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Report No. : |
344602 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
INDO JORDAN
CHEMICAL COMPANY LTD (IJC) |
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|
|
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Registered Office : |
Dabbas Complex, Building No. 15, 3rd Floor Abdullah Ibn Rawah Street Al Rabieh Habibeh Circle, Shadieyeh Maan Industrial Area 17028 Amman 11195 |
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Country : |
Jordan |
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Date of Incorporation : |
02.04.1992 |
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Com. Reg. No.: |
2750 |
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|
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Legal Form : |
Limited Liability
Company |
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LINE OF BUSINESS : |
SUBJECT
IS ENGAGED IN THE MANUFACTURE AND EXPORT OF PHOSPHORIC ACID AND
SULPHURIC ACID. |
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No. of Employee : |
380 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 and resulting government debt. King ABDALLAH, during the first decade of the 2000s, implemented significant economic reforms, such as opening up foreignTRADE 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 MonetaryFUND 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.
|
Source
: CIA |
Company Name : INDO JORDAN
CHEMICAL COMPANY LTD (IJC)
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 2nd
April 1992
Commercial
Registration Number : 2750
Chamber Membership
Number : 7022
Issued Capital : JD
44,401,000
Paid up Capital : JD
44,401,000
Total Workforce : 380
Activities :
Manufacture and export of phosphoric acid and
sulphuric acid
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ibrahim Al
Rawasheda, Managing Director
INDO JORDAN
CHEMICAL COMPANY LTD (IJC)
Building : Dabbas Complex, Building No. 15, 3rd
Floor
Street : Abdullah Ibn
Rawah Street
Area : Al Rabieh Habibeh Circle,
Shadieyeh Maan Industrial Area
PO Box : 17028
Town : Amman 11195
Country : Jordan
Telephone : (962-6) 5512872 / 5512873 / 5537218 /
5537214 / 5512874
Facsimile : (962-6) 5512871 / 5537219
Mobile : (962-79) 8673771
Email : ijcamman@go.com.jo / ijcshdya@go.com.jo / mdoffice@ijcltd.com / purchase@ijcltd.com
Subject operates
from a large suite of offices that are rented and located in the Industrial
Area of Amman.
Branch Office
(s)
Location Description
·
PO Box:
254 Owned
factory premises
Maan
Tel: (962-3) 2132798
Fax: (962-3) 2132820 / 2132829
Name Position
·
Ibrahim
Al Rawasheda Managing
Director
·
Ganesh
Puar Finance
Manager
·
Avisnash Peshwe Plant
Manager
·
Anil Balan Administration
Executive
Date of Establishment : 2nd
April 1992
Legal Form :
Limited Liability Company
Commercial
Reg. No. : 2750
Chamber Member No. : 7022
National ID No. : 2000083833
Issued Capital : JD 44,401,000
Paid up Capital : JD 44,401,000
·
Southern Petrochemicals Industries Co 52.2%
India
·
Jordan Phosphate Mines Co 34.8%
Jordan
·
The Arab Investment Co 13.0%
Saudi Arabia
Activities: Engaged in the
manufacture and export of phosphoric acid and sulphuric acid.
Production
Capacity: 224,000 metric tonnes per annum of
phosphoric acid
660,000
metric tonnes per annum of sulphuric acid
Import
Countries: Norway, France,
India and Saudi Arabia
International Suppliers:
·
Saudi Aramco Saudi Arabia
Export
Countries: India
Operating Trend: Steady
Subject has a
workforce of approximately 380 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 135,000,000 US$ 141,300,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ibrahim Al Rawasheda, Managing Director
·
Standard
Chartered Grindlays Bank
Shmeisani Branch
PO Box: 9997
Amman
Tel: (962-6) 4660201
Fax: (962-6) 4679115
Acc No. 408123
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.02 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
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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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.