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Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
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Name : |
EUROGULF MINERALS AND METALS LTD |
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Registered Office : |
Abboud Trading Centre, Office No. |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.04.2007 |
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Com. Reg. No.: |
575, Amman |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of hydraulic machinery, ferrous and non-ferrous metals, Scrap plastic and rubber. |
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No. of Employees : |
15 |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Jordan |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : EUROGULF MINERALS AND METALS LTD
Country of Origin : Jordan
Legal Form : Limited Liability Partnership
Registration Date : 9th April 2007
Commercial Registration Number : 575, Amman
National ID Number : 20004278
Issued Capital : JD 50,000
Paid up Capital : JD 50,000
Total Workforce : 15
Activities : Distributors of hydraulic machinery, ferrous and non-ferrous metals, scrap plastic and rubber.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EUROGULF MINERALS AND METALS LTD
Building : Abboud
Trading Centre, Office No. 103
Street : Wasfi Al Tal
Street
PO Box : 2659
Town : Amman 11953
Country : Jordan
Telephone : (962-6) 5532932
Facsimile : (962-6)
5522941
Mobile : (962-79)
5329585
Email : info@eurogulfmetal.com
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Amman.
Name Position
· Fadi Mohamed
Abboud Managing
Partner
· Mohamed Moosa
Abboud Partner
· Amal Mohamed Mousa
Abboud Partner
· Nansy Mohamed
Mousa Abboud Partner
· Abed Abu Hadba Purchasing
Manager
· Awad Mohamed Finance
Manager
· Ali Bader Public
Relations Manager
Date of
Establishment : 9th
April 2007
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 575, Amman
National ID No. : 20004278
Issued Capital : JD 50,000
Paid up Capital : JD 50,000
· Fadi Mohamed
Abboud
· Mohamed Moosa
Abboud
· Amal Mohamed Mousa
Abboud
· Nansy Mohamed
Mousa Abboud
Activities: Engaged in the import and distribution of hydraulic machinery, ferrous
and non-ferrous metals, scrap
plastic and rubber.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 15 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
1,200,000 JD
1,475,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Jordan National Bank
Jabal Amman Branch
PO Box: 1578
Amman 11118
Tel: (962-6)
5642391
Fax: (962-6)
5628809
No complaints regarding subject’s payments have been reported.
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.67 |
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1 |
Rs.86.05 |
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Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.