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Report Date : |
11.02.2014 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL MODERN TELECOM SOLUTIONS CO LTD (GLOBITEL) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
24.01.2001 |
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Com. Reg. No.: |
603, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject engaged in the provision of voice mail systems and the
development of telecommunication software |
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No. of Employees : |
58 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Jordan |
B1 |
B1 |
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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 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
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Source
: CIA |
Company Name : GLOBAL MODERN TELECOM SOLUTIONS CO LTD (GLOBITEL)
Country of Origin : Jordan
Legal Form : Limited Liability Company
Registration Date : 24th January 2001
Commercial Registration Number : 603, Amman
National ID Number : 200100075
Issued Capital : JD 3,000,000
Paid up Capital : JD 3,000,000
Total Workforce : 58
Activities : Providers of voice mail systems and the development of telecommunication software.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sulaiman Sahawanah, Financial Controller
GLOBAL MODERN TELECOM SOLUTIONS CO LTD (GLOBITEL)
Building : Karatchi
Plaza
Street : Wasfi Al Tal
Street
Area : Khalda Area
PO Box : 1786
Town : Amman 11821
Country : Jordan
Telephone : (962-6) 5300130
Facsimile : (962-6)
5300144
Email : info@globitel.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Amman.
Name Position
· Sharif Jamal Refat
Nabulsi Managing
Director
· Shukri Refat
Nabulsi Director
· Samer Mohamed
Fahim Halawa Director
· Nael Mohamed Adel
Halawa Director
· Fadi Sous Finance
Manager
· Fadi A. Qutaishat Sales
Manager
· Wisam Amouri Operations
Manager
· Rami Matar Human
Resources Officer
· Sulaiman Sahawanah Financial
Controller
Date of
Establishment : 24th
January 2001
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 603, Amman
National ID No. : 200100075
Issued Capital : JD 3,000,000
Paid up Capital : JD 3,000,000
· Sharif Jamal Refat
Nabulsi
· Shukri Refat
Nabulsi
· Technical
Investment Co
· Samer Mohamed
Fahim Halawa
· Nael Mohamed Adel
Halawa
Activities: Engaged in the provision of voice mail systems and the development of telecommunication
software. It also offers Roaming solutions, VAS solutions, 3G/4G
solutions, Customer Interaction
Management, and Workforce optimization.
Import Countries: Europe and the United States of America.
Clients:
· Zain Telecom Jordan
· Umniah Telecom Jordan
· Oranje Telecom Jordan
Operating Trend: Steady
Subject has a workforce of 58 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
4,107,000 JD
4,398,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sulaiman Sahawanah, Financial
Controller
·
Jordan National Bank
Jabal Amman Branch
PO Box: 1578
Amman 11118
Tel: (962-6)
5642391
Fax: (962-6)
5628809
·
HSBC Bank Middle East
Khalid Bin Walid
Street
Jebel Hussein
PO Box: 925286
Amman
Tel: (962-6)
5660471 / 5607471
Fax: (962-6)
5692964
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.19 |
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|
1 |
Rs.102.14 |
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Euro |
1 |
Rs.84.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.