MIRA INFORM REPORT
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Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
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Name : |
AL THIKAH EST FOR
INDUSTRIAL PROJECTS |
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Registered Office : |
Madaba
Street Wehdat,
183629 Amman, Jordan |
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Date of Incorporation : |
1978 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Importers and distributors
of industrial equipment and tools. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$
150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL THIKAH EST FOR INDUSTRIAL PROJECTS |
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Country of Origin |
Jordan |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1978 |
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Invested Capital |
JD 10,000 |
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Total Workforce |
8 |
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Line of Business |
Import and distribution of industrial equipment and tools. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL THIKAH EST FOR
INDUSTRIAL PROJECTS
ADDRESS
Registered &
Physical Address
Street : Madaba Street
Area : Wehdat
PO Box : 183629
Town : Amman
Country : Jordan
Telephone : (962-6) 4771796
Facsimile : (962-6) 4784328
Premises
Subject operates
from a small suite of offices, a warehouse and a showroom that are rented and
located in the Central Business Area of Amman.
KEY PRINCIPALS
Abid Abu Omar Proprietor
Mahmoud Abu Omar General
Manager
Ashraf Saeed Accounts
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1978
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested Capital
: JD 10,000
Mr Abid Abu Omar is
the sole proprietor of the business.
Note to the
Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
industrial equipment and tools.
Import Countries
: Italy and Bulgaria
International
Suppliers :
Sifes Italy
Spary Gun Systems Italy
Sparkee Power Tools Bulgaria
Operating Trend
: Steady
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Jordanian Dinars (JD)
Year
Ending 31/12/04: Year Ending
31/12/05:
Total Revenue JD 860,000 JD 915,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
Arab Bank Plc
Shmeisani Branch
PO Box : 950545
& 950544
Amman 11195
Tel : (962-6) 5607231
/ 5607115
Fax : (962-6)
5606793 / 5606830
Email : secretariat@arabbank.com.jo
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 15,000,000
Al Thikah Est For
Industrial Projects is well known in the local business community and is
engaged in the import and distribution of industrial equipment and tools.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent given the magnitude of the transaction.
Maximum suggested
credit figure: US$ 150,000
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |