MIRA INFORM REPORT

 

 

Report Date :

30.10.2013

 

IDENTIFICATION DETAILS

 

Name :

ARAFAT COFFEE MILLS CO

 

 

Registered Office :

Abd El Rahman Bin Aouf Street, Industrial Area, PO Box  : 2281 Irbid 21110

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

27.05.2003

 

 

Com. Reg. No.:

68074, Irbid

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Processing of coffee and spices

 

 

No. of Employees :

50

 

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                                     : ARAFAT COFFEE MILLS CO

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 27th May 2003

Commercial Registration Number            : 68074, Irbid

National ID Number                                : 200081751

Issued Capital                                        : JD 30,000

Paid up Capital                                      : JD 30,000

Total Workforce                                     : 50

Activities                                               : Processing of coffee and spices

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

ARAFAT COFFEE MILLS CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Abd El Rahman Bin Aouf Street

Area                 : Industrial Area

PO Box             : 2281

Town                 : Irbid 21110

Country             : Jordan

 

Telephone         : (962-2) 7402245 / 7279323

Facsimile          : (962-2) 7402245

Mobile               : (962-78) 5571523 / (962-79) 5545436

Email                : coffee@arafat_group.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Irbid.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Akram Arafat Hamdan                                                                Managing Partner

 

Jalal Arafat Hamdan                                                                   Partner

 

Tayseer Arafat Hamdan                                                              Partner

 

Atif Arafat Hamdan                                                                     Partner

 

Mohamed Arafat Hamdan                                                           Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th May 2003

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 68074, Irbid

 

National ID No.                        : 200081751

 

Issued Capital              : JD 30,000

 

Paid up Capital            : JD 30,000

 

Name of Partners                                                        

 

Akram Arafat Hamdan                                                               

 

Jalal Arafat Hamdan                                                                              

 

Tayseer Arafat Hamdan                                                             

 

Atif Arafat Hamdan                                                                                

 

Mohamed Arafat Hamdan

 

 

OPERATIONS

 

Activities: Engaged in the processing of coffee and spices.

 

Import Countries: Europe and the Far East.

 

Brand Names: BROTHERS and ARAFAT

 

Operating Trend: Steady

 

Subject has a workforce of 50 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 3,800,000                             JD 4,000,000

 

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

King Abdullah Square

PO Box: 16

Irbid

Tel: (962-2) 7242251

Fax: (962-2) 7277596

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.46

UK Pound

1

Rs.98.99

Euro

1

Rs.84.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.