MIRA INFORM REPORT

 

 

Report Date :

06.11.2013

 

IDENTIFICATION DETAILS

 

Name :

AL ARABIA COMPANY FOR TECHNICAL ENGINEERING & CONTRACTING

 

 

Registered Office :

Subhi Al Ghanama Trading Center, 3rd Floor, Office No. 303/304, Abdulla Ghosha Street, P O Box 9192 & 815346, Amman 11191

 

 

Country :

Jordan

 

 

Date of Incorporation :

25.02.2004

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

EPC Contractors.

 

 

No. of Employees :

50

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

SUMMARY

 

Company Name                                    : AL ARABIA COMPANY FOR TECHNICAL ENGINEERING &

                                                  CONTRACTING

Country of Origin                                   : Jordan

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 25th February 2004

Commercial Registration Number           : 133

Membership Number                             : 434701/4

National ID Number                               : 200025640

Issued Capital                                       : JD 1,000,000

Paid up Capital                                     : JD 1,000,000

Total Workforce                                     : 50

Activities                                               : EPC contractors.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Majedah Al Natour, Administration Executive

 

COMPANY NAME

 

AL ARABIA COMPANY FOR TECHNICAL ENGINEERING & CONTRACTING

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Subhi Al Ghanama Trading Center, 3rd Floor, Office No. 303/304

Street               : Abdulla Ghosha Street

 

PO Box            : 9192 & 815346

 

Town                : Amman 11191

Country             : Jordan

 

Telephone         : (962-6) 5851502 / 5851503 / 5851504 / 5851505 / 5850104

Facsimile          : (962-6) 5859191

Mobile              : (962-79) 5049513

Email                : info@alarabiaco.com / office@alarabiaco.com / arabia_c@wanadoo.jo

 

Please note that subject’s previous address was, Jaber Complex, Building No. 110, Office No. 304, 3rd Floor, Abduali Kosh Street, Umalsomak, Amman.

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Amman.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Kahramana Square                                                                           Office premises

Mahala 901

Street 12, Building 8

Baghdad

Iraq

Tel: (964-1) 7170250

Fax: (964-1) 7196112

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Muntaser Aouni Mohamed Junaid                                                      Managing Partner

 

·       Amar Aouni Mohamed Junaid                                                            Partner

 

·       Dr Majed Ibrahim Sulaiman Al Jaboori                                               Partner

 

·       Majedah Al Natour                                                                            Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th February 2004

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 133

 

Membership No.           : 434701/4

 

National ID No.             : 200025640

 

Issued Capital              : JD 1,000,000

 

Paid up Capital            : JD 1,000,000

 

Name of Partners

 

·       Muntaser Aouni Mohamed Junaid

 

·       Amar Aouni Mohamed Junaid

 

·       Dr Majed Ibrahim Sulaiman Al Jaboori

 

 

OPERATIONS

 

Activities: Engage as EPC contractors, specialising in electromechanical work, engineering design, oil refinery

     services, distribution of crude oil, related equipment and materials, pipes, gas and oilfield services,

     research and development consultation services and training.

 

     Subject’s main clients are the Ministry of Petroleum in Iraq.

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.79

UK Pound

1

Rs.98.66

Euro

1

Rs.83.42

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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

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

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

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

<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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.