MIRA INFORM REPORT

 

 

Report Date :

11.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AL JAZEERA AGRICULTURAL CO

 

 

Registered Office :

Building No. 72, Abdullah Ghosha Street, 7th Circle, P O Box 1304, Amman 11821

 

 

Country :

jordan

 

 

Financials (as on) :

31.12.2013 

 

 

Date of Incorporation :

21.09.2001

 

 

Com. Reg. No.:

409, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject operates a poultry farm with a capacity of 2 million parent stock per year, 40 million hatching eggs, broiler farms with total capacity of 23 million day old chicks per year and a slaughtering house with a 8,000 birds/hour expandable to reach 16,000 birds/hour.

 

 

No of Employees :

750 (Approximately)

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

SUMMARY

 

Company Name                                     : AL JAZEERA AGRICULTURAL CO

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 21st September 2001

Commercial Registration Number                        : 409, Amman

Chamber Membership Number                : 15751

National ID Number                                : 200013440

Issued Capital                                        : JD 10,000,000

Paid up Capital                                      : JD 10,000,000

Total Workforce                                     : 750

Activities                                               : Operators of a poultry farm.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Haytham Al Jabri, Finance Manager

COMPANY NAME

 

AL JAZEERA AGRICULTURAL CO

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Building No. 72

Street               : Abdullah Ghosha Street

Area                 : 7th Circle

PO Box             : 1304

Town                 : Amman 11821

Country             : Jordan

Telephone         : (962-6) 5865681 / 5865682 / 5865683

Facsimile          : (962-6) 5865942

Mobile               : (962-79) 5004084 / 5625345

Email                : jazeera@alhusseinigroup.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Amman.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Omar Mohamed Abdulrahman Al Hussaini                                           Managing Director

 

·       Abdul Nasser Mohamed Abdulrahman Al Hussaini                               Director

 

·       Khalid Mohamed Abdulrahman Al Hussaini                                          Director

 

·       Taha Mohamed Abdulrahman Al Hussaini                                            Director

 

·       Abdulrahim Mohamed Al Hussaini                                                      Director

 

·       Mohamed Abu Shihab                                                                       Commercial Manager

 

·       Mohamed Fahmi Hashim                                                                   Sales Manager

 

·       Haytham Al Jabri                                                                               Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st September 2001

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 409, Amman

 

Chamber Member No. : 15751

 

National ID No.            : 200013440

 

Issued Capital              : JD 10,000,000

 

Paid up Capital                        : JD 10,000,000

 

Name of Shareholder (s)

 

·       Omar Mohamed Abdulrahman Al Hussaini

 

·       Abdul Nasser Mohamed Abdulrahman Al Hussaini

 

·       Khalid Mohamed Abdulrahman Al Hussaini

 

·       Taha Mohamed Abdulrahman Al Hussaini

 

·       Abdulrahim Mohamed Al Hussaini

 

 

AFFILIATED COMPANIES

 

·       Nawa Co

 

·       Muhammed Al Husseini Co

 

·       Al Sakhrah Lifts Co

 

·       Al Sakhrah Co

 

·       Amazon Co

 

·       Al Nafetha Co

 

·       Al Thuraya Co

 

·       Dar Arrasheed

 

 

OPERATIONS

 

Activities: Subject operates a poultry farm with a capacity of 2 million parent stock per year, 40 million hatching eggs, broiler farms with total capacity of 23 million day old chicks per year and a slaughtering house with a 8,000

birds/hour expandable to reach 16,000 birds/hour.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 750 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Revenue                            JD 30,561,055                           JD 33,729,321

 

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

 

The above figures were provided by Mr Haytham Al Jabri, Finance Manager

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              June 2011

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

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.61.95

UK Pound

1

Rs.97.16

Euro

1

Rs.76.75

 

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%)

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.