|
Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL NAHDAH SOCKS FACTORY |
|
|
Registered Office : |
Al Mahtta Street PO Box 92145 |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
23.01.1975 |
|
|
|
|
|
|
Com. Reg. No.: |
3368, Amman |
|
|
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
|
|
Line of Business : |
Manufacturers of socks |
|
|
|
|
|
|
No. of Employees : |
55 |
|
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
JORDAN - ECONOMIC OVERVIEW
Jordan's economy is among the
smallest in the Middle East, with insufficient supplies of water, oil, and other
natural resources, underlying the government''s heavy reliance on foreign
assistance. Other economic challenges for the government include chronic high
rates of poverty, unemployment, inflation, and a large budget deficit. Since
assuming the throne in 1999, King ABDALLAH has implemented significant economic
reforms, such as opening the trade regime, privatizing state-owned companies,
and eliminating some fuel subsidies, which in the last decade spurred economic
growth by attracting foreign investment and creating some jobs. The global
economic slowdown and regional turmoil, however, have depressed Jordan''s GDP
growth, impacting export-oriented sectors, construction, and tourism. In 2011
the government approved two economic relief packages and a budgetary
supplement, largely to improve the living conditions for the middle and poor
classes. Jordan''s finances have also been strained by a series of natural gas
pipeline attacks in Egypt, causing Jordan to substitute more expensive heavy
fuel oils to generate electricity. An influx of foreign aid, especially from
Gulf countries, has helped to somewhat offset these extrabudgetary
expenditures, but the budget deficit is likely to remain high, at nearly 10% of
GDP excluding grants. Amman likely will continue to depend heavily on foreign
assistance to finance the deficit in 2012. Jordan''s financial sector has been
relatively isolated from the international financial crisis because of its
limited exposure to overseas capital markets. Jordan is currently exploring
nuclear power generation to forestall energy shortfalls.
Source : CIA
Company Name : AL NAHDAH SOCKS FACTORY
Country of Origin : Jordan
Legal Form : Limited Liability Partnership
Registration Date : 23rd January 1975
Commercial Registration Number : 3368, Amman
Chamber Membership Number : 27
National ID Number : 2000026313
Issued Capital : JD 40,000
Paid up Capital : JD 40,000
Total Workforce : 55
Activities : Manufacturers of socks
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL NAHDAH SOCKS FACTORY
Location : Al Mahtta
Street
PO Box : 92145
Town : Amman 11192
Country : Jordan
Telephone : (962-6) 5530336
/ 4889064
Facsimile : (962-6)
4611809
Mobile : (962-79)
5530336
Email : nahdasocks@hotmail.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Amman.
Name Position
· Hassan Mohamed
Nahed Abdul Rahman Managing
Partner
· Mohamed Nahed
Abdul Rahman Partner
· Essam Mohamed Ayad Partner
· Hisham Mohamed
Ayad Partner
Date of
Establishment : 23rd
January 1975
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 3368, Amman
Chamber Member No. : 27
National ID No. :
2000026313
Issued Capital : JD 40,000
Paid up Capital : JD 40,000
· Hassan Mohamed
Nahed Abdul Rahman
· Mohamed Nahed
Abdul Rahman
· Essam Mohamed Ayad
· Hisham Mohamed
Ayad
Activities: Engaged in the manufacture of socks for ladies and gentlemen.
Import Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce of 55 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales JD
1,880,000 JD
1,950,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
HSBC Bank Middle East
Khalid Bin Walid Street
Jebel Hussein
PO Box: 925286
Amman
Tel: (962-6)
5660471 / 5607471
Fax: (962-6)
5692964
No complaints regarding subject’s payments have been reported.
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear and the above credit figure is considered
to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.78 |
|
|
1 |
Rs.86.77 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.