MIRA INFORM REPORT

 

 

Report Date :

22.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TAYBAH METAL INDUSTRIES CO LTD

 

 

Registered Office :

Al Muwaqar Industrial Area, PO Box : 395 & 13, Madaba 17110

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

24.11.2008

 

 

Com. Reg. No.:

17625

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the manufacture of steel pallets, low carbon steel semi-finished billets and steel reinforcing bars (rebars).

 

 

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)

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                                     : TAYBAH METAL INDUSTRIES CO LTD

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 24th November 2008

Commercial Registration Number            : 17625

Chamber Membership Number                : 22910

National ID Number                                : 200099638

Issued Capital                                        : JD 1,000,000

Paid up Capital                                      : JD 1,000,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of steel pallets

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Abdullah Obaid Shawabka, Managing Partner

 

 

 

COMPANY NAME

 

TAYBAH METAL INDUSTRIES CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Muwaqar Industrial Area

PO Box             : 395 & 13

Town                 : Madaba 17110

Country             : Jordan

 

Telephone         : (962-6) 4626646

Facsimile          : (962-6) 4620820

Mobile               : (962-77) 5479547 / 7354035

Email                : info@taybahmetals.com / taybah_mi@yahoo.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Madaba.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                   Position

 

Abdullah Obaid Shawabka                                  Jordanian                      Managing Partner

 

Abdul Karim Mohamed Al Rajhi                           Saudi                            Partner

           

Asim Hussain                                                    British                           Partner

 

Anas Al Sanhouri                                                    -                              Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :                       24th November 2008 (Production began in March 2011)

 

Legal Form      :                                   Limited Liability Partnership

 

Commercial Reg. No.  :                       17625

 

Chamber Member No. :                       22910

 

National ID No.            :                       200099638

 

Issued Capital :                                    JD 1,000,000

 

Paid up Capital :                                  JD 1,000,000

 

Name of Partners

 

·         Abdullah Obaid Shawabka

 

·         Abdul Karim Mohamed Al Rajhi

 

·         Asim Hussain

 

 

AFFILIATED COMPANIES

 

·         Tayab Gulf Steel Factory

Saudi Arabia

 

·         Tayab Steel FZE

United Arab Emirates

 

·         Tayab Steel SAE

Egypt

 

 

OPERATIONS

 

Activities:         Engaged in the manufacture of steel pallets, low carbon steel semi-finished billets and steel reinforcing bars (rebars).

                        Subject’s plant includes:

§         Scrap processing yard

§         Two 25 MT furnaces

§         Continuous casting machine

§         Bar mill

§         Workshops

§         Laboratory

 

Taybah Metals Industries collaborated with Axiom Metals Industries for the design, supply, erection and commissioning of the melt shop in a record time of 18 months. The bar mill was commissioned in 2012 and is currently dedicated to producing steel reinforcing bars.

    

The plant has a design capacity of 300'000 MT per year.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                            Year Ending 31/12/12:

 

Total Sales                                            JD 7,250,000

 

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

 

The above figures were provided by Mr Abdullah Obaid Shawabka, Managing Partner

 

 

BANKERS

 

HSBC Bank Middle East

Khalid Bin Walid Street

Jebel Hussein

PO Box: 925286

Amman

Tel: (962-6) 5660471 / 5607471

Fax: (962-6) 5692964

 

 

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.62.89

UK Pound

1

Rs.101.14

Euro

1

Rs.84.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.