MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SEASONS FOR TRADE
& INVESTMENTS CO |
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Registered Office : |
Mecca Street, Umm
Summaq, P O Box 850992 & 1243, Amman 11115 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1958 |
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Legal Form : |
General Partnership |
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Line of Business : |
Importers and distributors
of heating systems and sanitary-ware products as well as manufacturers, on a
small scale, of polythene pipes. |
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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SEASONS FOR TRADE & INVESTMENTS CO
Country of Origin : Jordan
Legal Form : General Partnership
Start Date : 1958
Registration Date : 6th May 1997
Partners Capital : JD 30,000
Total Workforce : 15
Line of Business : Importers and distributors of heating systems and
sanitary-ware products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SEASONS FOR TRADE
& INVESTMENTS CO
ADDRESS
Registered & Physical Address
Street : Mecca Street
Area : Umm Summaq
PO Box : 850992 & 1243
Town : Amman 11115
Country : Jordan
Telephone : (962-6) 5531961 / 5512770
Facsimile : (962-6) 5531970
Premises
Subject operates
from a small suite of offices, a warehouse and a workshop that are rented and
located in the Suburban Business Area of Amman.
KEY PRINCIPALS
Name Position
·
Fouad
Mushahwar Managing
Partner
·
George
Mushahwar Partner
·
Hama Hamad Marketing
Manager
LEGAL FORM &
OWNERS
Date of Establishment : Subject’s
operations date back to 1958, however it was registered on 6th May
1997.
Legal Form :
Sharikat Al Tadhamun
(General Partnership)
Partners Capital : JD 30,000
Name of Partner (s)
·
Fouad
Mushahwar
·
George Mushahwar
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
AFFILIATED COMPANIES
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Mitri
Mushahwar & Sons
PO Box : 1243
Amman 11118
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Arab Technical
Group
Sweilleh Area
PO Box : 830450
Amman
Tel : (962-6) 813021
Fax : (962-6) 821124
·
Al Wathaba for
Investment
PO Box : 1243
Amman 11118
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Afamia
International Trading Est
Um Summaq Factory
North Marka Industrial Estate
PO Box : 363 & 925395
Amman
Tel : (962-6) 5512573 / 5826754
Fax : (962-6) 5826756
·
Farraj,
Mushahwar & Otqi Co
Amman
·
Otqi &
Khoury Co
Amman
·
Sari Otqi
& Partners Co
Amman
·
International
Interface Est
Amman
·
Al Maaden
Trading Est
Amman
LINE OF BUSINESS
Operations : Importers
and distributors of heating systems and sanitary-ware products as well as manufacturers,
on a small scale, of polythene pipes.
Import Countries
: Germany, Italy and
France.
Operating Trend
: Steady
Subject has a
workforce of 15 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Jordanian Dinars (JD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue JD 1,710,000 JD 1,765,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab Bank Plc
Shmeisani Branch
PO Box : 950544 & 950545
Amman
Tel : (962-6) 5660131 / 5607115
Fax : (962-6) 5606793 / 5606830
·
HSBC Middle
East
Khaled Bin Walid Street
Jebel Hussein
PO Box : 925286
Amman
Tel : (962-6) 5607471
Fax : (962-6) 5692964
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction August 1999
Credit amount 20,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Seasons For Trade
& Investments Co is well established in the local business community and
enjoys a good reputation for the quality of its products.
Local informants
consider the subject to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)