|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL FURAT COMPANY FOR FOOD AND MEAT PROCESSING |
|
|
|
|
|
|
Registered Office : |
Airport Road Al Qastal Industrial Area PO Box 9621 Amman 11196 |
|
|
|
|
|
|
Country : |
Jordan |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
20.04.2005 |
|
|
|
|
|
|
Com. Reg. No.: |
10018, Amman |
|
|
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
|
|
Line of Business : |
Processors of burgers, kebabs, meatballs and nuggets |
|
|
|
|
|
|
No. of Employees : |
70 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 : AL FURAT COMPANY FOR FOOD AND MEAT PROCESSING
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 20th April 2005
Commercial Registration Number : 10018, Amman
Issued Capital : JD 600,000
Paid up Capital : JD 600,000
Total Workforce : 70
Activities : Processors of burgers, kebabs, meatballs and nuggets
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Halawani, Production Manager
AL FURAT COMPANY FOR FOOD AND MEAT PROCESSING
Street : Airport Road
Area : Al Qastal
Industrial Area
PO Box : 9621
Town : Amman 11196
Country : Jordan
Telephone : (962-6) 4717710
Facsimile : (962-6)
4717713
Email : info@furatfood.com
/ furatfood@yahoo.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Amman.
Name Nationality Position
· Eyad Mahmoud Shaker Iraqi Managing
Director
· Soud Abdul Aziz Yousef Fadli Iraqi Director
· Ali Abdulla Elwan Iraqi Director
· Mohamed Ali
Mohamed Khayyat Iraqi Director
· Mustafa Mohamed Amin Ali Iraqi Director
· Mohamed Halawani - Production
Manager
· Sofyan Al Bakri - Accounts
Manager
Date of
Establishment : 20th
April 2005
Legal Form : Limited Liability Company
Commercial Reg.
No. : 10018, Amman
Issued Capital : JD 600,000
Paid up Capital : JD 600,000
· Eyad Mahmoud Shaker
· Soud Abdul Aziz Yousef Fadli
· Ali Abdulla Elwan
· Mohamed Ali
Mohamed Khayyat
· Mustafa Mohamed Amin Ali
Activities: Engaged in the processing of burgers, kebabs, meatballs and nuggets.
Subject is ISO 22000:2000 accredited.
Import Countries: Turkey and France.
Brand Names: AL FURAT
Operating Trend: Steady
Subject has a workforce of 70 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales JD
2,700,000 JD
3,150,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Jordan Ahli Bank
Queen Noor Street
Shmeisani
PO Box: 941273
Amman 11194
Tel: (962-6)
5685905
Fax: (962-6)
5699867
No complaints regarding subject’s payments have been reported.
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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.