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Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
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Name : |
TRUST SEEDS CO LTD |
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Registered Office : |
119 Madina Munawara Street, 2nd Floor, PO Box : 1111, Amman 11953 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.05.1988 |
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Com. Reg. No.: |
3473, Amman |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Research, breeding and export of seeds. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
High |
B2 |
|
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 :
TRUST SEEDS CO LTD
Country of Origin :
Jordan
Legal Form :
Limited Liability Company
Registration Date :
5th May 1988
Commercial Registration Number :
3473, Amman
National ID Number :
200022587
Issued Capital :
JD 100,000
Paid up Capital :
JD 100,000
Total Workforce :
20
Activities :
Research, breeding and export of seeds.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Saleh Al Bakheet, Technical Engineer
TRUST SEEDS CO LTD
Registered &
Physical Address
Location : 119 Madina
Munawara Street, 2nd Floor
PO Box : 1111
Town : Amman 11953
Country : Jordan
Telephone : (962-6) 5522294
/ 5522293
Facsimile : (962-6)
5522279
Email : info@trustseeds.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Amman.
Name Position
Nael Omar Abdul Fattah Omar Managing
Director
Mohamed Nael Omar Abdul Fattah Omar Director
Khaldoum Sarry Commercial
Manager
Saleh Al Bakheet Technical
Engineer
Reem Sawadi Export
Manager
Date of Establishment : 5th
May 1988
Legal Form : Limited Liability
Company
Commercial Reg. No. : 3473, Amman
National ID No. : 200022587
Issued Capital : JD 100,000
Paid up Capital : JD 100,000
Name of
Shareholder (s)
Nael Omar Abdul Fattah Omar
Mohamed Nael Omar Abdul Fattah Omar
Elite Seeds Co Ltd
Amman
Jordan
Activities: Engaged in the research,
breeding and export of seeds specialising in cucumber, tomato, melon, sweet peas,
squash and eggplants.
Import Countries: Europe
and the Far East.
Brand Names: TRUST
Operating Trend: Steady
Subject has a workforce of 20 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
2,500,000 JD
3,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Saleh Al Bakheet, Technical Engineer
Cairo Amman Bank
Shabsough Street
PO Box: 715
Amman
Tel: (962-6) 5639321 / 5623100 / 5623109
Fax: (962-6) 5639328
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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.