MIRA INFORM REPORT

 

 

Report Date :

19.03.2014

 

 

 

 

 

Tel. No.:

96265699092

Fax No.:

9626402377

 

IDENTIFICATION DETAILS

 

Name :

NETTING PLASTIC CO

 

 

Registered Office :

Sahab Industrial City, PO Box : 60, Amman 11512

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

08.07.1991

 

 

Com. Reg. No.:

2464

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the manufacture of raffia polypropylene woven bags for foodstuffs, fertilizers and powder detergents.

 

 

No. of Employees :

75

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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. 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                                    : NETTING PLASTIC CO

Country of Origin                                   : Jordan

Legal Form                                           : Limited Liability Company

Registration Date                                  : 8th July 1991

Commercial Registration Number           : 2464

Chamber Membership Number               : 6261

National ID Number                               : 200001059

Issued Capital                                       : JD 750,000

Paid up Capital                                     : JD 750,000

Total Workforce                                     : 75

Activities                                               : Manufacturers of raffia polypropylene woven bags

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Ismail Nasser, Financial Manager

 

 

 

COMPANY NAME

 

NETTING PLASTIC CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Sahab Industrial City

PO Box                        : 60

Town                : Amman 11512

Country             : Jordan

 

Telephone         : (962-6) 4023366 / 4028887

Facsimile          : (962-6) 4023377

Mobile              : (962-79) 5538678 / 5395701

Email                : info@netting-plastic.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Khaled Shareef Al Hazaa                                                           Managing Director

 

Jamal Shareef Al Hazaa                                                             Director

 

Mohamed Ismail Nasser                                                             Financial Manager

 

Dr Majdi Dahbarah                                                                    Production Manager

 

Abed Alslam Hamede Algotha                                                   Administration Manager

           

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           8th July 1991

 

Legal Form      :                       Limited Liability Company

 

Commercial Reg. No.   :           2464

 

National ID No. :                       200001059

 

Chamber Member No.  :           6261

 

Issued Capital              :           JD 750,000

 

Paid up Capital            :           JD 750,000

 

Name of Shareholder (s)                                                    

 

Khaled Shareef Al Hazaa                                                          

 

Jamal Shareef Al Hazaa

 

 

AFFILIATED COMPANIES

 

New Plastic Co

Amman

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of raffia polypropylene woven bags for foodstuffs, fertilizers and powder detergents.

 

Production Capacity:    25,000,000 bags per annum.

 

Import Countries:         Saudi Arabia

 

International Suppliers:

 

Tasnee                          Saudi Arabia

SABIC                          Saudi Arabia

EXXON MOBIL              Saudi Arabia

 

Operating Trend:          Steady

 

Subject has a workforce of 75 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 Sales                                JD 2,070,000                             JD 2,500,000

 

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

 

The above figures were provided by Mr Mohamed Ismail Nasser, Financial Manager

 

 

BANKERS

 

Arab Jordan Investment Bank

Ibn Hani Street

Shmeisani

PO Box: 8797

Amman 11121

Tel: (962-6) 5607126 / 5607138

Fax: (962-6) 5681482 / 5690646

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.95

UK Pound

1

Rs.101.37

Euro

1

Rs.84.89

 

 

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.