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Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
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Name : |
BASHITI HARDWARE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
28038 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and distribution of hardware products |
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No. of Employees : |
100 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
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Source
: CIA |
Company Name : BASHITI HARDWARE
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 1978
Commercial Registration Number : 28038
National ID Number : 200125011
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
Total Workforce : 100
Activities : Distributors of hardware products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Al Saboni, Finance Manager
BASHITI HARDWARE
Location : 93 King Abdullah
II Street
PO Box : 3005
Town : Amman 11953
Country : Jordan
Telephone : (962-6) 5349098
/ 5342765 / 5342365
Facsimile : (962-6)
5300731
Mobile : (962-79)
547700 / 5539247
Email : info@bashitihardware.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
· Al Quesenah Area Office
premises
PO Box: 620103
Amman 11162
Tel: (962-6)
4784533
Fax: (962-6)
6475904
Name Position
· Sami Fayez Al
Bashiti Managing
Director
· Mofeed Fayez Al
Bashiti Director
· Thamer Mofeed Al
Bashiti General
Manager
· Ahmed Al Saboni Finance
Manager
Date of
Establishment : 1978
Legal Form : Limited Liability
Company
Commercial Reg. No. : 28038
National ID No. : 200125011
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
· Sami Fayez Al
Bashiti
· Mofeed Fayez Al
Bashiti
Activities: Engaged in the import and distribution of hardware products.
Import Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce of 100 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
6,450,000 JD
7,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ahmed Al Saboni, 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
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Indian Rupees |
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US Dollar |
1 |
Rs.62.00 |
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|
1 |
Rs.102.17 |
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Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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.