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Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
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Name : |
OMEGA FOR INDUSTRIAL SUPPLIES |
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Registered Office : |
Freedom Street PO Box: 809 Amman 11623 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.09.2006 |
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Com. Reg. No.: |
82612 |
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Legal Form : |
General Partnership |
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Line of Business : |
Design, manufacturing and developing of industrial machinery and equipment. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 : OMEGA FOR INDUSTRIAL SUPPLIES
Country of Origin : Jordan
Legal Form : General Partnership
Registration Date : 6th September 2006
Commercial Registration Number : 82612
National ID Number : 200002894
Partners Capital : JD 8,000
Total Workforce : 10
Activities : Design, manufacturing and developing of industrial machinery and
equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Duaa Ayoub, Accountant
OMEGA FOR INDUSTRIAL SUPPLIES
Location : Freedom
Street
PO Box : 809
Town : Amman 11623
Country : Jordan
Telephone : (962-6) 4773770
Facsimile : (962-6)
4777299
Mobile : (962-79)
5220411 / 9802614 / (962-77) 7386100
Email : info@omega-jordan.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Amman.
Name Position
· Munther Abdul
Majeed Mohamad Al Aqtash Managing
Partner
· Munther Fathi
Mohamad Fayed Partner
· Tareq Ziad Al Haj
Basheer Okasha Partner
· Duaa Ayoub Accountant
Date of
Establishment : 6th
September 2006
Legal Form : General Partnership
Commercial Reg.
No. : 82612
National ID No. : 200002894
Partners Capital : JD 8,000
· Munther Abdul
Majeed Mohamad Al Aqtash 33.33%
· Munther Fathi
Mohamad Fayed 33.33%
· Tareq Ziad Al Haj
Basheer Okasha 33.33%
· Omega Engineering
Industries
Amman
Activities: Engaged in the design, manufacturing and developing of industrial
machinery and equipment, including rock wool, glass wool and perlite production
lines, fertilizer plants, feed mills, material handling systems
and automated batch plants.
Import Countries: Europe and China.
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales US$
280,000 US$
300,000
Total Assets US$
300,000 US$
300,000
Inventories US$
70,000 US$
75,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Duaa Ayoub, Accountant
·
Jordan Islamic Bank
Shmeisani Branch
PO Box: 926225
Amman 11195
Tel: (962-6)
5677377
Fax: (962-6)
5666326
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.54.04 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.71.41 |
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 |
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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 |
|
-- |
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.