|
Report Date : |
08.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRUE BLUE
CHEMICALS |
|
|
|
|
Registered Office : |
Building No. 51, 1st Floor, Princess Haia Street, Sweileh,
1420, Amman 11910 |
|
|
|
|
Country : |
Jordan |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
16.03.1998 |
|
|
|
|
Com. Reg. No.: |
104189 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the manufacture of sulphur lumps, granules and powder. |
|
|
|
|
No of Employees : |
40 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 :
TRUE BLUE CHEMICALS
Country of Origin :
Jordan
Legal Form :
Sole Proprietorship
Registration Date :
16th March 1998
Commercial Registration Number :
104189
Chamber Membership Number :
11694
National ID Number :
100044388
Invested Capital :
JD 100,000
Total Workforce : 40
Activities :
Manufacturers of sulphur lumps, granules and powder
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Nidal Fayed Mohamed Sawaleh, General Manager
TRUE BLUE
CHEMICALS
Building :
Building No. 51, 1st Floor
Street : Princess
Haia Street
Area : Sweileh
PO Box : 1420
Town : Amman 11910
Country : Jordan
Telephone : (962-6) 5358816
/ 5311400
Facsimile : (962-6)
5333842
Mobile : (962-79)
7300058
Email : nidal@jordansulphur.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Amman.
Branch Offices
Location Description
· Al Khalidiya Area Factory
premises
Amman
Name Position
· Mrs Fatima Arshan
Rasheed Al Hashabka Proprietor
· Nidal Fayed
Mohamed Sawaleh General
Manager
Date of
Establishment : 16th
March 1998
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 104189
Chamber Member No. : 11694
National ID No. : 100044388
Invested Capital : JD 100,000
Mrs Fatima Arshan Rasheed Al Hashabka is the sole proprietor of the
business.
· Nidal Sawaleh
Chemical Factory
PO Box: 1420
Amman 11910
Tel: (962-6)
5358816
Fax: (962-6) 5333842
CR No. 71295,
Amman
Activities: Engaged in the
manufacture of sulphur lumps, granules and powder.
Import Countries: China,
Kenya and Thailand.
International
Suppliers:
· Shanghai Bijin China
· Pan Africa Ltd Kenya
· Cementhi Thailand
Operating Trend: Steady
Subject has a workforce of 40 employees.
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
7,330,000 JD
8,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Nidal Fayed Mohamed Sawaleh,
General Manager
·
Jordan National Bank
Jabal Amman Branch
PO Box: 1578
Amman 11118
Tel: (962-6)
5642391
Fax: (962-6)
5628809
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.