MIRA INFORM REPORT

 

 

Report Date :

13.07.2013

 

IDENTIFICATION DETAILS

 

Name :

AL WAFA PLASTIC EST FOR INDUSTRY & TRADE

 

 

Formerly Known As :

AL WAFA ESTABLISHMENT

MAHMOUD SHAKER AL GHOUL SONS INDUSTRIAL & TRADING COMPANY

 

 

Registered Office :

Shaker Mahmoud Al Ghoul Building Al Jumruk Street Abu Alanda PO Box 926681 Amman 11190

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1977

 

 

Com. Reg. No.:

54034, Amman

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Manufacturers of high and low density polyethylene and plastic bags and sheets.

 

 

No. of Employees :

30

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 and 2012, the government approved two economic relief packages and a budgetary supplement, meant 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 diesel imports, primarily from Saudi Arabia, to generate electricity. Jordan is currently exploring nuclear power generation in addition to the exploitation of abundant oil shale reserves and renewable technologies to forestall energy shortfalls. In 2012, to correct budgetary and balance of payments imbalances, Jordan entered into a $2.1 billion, multiple year International Monetary Fund Stand-By Arrangement. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan will continue to depend heavily on foreign assistance to finance the deficit in 2013.

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                         : AL WAFA PLASTIC EST FOR INDUSTRY & TRADE

Also Known As                                      : AL WAFA ESTABLISHMENT

                                                              MAHMOUD SHAKER AL GHOUL SONS INDUSTRIAL & TRADING

                                                              COMPANY

Country of Origin                                    : Jordan

Legal Form                                            : General Partnership

Start Date                                             : 1977

Registration Date                                   : 30th September 1999

Commercial Registration Number            : 54034, Amman

Chamber Membership Number                : 2059

National ID Number                                : 200003819

Partners Capital                         : JD 100,000

Total Workforce                                     : 30

Activities                                               : Manufacturers of high and low density polyethylene and plastic bags and  sheets.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Mohamed Al Shazali, Administration Executive

 

 

 

COMPANY NAME

 

 AL WAFA PLASTIC EST FOR INDUSTRY & TRADE

 

ALSO KNOWN AS:

AL WAFA ESTABLISHMENT

MAHMOUD SHAKER AL GHOUL SONS INDUSTRIAL & TRADING COMPANY     

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Shaker Mahmoud Al Ghoul Building

Street               : Al Jumruk Street

Area                 : Abu Alanda

 

PO Box             : 926681

 

Town                 : Amman 11190

Country             : Jordan

 

Telephone         : (962-6) 4161530 / 4163930

Facsimile          : (962-6) 4161531

Mobile               : (962-79) 5555618

Email                : wafaplas@go.com.jo / info@wafaplastic.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are owned and located in the Suburban Business Area of Amman.

 

Branch Offices

 

Location                                                                                           Description

 

·       Customs Street                                                                                 Office premises

Abu Alanda

Amman

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Shaker Mahmoud Shaker Al Ghoul                                                     Managing Partner

 

·       Emad Mahmoud Shaker Al Ghoul                                                       Partner

 

·       Nawal Adeeb Mohamed                                                                     Partner

 

·       Mohamed Al Shazali                                                                         Administration Executive

 

·       Ali Nasser                                                                                        Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1977, however it was registered on 30th September 1999

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 54034, Amman

 

Chamber Member No. : 2059

 

National ID No.            : 200003819

 

Partners Capital           : JD 100,000

 

Name of Partners (s)

 

·       Shaker Mahmoud Shaker Al Ghoul

 

·       Emad Mahmoud Shaker Al Ghoul

 

·       Nawal Adeeb Mohamed

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of high and low density polyethylene and plastic bags and sheets.

 

Import Countries: Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Belgium, Italy and the United Kingdom.

 

International Suppliers:

 

·       QAPCO                    Qatar

·       SABIC Industries       Saudi Arabia

·       Petro Rabigh Saudi Arabia

 

Clients:

 

 Kemapco
 Kasih Canned Food
 Jordan Hospital
 Jordan University Hospital

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Sales                                JD 4,300,000                             JD 4,850,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.89

UK Pound

1

Rs.90.88

Euro

1

Rs.78.32

 

 

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%)

 

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.