|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL SILICA INDUSTRIES CO |
|
|
|
|
Registered Office : |
Amat, Shmeisani,
P O Box 840338, Amman 11181 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.04.1997 |
|
|
|
|
Legal Form : |
Public Shareholding Company |
|
|
|
|
Line of Business : |
Engaged in the
mining and processing of silica sand to produce silica flour. |
|
|
|
|
No. of Employees : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 $2.1 billion, multiple year International Monetary Fund Stand-By
Arrangement. Jordan's financial sector has been relatively isolated from the
international financial crisis because of its limited exposure to overseas
capital markets. In 2013, Jordan depended heavily on foreign assistance to
finance the budget deficit, as the influx of about 600,000 Syrian refugees put
additional pressure on expenditures.
|
Source
: CIA |
Company Name : INTERNATIONAL SILICA INDUSTRIES CO
Country of Origin : Jordan
Legal Form : Public Shareholding Company
Registration Date : 8th April 1997
Issued Capital : US$ 3,434,000
Paid up Capital : US$ 3,434,000
Total Workforce : 40
Activities : Operation of mining and processing of silica sand to produce silica
flour.
Financial Condition : Poor
Payments : Nothing detrimental uncovered
INTERNATIONAL
SILICA INDUSTRIES CO
Registered &
Physical Address
Location : Amat, Shmeisani
PO Box : 840338
Town : Amman 11181
Country : Jordan
Telephone : (962-6) 5697788 / 4719056 / 5688900
Facsimile : (962-6) 5687300 / 4719058
Email : silica@joinnet.com.jo
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Amman.
Name Position
·
Ayman
Abdul Karim Bashir Hatahet Chairman
·
Kim
Fouad Saad Abu Jaber Vice
Chairman
·
Ghazi I
Gamweh Director
·
Eyad R
Al Tameme Director
·
Qais F
S Abu Jaber Director
·
Fote E
F Khamees Director
·
Jameel
Wrikat Director
·
Essam
Alm’Ashar General
Manager
Date of Establishment : 8th
April 1997
Legal Form :
Public Shareholding Company
Issued Capital : US$ 3,434,000
Paid up Capital : US$ 3,434,000
Name of Shareholder
(s) Percentage
·
Ayman
Abdul Karim Bashir Hatahet 27.182% Jordanian International Insurance Co 17.545%
·
Ghaith
Fouad Saad Abu Jaber 13.235%
·
Al
Tarafteen Co 11.856%
·
Fouad
Saad Abu Jaber 11.682%
·
Kim
Saad Abu Jaber 9.971%
·
Yousef
Ahmed Asaad Radwan 2.515%
·
Kim
& Ghaith Abu Jaber & Partners 1.479%
·
Local
businessmen and private investors 4.535%
Activities: Engaged in the mining and processing of
silica sand to produce silica flour.
Production
Capacity: 28,000 tons per annum of micronized and classified silica sand.
Subject has a
workforce of 40 employees.
Financial
highlights provided by local sources are given below:
Currency: Jordanian
Dinars (JD)
Balance Sheet 31/12/12 31/12/11 31/12/10
|
Cash on Hand
& at Banks |
72,981 |
327,952 |
376,550 |
|
Accounts
Receivable, Net |
222,250 |
378,463 |
360,955 |
|
Notes Receivable |
0 |
0 |
0 |
|
Post Dated
Cheques |
0 |
0 |
0 |
|
Short Term
Investments |
53,975 |
63,846 |
66,039 |
|
Inventory |
583,952 |
422,474 |
297,719 |
|
Spare Parts |
0 |
0 |
0 |
|
Total Current
Assets |
970,250 |
1,238,970 |
1,168,925 |
|
Long Term
Investments |
0 |
0 |
0 |
|
Fixed Assets, Net |
1,454,357 |
1,533,865 |
1,599,665 |
|
Lands |
0 |
0 |
0 |
|
Projects in
Progress |
0 |
0 |
0 |
|
Total Fixed
Assets |
1,454,357 |
1,533,865 |
1,599,665 |
|
Other Assets |
18 |
0 |
0 |
|
Total Assets |
2,424,625 |
2,772,835 |
2,768,590 |
|
Accounts and
Notes Payable |
38,338 |
122,844 |
65,607 |
|
Credit Banks |
0 |
0 |
0 |
|
Short Term Loans |
0 |
0 |
0 |
|
Accrued Part of
Long Term Loans |
0 |
0 |
0 |
|
Total Current
Liabilities |
100,498 |
166,651 |
130,389 |
|
Long Term Loans
& Notes Payable |
0 |
0 |
0 |
|
Corporate Bonds |
0 |
0 |
0 |
|
Other Liabilities |
0 |
0 |
0 |
|
Total Liabilities |
100,498 |
166,651 |
130,389 |
|
Authorized
Capital |
2,366,815 |
2,366,815 |
2,366,815 |
|
Subscribed Capital |
2,366,815 |
2,366,815 |
2,366,815 |
|
Paid in Capital |
2,366,815 |
2,366,815 |
2,366,815 |
|
Compulsory
Reserves |
109,149 |
109,149 |
98,150 |
|
Voluntary Reserve |
0 |
0 |
0 |
|
Other Reserves |
0 |
0 |
0 |
|
Issuance Premium |
0 |
0 |
0 |
|
Issuance Discount |
0 |
0 |
0 |
|
Treasury Stocks |
0 |
0 |
0 |
|
Proposed Cash
Dividends |
0 |
118,316 |
142,009 |
|
Proposed Stock
Dividends |
0 |
0 |
0 |
|
Accumulated
Change in Fair Value |
0 |
0 |
0 |
|
Retained Earnings |
-151,837 |
11,904 |
31,227 |
|
Total
Shareholders’ Equity |
2,324,127 |
2,606,184 |
2,638,201 |
|
Minority Interest |
0 |
0 |
0 |
|
Total Liabilities
& Shareholders’ Equity |
2,424,625 |
2,772,835 |
2,768,590 |
Statement of Income
|
Operating
Revenues |
404,777 |
1,041,405 |
1,354,631 |
|
Operating
Expenses |
296,287 |
680,797 |
855,049 |
|
Gross Profit |
108,490 |
360,608 |
499,582 |
|
General and
Administrative Expenses |
230,047 |
220,443 |
201,986 |
|
Selling and
Distribution Expenses |
33,832 |
30,173 |
102,428 |
|
Depreciation
(Period) |
89,516 |
100,840 |
86,563 |
|
Other Operating
Expenses |
0 |
0 |
0 |
|
Net Operating
Income |
-155,389 |
109,992 |
195,168 |
|
Other Revenues |
1,544 |
0 |
-5,494 |
|
Other Expenses |
9,871 |
0 |
0 |
|
Income Before
Interest & Tax |
-163,716 |
109,992 |
189,674 |
|
Interest Expenses |
0 |
0 |
0 |
|
Net Income Before
Tax |
-163,716 |
109,992 |
189,674 |
|
Income Tax
(Period) |
0 |
0 |
1,917 |
|
Income Tax
(Previous Years) |
0 |
0 |
0 |
|
Universities and
Research Train Fees |
0 |
0 |
1,897 |
|
Board of Directors
Remuneration |
0 |
0 |
0 |
|
Net Income |
-163,716 |
109,992 |
185,860 |
|
Minority Interest |
0 |
0 |
0 |
|
Net Income
Pertains to Shareholders |
-163,716 |
109,992 |
185,860 |
Local sources
consider subject’s financial condition to be Poor.
Figures for the
year ending 31st December 2013 were not available.
·
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.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
Div |
|
|
|
|
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.