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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SHEIKH AL ARAB FOR FOODSTUFF CO LTD |
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Registered Office : |
Building No. 9 Aisha Al Taymoriah Street Mogabalan Area Amman |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.01.2011 |
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Com. Reg. No.: |
23815, Amman |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of dried foodstuffs |
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No. of Employees : |
6 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : SHEIKH AL ARAB FOR FOODSTUFF CO LTD
Country of Origin : Jordan
Legal Form : Limited Liability Partnership
Registration Date : 18th January 2011
Commercial Registration Number : 23815, Amman
National ID Number : 200115941
Issued Capital : JD 5,000
Paid up Capital : JD 5,000
Total Workforce : 6
Activities : Distributors of dried foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Feras Mostafa Soghir, Partner
SHEIKH AL ARAB FOR FOODSTUFF CO LTD
Building : Building No.
9
Street : Aisha Al
Taymoriah Street
Area : Mogabalan
Area
Town : Amman
Country : Jordan
Telephone : (962-6) 4126260
Facsimile : (962-6)
4126264
Mobile : (962-79)
5316631
Email : rami2024@yahoo.com
/ f.mustafa@yahoo.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Amman.
Name Position
· Fadi Mostafa
Soghir Managing
Partner
· Rami Mostafa
Soghir Partner
· Feras Mostafa
Soghir Partner
· Mohamed Mostafa
Soghir Partner
Date of
Establishment : 18th
January 2011
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 23815, Amman
National ID No. : 200115941
Issued Capital : JD 5,000
Paid up Capital : JD 5,000
· Fadi Mostafa
Soghir
· Rami Mostafa
Soghir
· Feras Mostafa
Soghir
· Mohamed Mostafa
Soghir
Activities: Engaged in the import and distribution of dried foodstuffs, including
rice, beans, lentils and spices.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 6 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year
Ending 31/12/12:
Total Sales JD
2,650,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Feras Mostafa Soghir, Partner
·
HSBC Bank Middle East
Khalid Bin Walid
Street
Jebel Hussein
PO Box: 925286
Amman
Tel: (962-6)
5660471 / 5607471
Fax: (962-6)
5692964
No complaints regarding subject’s payments have been reported.
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.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.