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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
MUSTAFA & KAMEL ASHRAF TRADING (JORDAN) GARMENTS LTD |
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Formerly Known As : |
M K GARMENTS |
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Registered Office : |
Qualified Industrial Zone (QIZ), Ad Dulayl Free Zone PO Box 181 Zarqa
13136 |
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Country : |
Jordan |
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Date of Incorporation : |
23.01.2003 |
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Com. Reg. No.: |
7704, Zarqa |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers of clothing items |
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No. of Employees : |
600 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 the government approved two economic relief packages and a budgetary supplement, largely 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 heavy fuel oils to generate electricity. An influx of foreign aid, especially from Gulf countries, has helped to somewhat offset these extrabudgetary expenditures, but the budget deficit is likely to remain high, at nearly 10% of GDP excluding grants. Amman likely will continue to depend heavily on foreign assistance to finance the deficit in 2012. Jordan''s financial sector has been relatively isolated from the international financial crisis because of its limited exposure to overseas capital markets. Jordan is currently exploring nuclear power generation to forestall energy shortfalls.
Source
: CIA
Company Name : MUSTAFA & KAMEL ASHRAF TRADING (JORDAN) GARMENTS LTD
Also Known As : M K GARMENTS
Country of Origin : Jordan
Legal Form : Limited Liability Partnership
Registration Date : 23rd January 2003
Commercial Registration Number : 7704, Zarqa
Trade Licence Number : 3160
National ID Number : 200009711
Issued Capital : JD 50,000
Paid up Capital : JD 50,000
Total Workforce : 600
Activities : Manufacturers of clothing items
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Radha Krishna, Finance Manager
MUSTAFA & KAMEL ASHRAF TRADING (JORDAN) GARMENTS LTD
ALSO KNOWN AS: M K GARMENTS
Location : Qualified Industrial
Zone (QIZ), Ad Dulayl Free Zone
PO Box : 181
Town : Zarqa 13136
Country : Jordan
Telephone : (962-5) 3825082
/ 3825083
Facsimile : (962-5)
3825084
Email : accounts@mk-garments.com
/ mkatco@go.com.jo
Subject operates from a large suite of offices and a factory that are
leased and located in the Ad Dulayl Free Zone.
Name Nationality Position
· Imran Mohamed
Haroon Indian Managing Partner
· Mohamed Haroon Indian Partner
· Radha Krishna - Finance
Manager
Date of
Establishment : 23rd
January 2003
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 7704, Zarqa
Trade Licence No. : 3160
National ID No. : 200009711
Issued Capital : JD 50,000
Paid up Capital : JD 50,000
· Imran Mohamed
Haroon
· Mohamed Haroon
· Prestige Apparel
Manufacturing Co Ltd
Al Tajamout Industrial
Area
Amman
Tel: (962-6)
4024570
· Venus Garments LLC
Sharjah
United Arab
Emirates
Activities: Engaged in the manufacture of clothing items, including denim and tweed
trousers.
Import Countries: Oman, Syria and Europe.
Clients:
· Jones Apparel United States of America
Subject has a workforce of approximately 600 employees.
Companies registered in Jordan are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
Arab Bank Plc
King Hussein
Street
PO Box: 145
Zarqa
Tel: (962-5)
3983381
Fax: (962-5)
3994522
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.54.29 |
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|
1 |
Rs.84.09 |
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Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.