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Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARABIC
ENGINEERING CO FOR FURNITURE |
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|
|
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Registered Office : |
Zahran Street, 5th
Circle 850715 & 925238 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 : |
22.10.2006 |
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Com. Reg. No.: |
13140 |
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Legal Form : |
Limited Liability
Company |
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|
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Line of Business : |
Subject is
engaged in the import and distribution of furniture, soft furnishings and
lighting products. |
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|
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No. of Employees : |
50 |
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 |
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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 |
|
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 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 : ARABIC
ENGINEERING CO FOR FURNITURE
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 22nd
October 2006
Commercial
Registration Number : 13140
National ID Number : 200005808
Issued Capital :
JD 120,000
Paid up Capital : JD
120,000
Total Workforce : 50
Activities :
Distributors of furniture, soft furnishings and lighting products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Abu Al
Noor, Finance Manager
ARABIC ENGINEERING
CO FOR FURNITURE
Location : Zahran Street, 5th
Circle
PO Box : 850715 & 925238
Town : Amman 11185
Country : Jordan
Telephone : (962-6) 5927050
Facsimile : (962-6) 5926501
Email : info@zahidarwazeh.com
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
·
Mecca
Street Office
premises
Amman
Tel: (962-6) 5810352 / 5399944
Fax: (962-6) 5810351
Name Position
·
Basel
Zahi Darwazeh Managing
Director
·
Hani Zahi
Darwazeh Director
·
Nael
Zahi Darwazeh Director
·
Mohamed
Jordaani Commercial
Manager
·
Mohamed
Abu Al Noor Finance
Manager
Date of Establishment : 22nd
October 2006
Legal Form :
Limited Liability Company
Commercial
Reg. No. : 13140
National
ID No. : 200005808
Issued Capital : JD 120,000
Paid up Capital : JD 120,000
·
Basel
Zahi Darwazeh
·
Hani
Zahi Darwazeh
·
Nael
Zahi Darwazeh
Activities: Engaged in the import and distribution of
furniture, soft furnishings and lighting products.
Import Countries: Europe and the Far East.
International Suppliers:
·
Century United States of America
·
Baker United States of America
Operating Trend: Steady
Subject has a
workforce of 50 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
4,280,000 JD 5,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Abu Al Noor, Finance Manager
·
Arab
Bank Plc
Shmeisani Branch
PO Box: 950545 & 950544
Amman 11195
Tel: (962-6) 5607231 / 5607115
Fax: (962-6) 5606793 / 5606830
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.82 |
|
|
1 |
Rs. 96.57 |
|
Euro |
1 |
Rs. 82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.