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Report No. : |
330203 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
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Name : |
IVORY GARMENTS
FACTORY LLC |
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Registered Office : |
Al Tajamouat Industrial City, Plot No. 1326, Qualified Industrial Zone, P O Box: 32, Amman 11636 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
24.07.2002 |
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Com. Reg. No.: |
7420, Amman |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Manufacture and
Weaving of Cloth. |
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No. of Employees : |
1,600 |
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 – March 31, 2015
|
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 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 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 :
IVORY GARMENTS FACTORY LLC
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 24th
July 2002
Commercial
Registration Number : 7420,
Amman
Chamber Membership
Number : 14685
National ID Number : 200021608
Issued Capital : JD
500,000
Paid up Capital : JD
500,000
Total Workforce :
1,600
Activities :
Manufacture and weaving of cloth
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abid Mahmoud, Finance Manager
IVORY GARMENTS
FACTORY LLC
Location : Al Tajamouat Industrial City, Plot
No. 1326
Area : Qualified Industrial Zone
PO Box : 32
Town : Amman 11636
Country : Jordan
Telephone : (962-6) 4024801 / 4024802 / 4024803 /
4024804
Facsimile : (962-6) 4024805
Email : info@ivory.com.jo
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Amman.
Name Nationality Position
·
Rajesh
Kumar Sachdeva Indian Managing
Director
·
Manni
Sachdeva Indian Director
·
Abid Mahmoud - Finance
Manager
·
Naveen Sarin - Merchandising
Manager
·
Ganesh Kumar - Shipping
Manager
Date of Establishment : 24th
July 2002
Legal Form :
Limited Liability Company
Commercial Reg. No. : 7420, Amman
Chamber Member No. : 14685
National ID No. :
200021608
Issued Capital : JD 500,000
Paid up Capital : JD 500,000
·
Rajesh
Kumar Sachdeva 80%
·
Manni
Sachdeva 20%
Activities: Engaged in the manufacture and weaving of
cloth.
Import
Countries: Europe and the
Far East.
International Suppliers:
·
Bentex International HK Ltd Hong Kong
·
Bentex International Ltd China
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 31/12/13: Year Ending
31/12/14:
Total Sales JD 14,620,000 JD 16,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Abid Mahmoud,
Finance Manager
·
Cairo
Amman Bank
Shabsough Street
PO Box: 715
Amman
Tel: (962-6) 5639321 / 5623100 / 5623109
Fax: (962-6) 5639328
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 company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
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|
1 |
Rs.98.94 |
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Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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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.