MIRA INFORM REPORT

 

 

Report Date :

24.07.2007

 

IDENTIFICATION DETAILS

 

Name :

FARID IBRAHIM HASAN KHALIL & PARTNERS CO LTD

 

 

Registered Office :

Al Farid Building, Abdali, P O Box 922030, Amman 11192

 

 

Country :

Jordan

 

 

Date of Incorporation :

20th February 1997

 

 

Com. Reg. No.:

4786, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the operation of a department store, dealing in clothing, foodstuffs, household appliances, stationery and catering supplies.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : FARID IBRAHIM HASAN KHALIL & PARTNERS CO LTD

Doing Business As                                : AL FARID GENERAL SUPPLIES ESTABLISHMENT

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 20th February 1997

Commercial Registration Number            : 4786, Amman

Issued Capital                                        : JD 150,000

Paid up Capital                                      : JD 150,000

Total Workforce                                     : 75

Line of Business                                    : Operators of a department store.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

FARID IBRAHIM HASAN KHALIL & PARTNERS CO LTD

 

 

DOING BUSINESS AS

 

AL FARID GENERAL SUPPLIES ESTABLISHMENT

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Farid Building

Area                 : Abdali

PO Box             : 922030

Town                 : Amman 11192

Country             : Jordan

Telephone         : (962-6) 5698059 / 5693131

Facsimile          : (962-6) 5682108

Email                : al-farid@nets.com.jo

 

 

Premises

 

Subject operates from a medium sized suite of offices and a department store that are owned and located in the Central Business Area of Amman.

 

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Al Quds Street                                                                                  Office premises

     Al Muqablain Area

Amman

       Tel : (962-6) 4207265 / 4207268

       Fax : (962-6) 4200199

 

 

KEY PRINCIPALS

 

·       Farid Ibrahim Khalil                                                                            Managing Director

 

·       Nabil Farid Khalil                                                                               Director

 

·       Ibrahim Farid Khalil                                                                            Director

 

·       Mohamed Farid Khalil                                                                        Director

 

·       Khalid Farid Khalil                                                                             Director

 

·       Nawal Abed Yousef Al Masri                                                              Director

 

·       Hasan Mahmoud Abdel Salam                                                           Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th February 1997

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company)

 

Commercial Reg. No.  : 4786, Amman

 

Issued Capital              : JD 150,000

 

Paid up Capital            : JD 150,000

 

 

Name of Shareholder (s)          Percentage

 

·       Farid Ibrahim Khalil                                                                            50%

 

·       Nabil Farid Khalil                                                                               10%

 

·       Ibrahim Farid Khalil                                                                            10%

 

·       Mohamed Farid Khalil                                                                        10%

 

·       Khalid Farid Khalil                                                                             10%

 

·       Nawal Abed Yousef Al Masri                                                              10%

 

Note to the Legal Form

 

A Limited Liability Company is defined in the Company Law as a company incorporated with a minimum of two and maximum of fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the operation of a department store, dealing in clothing, foodstuffs, household appliances, stationery and catering supplies.

 

Import Countries : Italy, France, Spain and Germany.

 

Subject has a workforce of 75 employees.

 

 

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Jordan are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Jordan Islamic Bank

Shmeisani Branch

PO Box : 926225

Amman 11195

Tel : (962-6) 5677377

Fax : (962-6) 5666326

 

·       Arab Bank Plc

Shmeisani Branch

PO Box : 950545 & 950544

Amman 11195

Tel : (962-6) 5607231 / 5607115

Fax : (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1997, subject is involved in the operation of a department store, dealing in clothing, foodstuffs, household appliances, stationery and catering supplies.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

 

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

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions