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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
IVORY GARMENTS FACTORY LLC |
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Registered Office : |
Al Tajamouat Industrial
City, Plot No. 1326, P O Box 32, Amman 11636 |
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Country : |
Jordan |
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Date of Incorporation : |
24.07.2002 |
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Com. Reg. No.: |
7420, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
manufacture and
weaving of cloth. |
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No. of Employees : |
1,600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Restricted |
C2 |
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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 : IVORY GARMENTS FACTORY LLC
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 24th July 2002
Commercial Registration Number : 7420, Amman
Chamber Membership Number : 14685
National ID Number : 200021608
Issued Capital : JD 500,000
Paid up Capital : JD 500,000
Total Workforce : 1,600
Activities : Manufacture and weaving of cloth
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
IVORY GARMENTS
FACTORY LLC
Registered &
Physical Address
Location : Al Tajamouat Industrial City, Plot
No. 1326
PO Box : 32
Town : Amman 11636
Country : Jordan
Telephone : (962-6) 4024801 / 4024802 / 4024804
Facsimile : (962-6) 4024805
Email : info@ivory.com.jo
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Amman.
Name Position
·
Rajesh
Kumar Sachdeva Managing
Director
·
Muna
Sachdeva Director
·
Vikram
Sachdeva Director
·
G Girsh Marketing
Manager
Date of Establishment : 24th
July 2002
Legal Form :
Limited Liability Company
Commercial Reg. No. : 7420, Amman
Chamber Member No. : 14685
National ID No. :
200021608
Issued Capital : JD 500,000
Paid up Capital : JD 500,000
Name of Shareholder
(s)
·
Rajesh
Kumar Sachdeva
·
Muna
Sachdeva
·
Vikram
Sachdeva
Activities: Engaged in the manufacture and weaving of
cloth.
Import Countries: Europe and the Far East.
Subject has a
workforce of approximately 1,600 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.
·
Cairo
Amman Bank
Shabsough Street
PO Box: 715
Amman
Tel: (962-6) 5639321 / 5623100 / 5623109
Fax: (962-6) 5639328
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
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.