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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL EST FOR SPINNING AND WEAVING (IMCOTEX) |
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Registered Office : |
Building No. 12 Tawfiq Al
Asmadi Street North Marqa PO Box 183804 Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.03.1994 |
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Com. Reg. No.: |
8905, Amman |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Spinning, weaving and manufacturing of threads |
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No. of Employees : |
30 |
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 : |
Usually Correct |
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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 |
|
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 : INTERNATIONAL EST FOR SPINNING AND WEAVING (IMCOTEX)
Country of Origin : Jordan
Legal Form : Limited Liability Partnership
Registration Date : 1st March 1994
Commercial Registration Number : 8905, Amman
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
Total Workforce : 30
Activities : Spinning, weaving and manufacturing of threads
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Yaman A Kawikji, Partner
INTERNATIONAL EST FOR SPINNING
AND WEAVING (IMCOTEX)
Building : Building No.
12
Street : Tawfiq Al Asmadi Street
Area : North Marqa
PO Box : 183804
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 4873804
Facsimile : (962-6)
4873803
Mobile : (962-79)
5579213
Email : imcotex@hotmail.com
/ imcotex@nets.com.jo
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Amman.
Name Position
· Mohamed Yasser
Kawikji Managing
Partner
· Ahmed Yaman A
Kawikji Partner
Date of
Establishment : 1st
March 1994
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 8905, Amman
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
· Mohamed Yasser
Kawikji
· Ahmed Yaman A
Kawikji
Activities: Engaged in the spinning, weaving and manufacturing of threads for
carpets and textiles.
Import Countries: India and Turkey
International Suppliers:
· Indo Rama India
· Aksa Turkey
Export Countries: Iraq and Syria
Operating Trend: Steady
Subject has a workforce of 30 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
1,320,000 JD
1,700,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ahmed Yaman A Kawikji, Partner
·
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
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.