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Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
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Name : |
INDO JORDAN CHEMICAL COMPANY LTD (IJC) |
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Registered Office : |
Dabbas Complex, Building No. 15, 3rd Floor, Abdullah Ibn
Rawah Street, Al Rabieh
Habibeh Circle, Shadieyeh Maan Industrial Area, P O Box: 17028, Amman 11195 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
02.04.1992 |
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Com. Reg. No.: |
2750 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and Export of Phosphoric Acid and
Sulphuric Acid. |
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No. of Employees : |
380 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Jordan |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : INDO JORDAN CHEMICAL COMPANY LTD
(IJC)
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 2nd
April 1992
Commercial
Registration Number : 2750
Chamber Membership
Number : 7022
Issued Capital : JD
44,401,000
Paid up Capital : JD
44,401,000
Total Workforce : 380
Activities :
Manufacture and export of phosphoric acid and
sulphuric acid
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ibrahim Al
Rawasheda, Managing Director
INDO JORDAN
CHEMICAL COMPANY LTD (IJC)
Building : Dabbas Complex, Building No. 15, 3rd
Floor
Street : Abdullah Ibn
Rawah Street
Area : Al Rabieh Habibeh Circle,
Shadieyeh Maan Industrial Area
PO Box : 17028
Town : Amman 11195
Country : Jordan
Telephone : (962-6) 5512872 / 5512873 / 5537218 /
5537214 / 5512874
Facsimile : (962-6) 5512871 / 5537219
Mobile : (962-79) 8673771
Email : ijcamman@go.com.jo / ijcshdya@go.com.jo / mdoffice@ijcltd.com
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Amman.
Branch Office
(s)
Location Description
·
PO Box:
254 Owned
factory premises
Maan
Tel: (962-3) 2132798
Fax: (962-3) 2132820
Name Position
·
Ibrahim
Al Rawasheda Managing
Director
·
Ganesh
Puar Finance
Manager
·
Avisnash Peshwe Plant
Manager
·
Anil Balan Administration
Executive
Date of Establishment : 2nd
April 1992
Legal Form :
Limited Liability Company
Commercial
Reg. No. : 2750
Chamber Member No. : 7022
National ID No. : 2000083833
Issued Capital : JD 44,401,000
Paid up Capital : JD 44,401,000
·
Southern Petrochemicals Industries Co
52.2%
India
·
Jordan Phosphate Mines Co 34.8%
Jordan
·
The Arab Investment Co 13.0%
Saudi Arabia
Activities: Engaged in the
manufacture and export of phosphoric acid and sulphuric acid.
Production
Capacity: 224,000 metric tonnes per annum of phosphoric
acid
660,000
metric tonnes per annum of sulphuric acid
Import
Countries: Norway, France,
India and Saudi Arabia
International Suppliers:
·
Saudi
Aramco Saudi Arabia
Export
Countries: India
Operating Trend: Steady
Subject has a workforce
of approximately 380 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$ 128,625,000 US$ 135,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ibrahim Al Rawasheda, Managing Director
·
Standard
Chartered Grindlays Bank
Shmeisani Branch
PO Box: 9997
Amman
Tel: (962-6) 4660201
Fax: (962-6) 4679115
Acc No. 408123
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000 615,000
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros Euros
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.61.75 |
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|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.