MIRA INFORM REPORT

 

 

Report Date :

18.12.2013

 

IDENTIFICATION DETAILS

 

Name :

TAWFEEQ ALI SUBHAN ALI AND PARTNERS CO LTD

 

 

Registered Office :

Al Manara Street, Special Economic Zone Authority, Aqaba

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

16.06.1996

 

 

Com. Reg. No.:

75797

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

importer and distributor of tyres and alloy wheels

 

 

No. of Employees :

13

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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                                     : TAWFEEQ ALI SUBHAN ALI AND PARTNERS CO LTD

Country of Origin                                    : Jordan

Legal Form                                            : Limited Liability Company

Registration Date                                   : 16th June 1996

Commercial Registration Number            : 75797

Issued Capital                                        : JD 15,000

Paid up Capital                                      : JD 15,000

Total Workforce                                     : 13

Activities                                               : Distributors of tyres and alloy wheels

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Tawfeeq Ali Subhan Al Shabrani, Managing Director

 

 

 

COMPANY NAME

 

TAWFEEQ ALI SUBHAN ALI AND PARTNERS CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Al Manara Street

Area                 : Special Economic Zone Authority

Town                 : Aqaba

Country             : Jordan

 

Telephone         : (962-3) 2018976

Facsimile          : (962-3) 2018976

Mobile               : (962-77) 9200795

Email                : rafiqali@shabranitire.com / shabranico@yahoo.com

 

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Special Economic Zone Authority Area of Aqaba.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Tawfeeq Ali Subhan Al Shabrani                                                         Managing Director

 

·       Rafiq Ali Subhan Al Shabrani                                                              Director

 

·       Waheed Ali Subhan Al Shabrani                                                         Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th June 1996

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 75797

 

Issued Capital              : JD 15,000

 

Paid up Capital            : JD 15,000

 

Name of Shareholder (s)

 

·       Tawfeeq Ali Subhan Al Shabrani

 

·       Rafiq Ali Subhan Al Shabrani 

 

·       Waheed Ali Subhan Al Shabrani

 

·       Nina Lee Shabrani

 

 

AFFILIATED COMPANIES

 

·       Shabrani Tyre Co

Germany

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of tyres and alloy wheels.

 

Import Countries: Europe and China.

 

International Suppliers:

 

·       Ashel           China

 

Brand Names: SHABRANI

 

Operating Trend: Steady

 

Subject has a workforce of 13 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 Revenue                            JD 2,450,000                             JD 2,900,000

 

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

 

The above figures were provided by Mr Tawfeeq Ali Subhan Al Shabrani, Managing Director

 

BANKERS

 

·       Arab Bank Plc

Assouk Attijari Street

PO Box: 37

Aqaba

Tel: (962-3) 2013545

Fax: (962-3) 2013447

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.96

UK Pound

1

Rs.101.14

Euro

1

Rs.85.33

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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