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Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SHAKEEB KHIRFAN GROUP FOR TRADING, INDUSTRY AND INVESTMENT |
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Registered Office : |
Shakeeb Centre, 3rd Floor Sharif Naser Bin Jamil Street
Shmeisani PO Box 941902 Amman 11194 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
22.03.1982 |
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Com. Reg. No.: |
11057, Amman |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of general foodstuff products and beverages. |
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No. of Employees : |
50 |
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 : SHAKEEB KHIRFAN GROUP FOR TRADING, INDUSTRY AND
INVESTMENT
Country of Origin : Jordan
Legal Form : General Partnership
Registration Date : 22nd March 1982
Commercial Registration Number : 11057, Amman
Partners Capital : JD 2,000,000
Total Workforce : 50
Activities : Distributors of general foodstuff products and beverages.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Zubaidah Al Turk, Commercial Manager
SHAKEEB KHIRFAN GROUP FOR TRADING, INDUSTRY AND INVESTMENT
Building : Shakeeb
Centre, 3rd Floor
Street : Sharif Naser
Bin Jamil Street
Area : Shmeisani
PO Box : 941902
Town : Amman 11194
Country : Jordan
Telephone : (962-6) 5679199
/ 5680690
Facsimile : (962-6)
5678652
Email : viva@go.com.jo
Subject operates from a medium sized suite of offices that are owned and
located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· Ring Road Warehouse
premises
Amman
· Yarmouk Street Warehouse
premises
Amman
Name Position
· Ghassan Shakeeb
Khirfan Managing
Partner
· Nader Shakeeb
Khirfan Partner
· Yahya Shakeeb
Khirfan Partner
· Bassam Shakeeb
Khirfan Partner
· Zubaidah Al Turk Commercial
Manager
· Ghassan Khalilil Financial
Controller
Date of
Establishment : 22nd
March 1982
Legal Form : General Partnership
Commercial Reg.
No. : 11057, Amman
Partners Capital : JD 2,000,000
· Ghassan Shakeeb
Khirfan
· Nader Shakeeb Khirfan
· Yahya Shakeeb
Khirfan
· Bassam Shakeeb
Khirfan
· United Sugar &
Rice Trading Company
Amman
Activities: Engaged in the import and distribution of general foodstuff products and
beverages, including rice, sugar, pulses and grains, canned food products,
dried fruit, dates and confectioneries.
Import Countries: Canada, China and the United States of America.
International Suppliers:
· Saskan Canada
· P S International United States of America
· Wi Fang China
Brand Names: GARDEN RICE, AL BASIL and HAPPAY FOOD
Operating Trend: Steady
Subject has a workforce of 50 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
18,750,000 JD
20,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Zubaidah Al Turk, Commercial
Manager
·
Arab Bank Plc
King Faisal Street
PO Box: 8 & 68
Amman
Tel: (962-6)
5638161
Fax:
(962-6) 5637082
·
Cairo Amman Bank
Shabsough Street
PO Box: 715
Amman
Tel: (962-6)
5639321 / 5623100 / 5623109
Fax: (962-6)
5639328
·
Islamic International Arab Bank Plc
PO Box 925802
Amman 11190
Tel: (962-6)
5694901
Fax: (962-6)
5694914
No complaints regarding subject’s payments have been reported.
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear 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.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
|
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.