MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

JORDAN CARBONATE CO

 

 

Registered Office :

15 Abdulwehab - Majali Street, Shmeisani Area, 1059 Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

07.11.2004

 

 

Com. Reg. No.:

66

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of calcium carbonate for industrial usage.

 

 

No. of Employees :

200

 

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

SUMMARY

 

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

 

 

 

COMPANY NAME

 

JORDAN CARBONATE CO

 

 

ADDRESS

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                                 Position

 

·       Ayman Abdul Kareem Hatahet                       Jordanian                                  Chairman

 

·       Feras Ghussain                                                    -                                       Commercial Manager

 

·       Thafel Sakkigha                                                    -                                       Financial Manager

 

 

LEGAL FORM & OWNERS

 

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)                                                 Z    Percentage

 

·       Omya AG                                                                             50%

Switzerland

 

·       Raya Investment Ltd                                                              25%

United Kingdom

 

·       Ayman Abdul Kareem Hatahet                                               25%

 

 

AFFILIATED COMPANIES

 

·       Syrian Carbonate Co

Syria

 

·       Saudi Carbonate Co

Saudi Arabia

 

·       Egyptian Jordan Carbonate Co

Egypt

 

 

OPERATIONS

 

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 DATA

 

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.

 

 

BANKERS

 

·       Arab Bank Plc

Amman

Jordan

Tel: (962-6) 4638161

Fax: (962-6) 4637082

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.80

UK Pound

1

Rs.100.06

Euro

1

Rs.78.46

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PDT

 

               

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.