MIRA INFORM REPORT

 

 

Report Date :

10.05.2007

 

IDENTIFICATION DETAILS

 

Name :

SALAH OBAID AND SONS COMPANY

 

 

Registered Office :

Petra Street, P O Box 1113, Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

12th May 1996

 

 

Com. Reg. No.:

49554, Amman

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the wholesale and retail of textiles and fabrics.

 

 

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$ 10,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : SALAH OBAID AND SONS COMPANY

Country of Origin                                    : Jordan

Legal Form                                            : General Partnership

Registration Date                                   : 12th May 1996

Commercial Registration Number            : 49554, Amman

Partners Capital                                     : JD 5,000

Total Workforce                                     : 3

Line of Business                                    : Wholesalers and retailers of textiles and fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

SALAH OBAID AND SONS COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Petra Street

PO Box             : 1113

Town                 : Amman 11118

Country             : Jordan

Telephone         : (962-6) 4648277

Facsimile          : (962-6) 4648277

 

 

Premises

 

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

 

 

KEY PRINCIPALS

 

·       Salah Abdel Hameed Ahmed Obaid                                                    Managing Partner

 

·       Wisal Saleh Mohamed Ali Al Baghdadi                                               Partner

 

·       Abdel Hameed Salah Abdel Hameed Obaid                                         Partner

 

·       Bilal Salah Abdel Hameed Obaid                                                        Partner

 

·       Hassan Salah Abdel Hameed Obaid                                                   Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th May 1996

 

Legal Form                  : Sharikat Al Tadhamun (General Partnership)

 

Commercial Reg. No.  : 49554, Amman

 

Partners Capital           : JD 5,000

 

Name of Partner (s)

 

·       Salah Abdel Hameed Ahmed Obaid

 

·       Wisal Saleh Mohamed Ali Al Baghdadi

 

·       Abdel Hameed Salah Abdel Hameed Obaid

 

·       Bilal Salah Abdel Hameed Obaid

 

·       Hassan Salah Abdel Hameed Obaid

 

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.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the wholesale and retail of textiles and fabrics.

 

Import Countries : China, India, Taiwan and South Korea.

 

Operating Trend : Steady

 

Subject has a workforce of 3 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 21,234                                  JD 22,649

 

Total Assets                              JD 35,400                                  JD 35,400

 

Stock                                        JD 10,620                                  JD 10,620

 

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

 

 

BANKERS

 

·       Jordan Islamic Bank

Shmeisani Branch

PO Box : 926225

Amman 11195

Tel : (962-6) 5677377

Fax : (962-6) 5666326

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Established in 1996, subject is involved in the wholesale and retail of textiles and fabrics.

 

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.

 

Maximum suggested credit figure: US$ 10,000

 

 

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