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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
HEIRS OF ABOOD ASWAD & PARTNER CO |
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Formerly Known as: |
ABOOD ASWAD & PARTNERS CO |
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Registered Office : |
Moulien Building, 6th Floor, Jabal Al Hussain Area, PO Box:
211742, 2690 & 852288, Amman 11185 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
90356 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of electrical products and general foodstuffs |
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No. of Employees : |
12 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 and 2012,
the government approved two economic relief packages and a budgetary
supplement, meant 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 diesel
imports, primarily from Saudi Arabia, to generate electricity. Jordan is
currently exploring nuclear power generation in addition to the exploitation of
abundant oil shale reserves and renewable technologies to forestall energy
shortfalls. In 2012, to correct budgetary and balance of payments imbalances,
Jordan entered into a $2.1 billion, multiple year International Monetary Fund
Stand-By Arrangement. Jordan''s financial sector has been relatively isolated
from the international financial crisis because of its limited exposure to
overseas capital markets. Jordan will continue to depend heavily on foreign
assistance to finance the deficit in 2013.
|
Source
: CIA |
Company Name :
HEIRS OF ABOOD ASWAD & PARTNER CO
Previously Known As :
ABOOD ASWAD & PARTNER CO
Country of Origin :
Jordan
Legal Form :
Limited Liability Partnership
Start Date :
1987
Registration Date :
22nd April 2008
Commercial Registration Number :
90356, Amman
National ID Number :
200095106
Issued Capital :
JD 10,000
Paid up Capital :
JD 10,000
Total Workforce :
12
Activities :
Distributors of electrical products and general foodstuffs
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
HEIRS OF ABOOD ASWAD & PARTNER CO
Registered &
Physical Address
Building : Moulien
Building, 6th Floor
Area : Jabal Al Hussain
Area
PO Box : 211742, 2690
& 852288
Town : Amman 11185
Country : Jordan
Telephone : (962-6) 4619897
/ 5515523
Facsimile : (962-6)
4627646
Mobile : (962-79) 5695380
Email : al_asayel@batelco.com.jo
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Amman.
Name Position
Moosa Khalid Moosa Managing
Partner
Mrs Luba Abdul
Razzaq Partner
Date of Establishment : Subject’s
operations date back to 1987, however it was registered on 22nd
April 2008
History : Subject was
originally established as a Limited Liability Partnership under the name of “Abood
Aswad & Partner Co” between Mr Abood Juwir Aswad and Mr Moosa Khalid
Moosa, However in April 2013, Mr Abood
Juwir Aswad passed away and his shares were inherited by his wife, Mrs Luba Abdul Razzaq. Consequently, the subject was re-registered under
the new name of “Heirs Of Abood Aswad & Partner Co”.
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 90356, Amman
National ID No. : 200095106
Issued Capital : JD 10,000
Paid up Capital : JD 10,000
Name of Partners
Moosa Khalid Moosa
Mrs Luba Abdul Razzaq
Activities: Engaged in the
import and distribution of electrical products and general foodstuffs.
Import Countries: Europe
and GCC countries.
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales JD
1,700,000 JD
1,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Housing Bank for Trade and Finance
Parliament Street
PO Box: 7693
Amman
Tel: (962-6) 5667126
No complaints regarding subject’s payments have been reported.
Date of transaction January
2011
Credit amount US$
200,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
---- |
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.