government approved two economic relief packages and a budgetary supplement, largely to improve the living conditions for the middle and poor classes. Jordan''s finances have also been strained by a series of natural gas pipeline attacks in Egypt, causing Jordan to substitute more expensive heavy fuel oils to generate electricity. An influx of foreign aid, especially from Gulf countries, has helped to somewhat offset these extrabudgetary expenditures, but the budget deficit is likely to remain high, at nearly 10% of GDP excluding grants. Amman likely will continue to depend heavily on foreign assistance to finance the deficit in 2012. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan is currently exploring nuclear power generation to forestall energy shortfalls.
|
Source : CIA |
Company Name : INDO JORDAN CHEMICAL COMPANY LTD (IJC)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 2nd April 1992
Commercial Registration Number : 2750
Chamber Membership Number : 7022
Issued Capital : US$ 200,000,000
Paid up Capital : US$ 200,000,000
Total Workforce : 380
Activities : Manufacture and export of phosphoric acid and sulphuric acid
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Anil Balan, Administration Executive
INDO JORDAN
CHEMICAL COMPANY LTD (IJC)
Registered &
Physical Address
Building : Dabbas Complex, Building No. 15, 3rd
Floor
Street : Abdullah Ibn
Rawah Street
Area : Al Rabieh Habibeh Circle,
Shadieyeh Maan Industrial Area
PO Box : 17028
Town : Amman 11195
Country : Jordan
Telephone : (962-6) 5512872 / 5512873 / 5537218 /
5537214
Facsimile : (962-6) 5512871 / 5537219
Email : ijcamman@go.com.jo / ijcshdya@go.com.jo / mdoffice@ijcltd.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Amman.
Branch Office (s)
Location Description
·
PO Box:
254 Owned
factory premises
Maan
Tel: (962-3) 2132798
Fax: (962-3) 2132820
Name Position
·
Ibrahim
Al Rawasheda Managing
Director
·
Ganesh
Puar Finance
Manager
·
Avisnash Peshwe Plant
Manager
·
Anil Balan Administration
Executive
Date of Establishment : 2nd
April 1992
Legal Form :
Limited Liability Company
Commercial
Reg. No. : 2750
Chamber Member No. : 7022
National ID No. : 2000083833
Issued Capital : US$ 200,000,000
Paid up Capital : US$ 200,000,000
Name of Shareholder
(s) Percentage
·
Southern Petrochemicals Industries Co 52.2%
India
·
Jordan Phosphate Mines Co 34.8%
Jordan
·
The Arab Investment Co 13.0%
Saudi Arabia
Activities: Engaged in the
manufacture and export of phosphoric acid and sulphuric acid.
Production
Capacity: 224,000 metric tonnes per annum of
phosphoric acid
660,000
metric tonnes per annum of sulphuric acid
Import
Countries: Norway, France
and India
Export
Countries: India
Operating Trend: Steady
Subject has a
workforce of approximately 380 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales US$ 258,500,000 US$ 261,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Standard
Chartered Grindlays Bank
Shmeisani Branch
PO Box: 9997
Amman
Tel: (962-6) 4660201
Fax: (962-6) 4679115
Acc No. 408123
No complaints regarding
subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.