MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
VERSEIDAG INDUTEX
GMBH |
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Registered Office : |
Al Baddad Holding
Building, 1st Floor, Office No. 101/103, Al Madina Al Munawara Street,
P O Box 1909, Amman 11941 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
1169, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
manufacture of coated materials, tarpaulins and PVC membranes. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : VERSEIDAG INDUTEX GMBH
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 2001
Commercial Registration Number : 1169, Amman
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
Total Workforce : 35
Line of Business : Manufacturers of coated materials, tarpaulins and PVC membranes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
VERSEIDAG INDUTEX
GMBH
ADDRESS
Registered & Physical Address
Building : Al Baddad Holding Building, 1st
Floor, Office No. 101/103
Street : Al Madina Al Munawara Street
PO Box : 1909
Town : Amman 11941
Country : Jordan
Telephone : (962-6) 5155981
Facsimile : (962-6) 5155982
Email : alaa.aqrabawi@wanadoo.jo
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Amman.
KEY PRINCIPALS
·
Mukhles Odeh General
Manager
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Alaa Aqrabawi Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2001
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (Limited
Liability Company)
Commercial Reg. No. : 1169, Amman
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
Name of Shareholder (s)
Percentage
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Verseidag
Industex GmbH 100%
Industriestrasse 56
47803 Krefeld
Germany
Tel : (49-2151) 8760
Fax : (49-2151) 876392
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 manufacture of coated
materials, tarpaulins and PVC membranes.
Import Countries
: Germany
Operating Trend
: Steady
Subject has a
workforce of 35 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 2,950,000 JD
3,368,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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
2001, subject is involved in the manufacture of coated materials, tarpaulins
and PVC membranes.
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 and the above credit figure is deemed to be
within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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. |
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%)