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Report No. : |
356170 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ELECTRICITY DISTRIBUTION COMPANY (EDCO) |
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Registered Office : |
Wasfi Al Tal Street, Khalda, 830878, Amman 11183 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.02.1998 |
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Legal Form : |
Closed
Shareholding Company |
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Line of Business : |
Subject engaged in the distribution of electricity. |
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No. of Employee : |
1,600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 first decade of the 2000s, implemented significant economic reforms, such as opening up foreign trade 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 since, however, 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. To diversify its energy mix, Jordan is currently exploring nuclear power generation, exploitation of abundant oil shale reserves and renewable technologies, as well as the import of Israeli offshore gas. 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 even as an influx of over 620,000 Syrian refugees since 2011 put additional pressure on expenditures
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Source
: CIA |
Company Name :
ELECTRICITY DISTRIBUTION COMPANY (EDCO)
Country of Origin : Jordan
Legal Form : Closed Shareholding Company
Registration Date : 12th February 1998
Commercial Registration Number : 335, Amman
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
Total Workforce : 1,600
Activities : Distributors of electricity
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ELECTRICITY DISTRIBUTION COMPANY
(EDCO)
Street : Wasfi Al Tal
Street
Area : Khalda
PO Box : 830878
Town : Amman 11183
Country : Jordan
Telephone : (962-6) 5331330
Facsimile : (962-6)
5341213
Mobile : (962-79)
7497496 / 5922225
Email : info@edco.jo
Subject operates from a large suite of offices that are owned and located
in the Central Business Area of Amman.
Name Position
· Sameer Murad Chairman
· Dr Adnan Mohamed Al Hassan Vice Chairman
· Hassan Ahmed
Salamah Zeinabat General
Manager
· Feras Kumrugi Financial
Manager
· Ibrahim Al Dabbas Accounts
Manager
Date of
Establishment : 12th
February 1998
History : Subject changed
ownership on 2nd July 2008
Legal Form : Closed
Shareholding Company
Commercial Reg.
No. : 335, Amman
Issued Capital : JD 10,000,000
Paid up Capital : JD 10,000,000
· Kingdom
Electricity Co 100%
Amman
Jordan
Activities: Engaged in the distribution of electricity.
Concession area that includes
the Karak, Tafileh, Maan, and Aqaba governorates in the southern province of
Jordan, the Jordan Valley, and the entire eastern region of the Kingdom
extending to the Iraqi borders.
Operating Trend: Steady
Subject has a workforce of approximately 1,600 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year
Ending 31/12/14:
Net Profit JD
19,300,000
Total Assets JD
523,700,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Jordan National Bank
PO Box: 1578
Amman
Tel: (962-6)
4612391
·
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6)
5607231 / 5607115
Fax: (962-6)
5606793 / 5606830
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.20 |
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|
1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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JOD |
1 |
Rs.93.11 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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TRI |
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Report Prepared
by : |
TRU |
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.