MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

SAMIH & ADEL AL KALHA CO

 

 

Registered Office :

Al Kalha Building Tareq Al Jundi Street Al Sweifiah Area 7793 Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.02.2003

 

 

Com. Reg. No.:

65920, Amman

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Subject is engaged in the wholesale and retail of household fabrics, textiles and upholstery materials.

 

 

No. of Employees :

10

 

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 – 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

 

 

SUMMARY

 

Company Name                                    : SAMIH & ADEL AL KALHA CO

Country of Origin                                   : Jordan

Legal Form                                           : General Partnership

Registration Date                                  : 4th February 2003

Commercial Registration Number           : 65920, Amman

Chamber Membership Number               : 102517/3

Partners Capital                                     : JD 100,000

Total Workforce                                     : 10

Activities                                               : Wholesale and retail of household fabrics, textiles and upholstery materials

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Adel Samih Adel Al Kalha, Partner

 

 

COMPANY NAME

 

SAMIH & ADEL AL KALHA CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Kalha Building

Street               : Tareq Al Jundi Street

Area                 : Al Sweifiah Area

 

PO Box            : 7793

 

Town                : Amman 11118

Country             : Jordan

 

Telephone         : (962-6) 5863040

Facsimile          : (962-6) 5863041

Mobile              : (962-79) 5965000

Email                : adel@kalha.jo

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Amman.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Samih Adel Al Kalha                                                                         Managing Partner

 

·       Adel Samih Adel Al Kalha                                                                 Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th February 2003

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 65920, Amman

 

Chamber Member No.  : 102517/3

 

Partners Capital           : JD 100,000

 

Name of Partners (s)

 

·       Samih Adel Al Kalha

 

·       Adel Samih Adel Al Kalha

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of household fabrics, textiles and upholstery materials.

 

Import Countries: Belgium, Italy and Germany

 

International Suppliers:

 

·       Verbatex                  Belgium

·       Verstrate                  Belgium

·       Brovatex                  Italy

·       Jimini Panda            Italy

·       Horn                        Germany

 

Operating Trend: Steady

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

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 1,900,000                            JD 2,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               February 2012

Credit amount                                       EUR 20,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the business is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.82

UK Pound

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.