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Report No. : |
318430 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
FRIENDLY CHEMICAL INDUSTRIAL COMMERCIAL CO LLC |
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Registered Office : |
Building No. 10, Sahab Industrial Area, Al Raqeem Area, PO Box 10,
Amman 11511 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.12.2002 |
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Com. Reg. No.: |
7616 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of industrial paints and insulation
products. |
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No. of Employees : |
20 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 and resulting government
debt. King ABDALLAH during the 2000s implemented significant economic reforms,
such as opening the trade regime and privatizing state-owned companies, that
attracted foreign investment and contributed to average annual economic growth
of 8% for 2004 through 2008. The global economic slowdown and regional turmoil
in the past few years, however, have reduced the average annual growth rate to
2.6% for the 2010-2013 period and hurt export-oriented sectors, construction,
and tourism. Jordan's finances have 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 August 2012, to correct budgetary and balance of payments
imbalances, Jordan entered into a $2.1 billion, three year International
Monetary Fund Stand-By Arrangement. In 2014, fiscal reform measures enacted in
the previous few years continued to boost government revenues and reduced the
budget deficit as an influx of Syrian refugees put additional pressure on
expenditures.
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Source
: CIA |
Company Name :
FRIENDLY CHEMICAL INDUSTRIAL COMMERCIAL CO LLC
Country of Origin :
Jordan
Legal Form :
Limited Liability Company
Registration Date :
3rd December 2002
Commercial Registration Number :
7616, Amman
Chamber Membership Number :
14893
National ID Number :
200002375
Issued Capital :
JD 510,000
Paid up Capital :
JD 510,000
Total Workforce :
20
Activities :
Manufacturers of industrial paints and insulation products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Alaa Mabarah, Administration Executive
FRIENDLY CHEMICAL INDUSTRIAL COMMERCIAL CO LLC
Registered &
Physical Address
Building : Building No.
10
Area : Sahab
Industrial Area, Al Raqeem Area
PO Box : 10
Town : Amman 11511
Country : Jordan
Telephone : (962-6) 4051470
/ 4051410
Facsimile : (962-6)
4050048
Email : globalpaints@go.com.jo
/ globalpaints@sama.jo
Please note that the correct area of subject’s address is “Al Raqeem Area”
and not “Um Batma Area”.
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Amman.
Name Nationality Position
Samir Moosa Reda Al Najjar Iraqi Managing
Director
Ali Sadiq Hussain Iraqi Director
Zaid Mostafa Agha Iraqi Director
Ali Hassan Mohamed Ali Jordanian Director
Alaa Mabarah
- Administration
Executive
Date of Establishment : 3rd
December 2002
Legal Form : Limited Liability
Company
Commercial Reg. No. : 7616, Amman
Chamber Member No. : 14893
National ID No. : 200002375
Issued Capital : JD 510,000
Paid up Capital : JD 510,000
Name of Partners Percentage
Samir Moosa Reda Al Najjar 41.2%
Ali Sadiq Hussain 36.4%
Zaid Mostafa Agha 19.4%
Ali Hassan Mohamed Ali 3.0%
Activities: Engaged in the manufacture of industrial paints and insulation
products.
Import Countries: Europe, India and GCC countries.
International
Suppliers:
Jesan Chemical India
Sudershan Chemical India
Silvochem Netherlands
Brand Names: GLOBAL
Operating Trend: Steady
Subject has a workforce of 20 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales JD
2,550,000 JD
2,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Jordan Investment & Finance Bank
Shmeisani Branch
PO Box: 950601
Amman
Tel: (962-6) 5665145 / 5692470
Fax: (962-6) 5681410
No complaints regarding subject’s payments have been reported.
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 business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
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|
1 |
Rs.93.85 |
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Euro |
1 |
Rs.67.59 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.