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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ABU ODEH BROS CO |
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Registered Office : |
Yarmouk Street Wadi Remam PO Box425685 Amman 11140 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.09.1997 |
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Com. Reg. No.: |
47533, Amman |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject engaged in the wholesale and retail of general foodstuff
products, including grains, dairy, preserves, nuts and beans. |
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No. of Employees : |
34 |
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 : ABU ODEH BROS CO
Country of Origin : Jordan
Legal Form : General Partnership
Registration Date : 8th September 1997
Commercial Registration Number : 47533, Amman
National ID Number : 200115859
Partners Capital : JD 5,000
Total Workforce : 34
Activities : Wholesale and retail of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Adnan Bardan, Purchasing Manager
ABU ODEH BROS CO
Street : Yarmouk
Street
Area : Wadi Remam
PO Box :
425685
Town : Amman 11140
Country : Jordan
Telephone : (962-6) 4914961
/ 4123683
Facsimile : (962-6)
4907878
Email : mabuodeh@batelco.jo
/ info@abuodehbros.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· Yadoudeh Warehouse
premises
Amman
Tel:
(962-6) 4050012
Fax: (962-6) 4050014
Name Position
· Mohamed Mahmoud
Sulaiman Abu Odeh Managing
Partner
· Bassam Mahmoud
Sulaiman Abu Odeh Partner
· Ismail Mahmoud
Sulaiman Abu Odeh Partner
· Zein Abideen
Mahmoud Sulaiman Abu Odeh Partner
· Anas Abu Odeh Marketing
Manager
· Adnan Bardan Purchasing
Manager
· Suhail Al Nabahan Commercial
Manager
· Yousef Tanyous Financial
Controller
· Rajeh Al Hawai Sales
Manager
Date of
Establishment : 8th
September 1997
Legal Form : General Partnership
Commercial Reg.
No. : 47533, Amman
National ID No. : 200115859
Partners Capital : JD 5,000
· Mohamed Mahmoud
Sulaiman Abu Odeh 25%
· Bassam Mahmoud
Sulaiman Abu Odeh 25%
· Ismail Mahmoud
Sulaiman Abu Odeh 25%
· Zein Abideen
Mahmoud Sulaiman Abu Odeh 25%
Activities: Engaged in the wholesale and retail of general foodstuff products,
including grains, dairy, preserves, nuts and beans.
Import Countries: Egypt, Turkey, India, Canada, Syria, UAE and the
United States of America.
International
Suppliers:
· Blue Diamonds United States of America
· GM America United States of
America
· Soskan Canada
· Hakan Canada
· Hakan United
Arab Emirates
·
B R Rice Mill India
Export Countries: Egypt, Syria, Palestine, Saudi Arabia and the
United Arab Emirates.
Brand Names: ALBASHA
Operating Trend: Steady
Subject has a workforce of 34 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
18,380,000 JD
20,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Adnan Bardan, Purchasing Manager
·
Bank of Jordan Ltd
King Hussain Street
PO Box: 37
Amman
Tel: (962-6) 5630301
Fax: (962-6) 5638889
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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 |
|
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 |
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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.