MIRA INFORM REPORT

 

 

Report Date :

09.11.2013

 

IDENTIFICATION DETAILS

 

Name :

MUNIR SUKHTIAN TRADING GROUP COMPANY LTD

 

 

Registered Office :

King Hussein Street, Al Abdali, P O Box 1027, Amman 11118

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

24.11.1998

 

 

Com. Reg. No.:

5524, Amman

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of perfumes, cosmetics, surgical instruments,   pharmaceutical preparations and laboratory equipment.

 

 

No. of Employees :

220

 

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                                    : MUNIR SUKHTIAN TRADING GROUP COMPANY LTD

Country of Origin                                   : Jordan

Legal Form                                           : Limited Liability Company

Registration Date                                  : 24th November 1998

Commercial Registration Number           : 5524, Amman

Membership Number                             : 79533

Issued Capital                                       : JD 3,000,000

Paid up Capital                                     : JD 3,000,000

Total Workforce                                     : 220

Activities                                               : Distributors of perfumes, cosmetics, surgical instruments,   pharmaceutical preparations and  laboratory equipment.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Ahmed Jaber, Assistant Finance Manager

 

 

COMPANY NAME

 

MUNIR SUKHTIAN TRADING GROUP COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : King Hussein Street

Area                 : Al Abdali

 

PO Box            : 1027

 

Town                : Amman 11118

Country             : Jordan

 

Telephone         : (962-6) 5663216 / 5688888

Facsimile          : (962-6) 5601568

Email                : info@sukhtian.com.jo

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nidal Munir Sukhtian                                                                         Managing Director

 

·       Munjid Munir Sukhtian                                                                       Director

 

·       Ghaiath Munir Sukhtian                                                                      Director

 

·       Mrs Marlene Nicola Sukhtian                                                              Director

 

·       Rana Nidal Munir Sukhtian                                                                 Director

 

·       Dina Nidal Munir Sukhtian                                                                  Director

 

·       Onoud Nidal Munir Sukhtian                                                              Director

 

·       Munzer Zaidah                                                                                  General Manager

 

·       Khaled Olayan                                                                                  Finance Manager

 

·       Ahmed Jaber                                                                                    Assistant Finance Manager

 

·       Baha Al Din Abaza                                                                            Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24th November 1998

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 5524, Amman

 

Membership No.           : 79533

 

Issued Capital              : JD 3,000,000

 

Paid up Capital            : JD 3,000,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Munjid Munir Sukhtian                                                  33.33%

 

·       Ghaiath Munir Sukhtian                                                 33.33%

 

·       Mrs Marlene Nicola Sukhtian                                           6.66%

 

·       Nidal Munir Sukhtian                                                      6.66%

 

·       Rana Nidal Munir Sukhtian                                              6.66%

 

·       Dina Nidal Munir Sukhtian                                               6.66%

 

·       Onoud Nidal Munir Sukhtian                                           6.66%

 

 

AFFILIATED COMPANIES

 

·       United Pharmaceutical Manufacturing Co Ltd

Amman

Tel: (962-6) 4162901

Fax: (962-6) 4162905

 

·       Households & Toiletries Manufacturing Co

Amman

       Tel: (962-6) 4161411

       Fax: (962-6) 4162261

 

·       Jordan Greenhouses Manufacturing Co Ltd

Amman

Tel: (962-6) 4161787

Fax: (962-6) 4165061

 

·       Arabian Office Automation Company Ltd

Amman

Tel: (962-6) 5522298

Fax: (962-6) 5522362

 

·       Amana Tourism Services

Amman

Tel: (962-6) 4633007

Fax: (962-6) 4633101

 

·       Sukhtian Brothers Co

Nablus

Palestine

Tel: (972-9) 2388628

Fax: (972-9) 2387074

 

·       Beit Jala Pharmaceutical Manufacturing Company

Beit Jala

Palestine

Tel: (972-2) 2742855

Fax: (972-2) 2741072

 

·       Munir Sukhtian Group

Baghdad

Iraq

Tel: (882-16) 63226509

Fax: (882-16) 63226523

 

·       GMS Venture & Investment WLL

Manama

     Bahrain

 

·       Green Bay Venture WLL

Manama

Bahrain

 

·       M S Pharma WLL

Manama

Bahrain

 

·       GMS Agri WLL

Manama

Bahrain

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of perfumes, cosmetics, surgical instruments, pharmaceutical

                 preparations and laboratory equipment.

 

Import Countries: Europe, Canada and the United States of America

 

Agencies Held :

 

·       Smithkline Beecham              United Kingdom

·       Yardely                                United Kingdom

·       Tyco                                    United Kingdom

·       Heinz                                   United Kingdom

·       Norbrook                              Republic of Ireland

·       Valagro                                Italy     

 

Operating Trend: Steady

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

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 33,600,000                           JD 37,250,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Ahmed Jaber, Assistant Finance Manager

 

 

BANKERS

 

·       Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

 

·       Housing Bank

Parliament Street

PO Box: 7693

Amman

Tel: (962-6) 5667126

 

·       Jordan Kuwait Bank

Abdali Branch

PO Box: 9776

Amman

Tel: (962-6) 5688814

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1998, subject is involved in the import and distribution of perfumes, cosmetics, surgical instruments, pharmaceutical preparations and laboratory equipment.

 

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 and the above credit figure is deemed to be admissible.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

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.