MIRA INFORM REPORT

 

 

Report Date :

10.09.2014

 

IDENTIFICATION DETAILS

 

Name :

HALAWANI INDUSTRIAL COMPANY (HIC)

 

 

Registered Office :

Al Mostandah Al Abdaliya Area, PO Box 215, Amman 11511

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.06.1981

 

 

Com. Reg. No.:

10072

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the manufacture of confectionery products, potato chips, corn chips and similar snacks.

 

 

No of Employees :

180

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

 

 

SUMMARY

 

Company Name                                     : HALAWANI INDUSTRIAL COMPANY (HIC)

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 17th June 1981

Commercial Registration Number            : 10072

Chamber Membership Number                : 742

National ID Number                                : 200000523

Issued Capital                                        : JD 1,000,000

Paid up Capital                                      : JD 1,000,000

Total Workforce                                     : 180

Activities                                               : Manufacture of confectionery products, potato chips, corn chips and similar snacks.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Fatima Al Mugrabi, Finance Manager

 

 

 

COMPANY NAME

 

HALAWANI INDUSTRIAL COMPANY (HIC)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Mostandah Al Abdaliya Area

PO Box             : 215

Town                 : Amman 11511

Country             : Jordan

Telephone         : (962-6) 4021789 / 4021787 / 4027085 / 4024198

Facsimile          : (962-6) 4024198 / 4021789

Mobile               : (962-79) 5523244 / 5550685

Email                : info@hic.jo

 

Premises

 

Subject operates from a suite of offices, a factory and a warehouse covering an area of 40,000 square metres that are owned and located in the Industrial Area of Amman.

 

Branch Office (s)

 

Location                                                                                  Description

 

Al Abdali Area                                                                           Rented sales office

Amman 11531

Tel: (962-6) 4024171

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Abdul Kareem Mohamed Abdul Wahab Al Halawani                                  Managing Partner

 

Ashraf Abdul Kareem Mohamed Abdul Wahab Al Halawani                        General Manager

 

Othman Abdul Kareem Mohamed Abdul Wahab Al Halawani                     Commercial Manager

 

Fatima Al Mugrabi                                                                                  Finance Manager

 

Ahmad Al Qannas                                                                                  Plant Manager

 

Taghreed Bakr                                                                                       Administration Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment              : 17th June 1981

 

Legal Form                              : Limited Liability Partnership

 

Commercial Reg. No.              : 10072

 

Chamber Member No.             : 742

 

National ID No.                        : 200000523

 

Issued Capital                          : JD 1,000,000

 

Paid up Capital                        : JD 1,000,000

 

Name of Partners                                                                     Percentage

 

Abdul Kareem Mohamed Abdul Wahab Al Halawani                         99.66%

 

Mrs Ghada Adnan Haikal *                                                               0.34%

 

*Mrs Ghada Adnan Haikal is the wife of Abdul Kareem Mohamed Abdul Wahab Al Halawani

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of confectionery products, potato chips, corn chips and similar snacks.

 

Import Countries: Italy, Netherlands, United Kingdom, United States of America, Saudi Arabia, Lebanon, Syria, Egypt, France, India and Sudan.

 

International Suppliers:

 

Continental Products Int'l                                                Netherlands

Codrico                                                                         Netherlands

Kerry Ltd                                                                       United Kingdom

Savoury Flavours Ltd                                                      United Kingdom

Saudi Modern Packaging Co. Ltd                                    Saudi Arabia

LEHA For Trading & Agricultural Marketing                       Saudi Arabia

Quest International                                                         Egypt

Lima Grains                                                                   France

Vijay Enterprises                                                           India

 

Export Countries: Yemen, Palestine, Iraq and GCC countries.

 

Brand Names: MY CHIPS, NICE and HALAWANI CHIPS

 

Operating Trend: Steady

 

Subject has a workforce of approximately 180 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 18,280,000                           JD 19,000,000

 

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

 

The above figures were provided by Ms Fatima Al Mugrabi, Finance Manager

 

 

BANKERS

 

Arab Banking Corporation

Shmeisani

Amman

Tel: (962-6) 5664183/5

Fax: (962-6) 5686291

 

The Housing Bank For Trade & Finance

Sahab Branch

Tel: (962-6) 4021189 / 4023074

Fax: (962-6) 4023811

 

Arab Bank Plc

Wasfi Tal Street

Amman

Tel: (962-6) 5535922

Fax: (962-6) 5536923

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.43

UK Pound

1

Rs.97.25

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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.