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Report Date : |
18.09.2012 |
IDENTIFICATION DETAILS
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Name : |
AL HERESH INDUSTRIAL & TRADING CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.05.1984 |
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Com. Reg. No.: |
14101, |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject operates several divisions like, Industrial
Division, Food Division |
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No. of Employees : |
68 |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : AL HERESH INDUSTRIAL & TRADING CO
Country of Origin : Jordan
Legal Form : General Partnership
Registration Date : 7th May 1984
Commercial Registration Number : 14101, Amman
Chamber Membership Number : 1463
Partners Capital : JD 150,000
Total Workforce : 68
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Belal Mohamed Hassan Hamdan Al Heresh, Partner
AL HERESH INDUSTRIAL & TRADING CO
Building : Qaffaf
Centre Building, 1st Floor, Office No. 106
Street : King Hussein
Street
Area : Abdali
PO Box : 183534
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 4628103/5/6 / 4141740
Facsimile : (962-6)
4613482
Mobile : (962-79)
7706547 / 5852078
Email : info@alheresh.com
/ alhersh@nets.jo
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· Hizam Ring Road Owned
factory premises
Abu Alanda
Amman
Name Position
· Mohamed Hassan
Hamdan Al Heresh Managing
Partner
· Hassan Mohamed Hassan Hamdan Al Heresh Partner
· Hussain Mohamed Hassan Hamdan Al Heresh Partner
· Belal Mohamed Hassan Hamdan Al Heresh Partner
· Salah Mohamed Hassan Hamdan Al Heresh Partner
· Ayad Al Marafi Financial
Controller
Date of
Establishment : 7th May
1984
Legal Form : General Partnership
Commercial Reg.
No. : 14101, Amman
Chamber Member No. : 1463
Partners Capital : JD 150,000
· Mohamed Hassan
Hamdan Al Heresh
· Hassan Mohamed Hassan Hamdan Al Heresh
· Hussain Mohamed Hassan Hamdan Al Heresh
· Belal Mohamed Hassan Hamdan Al Heresh
· Salah Mohamed Hassan Hamdan Al Heresh
Activities: Subject’s operations are performed through the following divisions:
· Industrial Division
Engaged
in the manufacture of cement pipes, pavement panels and drainage pipes.
· Food Division
Engage in the processing
and packaging of food ingredients and flavourings for the catering industry,
including egg powder, corn starch, glucose, tapioca starch, lecithin, proteins
and potato starch.
Import Countries: Europe and GCC countries
Export Countries: Syria and Iraq
Operating Trend: Steady
Subject has a workforce of 68 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
3,750,000 JD
4,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Belal Mohamed Hassan Hamdan Al Heresh, Partner
·
Arab Bank Plc
Souk Alkhodar
Almarkazi Street
Wehdat
PO Box: 16067
Amman
Tel: (962-6)
4771122
Fax: (962-6)
4744572
Acc No.
0113/086236-31510
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in 1984, subject is owned and managed by members of the Al Heresh
family who are well respected in the local business community.
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 and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.97 |
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1 |
Rs.87.52 |
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Euro |
1 |
Rs.70.84 |
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.