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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
JORDAN CARBONATE
CO |
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Registered Office : |
15 Abdulwehab -
Majali Street, Shmeisani Area, P O Box 1059, Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1979 |
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Com. Reg. No.: |
66 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
manufacturer of
calcium carbonate for industrial usage. |
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No of Employees : |
200
(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 |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 $2.1 billion, multiple year International Monetary Fund
Stand-By Arrangement. Jordan's financial sector has been relatively isolated
from the international financial crisis because of its limited exposure to
overseas capital markets. In 2013, Jordan depended heavily on foreign
assistance to finance the budget deficit, as the influx of about 600,000 Syrian
refugees put additional pressure on expenditures.
|
Source
: CIA |
Company Name : JORDAN CARBONATE CO
Country of Origin : Jordan
Legal Form : Private Limited Company
Start Date : 1979
Registration Date : 7th November 2004
Commercial Registration Number : 66
National ID Number : 200013787
Issued Capital : US$ 20,000,000
Paid up Capital : US$ 20,000,000
Total Workforce : 200
Activities : Manufacturers of calcium carbonate.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Thafel Sakkigha, Financial Manager
JORDAN CARBONATE CO
Registered &
Physical Address
Street : 15 Abdulwehab - Majali Street
Area : Shmeisani Area
PO Box : 1059
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 5665517
Facsimile : (962-6) 5664668 / 5679485
Email : sales@jordancarbonate.com / accounts@jordancarbonate.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Amman.
Branch Office (s)
Location Description
·
Zezia Office
premises
Amman
·
Ring
Road Owned
factory premises
Marka
Amman
Tel: (962-6) 4905930
Name Nationality Position
·
Ayman
Abdul Kareem Hatahet Jordanian Chairman
·
Feras
Ghussain - Commercial
Manager
·
Thafel
Sakkigha - Financial
Manager
Date of Establishment : 1979, however
subject was registered on 7th November 2004
Legal Form :
Limited Liability Company
Commercial Reg. No. : 66
National ID No. :
200013787
Issued Capital : US$ 20,000,000
Paid up Capital : US$ 20,000,000
Name of Shareholder
(s) Percentage
·
Omya AG
50%
Switzerland
·
Raya
Investment Ltd 25%
United Kingdom
·
Ayman
Abdul Kareem Hatahet 25%
·
Syrian
Carbonate Co
Syria
·
Saudi
Carbonate Co
Saudi Arabia
·
Egyptian
Jordan Carbonate Co
Egypt
Activities: Engaged in the manufacture of calcium
carbonate for industrial usage.
Production Capacity: 500,000 metric tons per year
Local Suppliers:
·
Mondi
Export
Countries: United Kingdom, Holland,
Malta, Pakistan, Bangladesh, Sri Lanka, Cyprus, Trinidad, Philippines,
Ethiopia, Austria, Ukraine and Kenya.
Operating Trend: Steady
Subject has a
workforce of approximately 200 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales US$ 8,000,000 US$ 8,420,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Arab
Bank Plc
Amman
Jordan
Tel: (962-6) 4638161
Fax: (962-6) 4637082
No complaints
regarding subject’s payments have been reported.
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.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
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.