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Report Date : |
22.06.2013 |
|
|
|
|
Tel. No.: |
+962 6 585 1809 |
IDENTIFICATION DETAILS
|
Name : |
JORDAN ABYAD FERTILIZERS AND CHEMICALS CO PSC
(JAFCO) |
|
|
|
|
Registered Office : |
Zahrat Al Madaen
Complex, 5th Floor, Abdullah Ghousheh Street, P O Box 4430, Amman
11953 |
|
|
|
|
Country : |
Jordan |
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Date of Incorporation : |
August 2007 |
|
|
|
|
Legal Form : |
Public
Shareholding Company |
|
|
|
|
Line of Business : |
Manufacturers of chemicals |
|
|
|
|
No. of Employees : |
200 |
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) |
|
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 |
Company Name : JORDAN ABYAD FERTILIZERS AND CHEMICALS CO PSC (JAFCO)
Country of Origin : Jordan
Legal Form : Public Shareholding Company
Registration Date : August 2007
Issued Capital : JD 5,000,000
Paid up Capital : JD 5,000,000
Activities : Manufacturers of chemicals
Total Workforce : 200
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
JORDAN ABYAD
FERTILIZERS AND CHEMICALS CO PSC (JAFCO)
Registered &
Physical Address
Building : Zahrat Al Madaen Complex, 5th
Floor
Street : Abdullah Ghousheh Street
PO Box : 4430
Town : Amman 11953
Country : Jordan
Telephone : (962-6) 5851809
Facsimile : (962-6) 5851824
Email : info@jafcco.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Amman.
Branch Office (s)
Location Description
·
Al Jiza Factory
premises
Arinbah
Amman
Tel: (962-6) 4460910
·
Al
Abyad Mines Factory
premises
Name Position
·
Munther
Haddadin Chairman
·
Abdullatif
Al Janahi Vice
Chairman
·
Marwan
Al Ghurair Director
·
Faisal
Al Abbasi Director
·
Abdulaziz
Al Moayyad Director
·
Dr
Khaldoun Al Bassam Director
·
Najem
Hummadi Director
·
Khaled
Manasrah Director
·
Samir
Abdulrahim Assistant
Chief Executive Officer
·
Naeem
Lahham Project
Manager
·
Khaled
Salem Sales
Manager
·
Waheeb
Al Bakri Procurement
Manager
·
Husam
Sadah Finance
Manager
·
Talal
Majali Administration
Manager
·
Adnan
Yahya Production
Manager
Date of Establishment : August 2007
Legal Form :
Public
Shareholding Company
Issued Capital : JD 5,000,000
Paid up Capital : JD 5,000,000
Name of Shareholder
(s) Percentage
·
Jafcco
Bahrain Company 42.79%
·
Jordan
Phosphate Mines Company 25.00%
·
Venture
Capital Bank 14.40%
·
Arab
Mining Company 10.00%
·
Sea
Field Trading Company 5.00%
·
Al
Faris for Investment & Industry 2.81%
Activities: Engaged in the manufacture of chemicals,
including sulphuric acid, hydrochloric acid, potassium sulphate, di-calcium
phosphate di-hydrate, triple super phosphate and calcium chloride.
Subject acquired
Jordan Arab Fertilizers and Chemicals Company Ltd (JAFCCO).
Production Capacity: 12,000 tons of SOP and 14,400 tons of HCI
per year.
Subject has a
workforce of 200 employees.
Companies
registered in Jordan are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Jordan
National Bank
Jabal Amman Branch
PO Box: 1578
Amman 11118
Tel: (962-6) 5642391
Fax: (962-6) 5628809
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
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.