MIRA INFORM REPORT

 

 

Report Date :

7th March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

MUSTAFA SHARABATI AND BROTHERS COMPANY

 

 

Registered Office :

Prince Nayef Street, Zarqa Area, PO Box: 150917, Zarqa 13110, Jordan

 

 

Country :

Jordan

 

 

Date of Incorporation :

30.03.1986

 

 

Com. Reg. No.:

16823, Zarqa

 

 

Legal Form :

Sharikat Al Tadhamun (General Partnership)

 

 

Line of Business :

Engaged in the wholesale and retail of domestic and industrial electrical appliances

 

 

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 :

GBP 100,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

 

 

 

SUMMARY

 

 

Company Name

MUSTAFA SHARABATI AND BROTHERS COMPANY

Also Known As

GOLDEN ARROW ELECTRICITY

Country of Origin

Jordan

Legal Form

General Partnership

Registration Date

30th March 1986

Commercial Registration Number

16823, Zarqa

Partners Capital

JD 10,000

Total Workforce

28

Line of Business

Wholesalers and retailers of domestic and industrial electrical appliances.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

 

COMPANY NAME

 

MUSTAFA SHARABATI AND BROTHERS COMPANY

 

 

ALSO KNOWN AS

 

GOLDEN ARROW ELECTRICITY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Prince Nayef Street

Area                 : Zarqa Area

PO Box             : 150917

Town                 : Zarqa 13110

Country             : Jordan

Telephone         : (962-5) 3992002

Facsimile          : (962-5) 3984077

 

 

Premises

 

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

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Al Wihdat                                                                             Warehouse premises

Madaba Street

Amman

       Tel : (962-6) 4765261

       Fax : (962-6) 4765261

 

·       Zarqa                                                                                   Office premises

Tel : (962-5) 3650770

       Fax : (962-5) 3653266

 

·       Mahatta                                                                                Office premises

     Amman

 

 

KEY PRINCIPALS

 

·       Mustafa Mohamed Sharabati                                                  Managing Partner

 

·       Nabil Mohamed Sharabati                                                      Partner

 

·       Barakat Mohamed Sharabati                                                  Partner

 

·       Zeyad Mohamed Sharabati                                                     Partner

 

·       Munther Mohamed Sharabati                                                  Partner

 

·       Mohamed Sharabati                                                              Warehouse Manager

 

·       Zeyad Mohamed Judeh                                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th March 1986

 

Legal Form                  : Sharikat Al Tadhamun (General Partnership)

 

Commercial Reg. No.  : 16823, Zarqa

 

Partners Capital           : JD 10,000

 

 

Name of Partner (s)    Percentage

 

·       Mustafa Mohamed Sharabati                                                              11%

 

·       Nabil Mohamed Sharabati                                                                  11%

 

·       Barakat Mohamed Sharabati                                                              11%

 

·       Zeyad Mohamed Sharabati                                                                 11%

 

·       Munther Mohamed Sharabati                                                              11%

 

·       Unnamed members of Sharabati Family                                              45%

 

Note to the Legal Form  

A General Partnership in Jordan may be formed by a minimum of two and a maximum of twenty natural persons. The partners assume unlimited personal liability for the debt of the partnership jointly and severally amongst themselves. Creditors may claim the debts from either the company as a separate legal entity or from the general partners. Each partner is entitled to take part in the management of the partnership, although the partnership agreement normally provides for its authorised representative and signatory.

 

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

 

·       Amman Electric Industries

     Amman

 

·       Faisal Sharabati and Partner Company

     Zarqa

    

 

LINE OF BUSINESS

 

Operations : Engaged in the wholesale and retail of domestic and industrial electrical appliances.

 

Import Countries : Europe, China and the United States of America.

 

Agencies Held :

 

·       ELT                          Spain

·       Westenghouse          United States of America

·       Cabelco                    Jordan

·       Schneider                 Germany

·       Footina                     China

·       Still                          Tunisia

 

Operating Trend : Steady

 

Subject has a workforce of 28 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 3,542,400                             JD 3,684,100

 

Total Assets                              JD 1,416,830                             JD 1,416,830

 

Stock                                        JD    566,732                             JD    602,153

 

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

 

 

BANKERS

 

·       Arab Bank Plc

King Hussein Street

PO Box : 145

Zarqa

Tel : (962-5) 3983381

Fax : (962-5) 3994522

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1986, subject is involved in the wholesale and retail of domestic and industrial electrical appliances.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

Maximum suggested credit figure: GBP 100,000

 

 

 

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