MIRA INFORM REPORT

 

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED ALI DARWAZAH AND CO

 

 

Registered Office :

Souk Al Sukar, Al Balad Area, P O Box 36, Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

05.09.1952

 

 

Com. Reg. No.:

2184

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of foodstuffs and groceries including peeled vegetables.

 

 

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$ 175,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

SUMMARY

 

Company Name                         : MOHAMED ALI DARWAZAH AND CO

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 5th September 1952

Commercial Registration Number            : 2184, Amman

Issued Capital                                        : JD 39,000

Paid up Capital                                      : JD 39,000

Total Workforce                                     : 12

Line of Business                                    : Distributors of foodstuffs and groceries.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

MOHAMED ALI DARWAZAH AND CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Souk Al Sukar

Area                 : Al Balad Area

PO Box             : 36

Town                 : Amman 11118

Country             : Jordan

Telephone         : (962-6) 4625699 / 4622177 / 4622188

Facsimile          : (962-6) 4633062

Email                : darwazah@go.com.jo

 

 

Premises

 

Subject operates from a small suite of offices, a showroom and a warehouse that are rented and located in the Central Business Area of Amman.

 

 

KEY PRINCIPALS

 

·         Mujahed Mohamed Ali Darwazah                                           Managing Partner

 

·         Amar Mujahed Mohamed Ali Darwazah                                  Partner

 

·         Hamza Atta                                                                         Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 5th September 1952

 

Legal Form                  : Sharikat Tadhamum Bill Asshum (Limited Liability Partnership)

 

Commercial Reg. No.  : 2184, Amman

 

Issued Capital              : JD 39,000

 

Paid up Capital            : JD 39,000

 

 

Name of Partner (s)

 

·         Mujahed Mohamed Ali Darwazah

 

·         Amar Mujahed Mohamed Ali Darwazah

 

Note to the Legal Form

 

A Limited Liability Partnership in Jordan is formed by at least one general partner and one limited partner. The total number of partners must not exceed twenty. The general partners assume unlimited personal liability for the debt of the partnership jointly and severally amongst themselves. The liability of the limited partners for the debt of the partnership is limited to their contributions to the capital of the partnership.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of foodstuffs and groceries including peeled vegetables for the catering industry.

 

Import Countries : France, Belgium and GCC countries.

 

International Suppliers:

 

·       Ashbal Cheese                     France

·       Tanya                                   Belgium

 

Operating Trend : Steady

 

Subject has a workforce of 12 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 890,000                                JD 940,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Arab Bank Plc

King Faisal Street

PO Box : 68

Amman

Tel : (962-6) 4638161

     Fax : (962-6) 5637082

 

·       HSBC Bank Middle East

Khalid Bin Walid Street

Jebel Hussein

PO Box : 925286

Amman

Tel : (962-6) 5660471 / 5607471

Fax : (962-6) 5692964

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1952, subject is owned and managed by members of the Darwazah family who are well respected in the local business community.

 

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 business is considered to be a fair trade risk.

 

Maximum suggested credit figure: US$ 175,000

 

 

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