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Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
OMEGA FOR
INDUSTRIAL SUPPLIES |
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Registered Office : |
Freedom Street, P
O Box 809, Amman 11623 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.09.2006 |
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Com. Reg. No.: |
82612 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the design,
manufacturing and developing of industrial machinery and equipment, including
rock wool, glass wool and perlite production lines, fertilizer plants, feed
mills, material handling systems and automated batch plants. |
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No of Employees : |
13 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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. In 2013, Jordan depended heavily on foreign assistance to finance the
budget deficit, as the influx of about 600,000 Syrian refugees put additional
pressure on expenditures.
|
Source
: CIA |
Company Name : OMEGA FOR INDUSTRIAL SUPPLIES
Country of Origin : Jordan
Legal Form : General Partnership
Registration Date : 6th September 2006
Commercial Registration Number : 82612
National ID Number : 200002894
Partners Capital : JD 8,000
Total Workforce : 13
Activities : Design, manufacturing and developing of industrial machinery and
equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Munther Abdul Majeed Mohamad Al Aqtash, Managing Partner
OMEGA FOR INDUSTRIAL SUPPLIES
Registered &
Physical Address
Location : Freedom Street
PO Box : 809
Town : Amman 11623
Country : Jordan
Telephone : (962-6) 4773770
Facsimile : (962-6) 4777299
Mobile : (962-79) 5220411 / 9802614 /
(962-77) 7386100
Email : info@omega-jordan.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Industrial Area
of Amman.
Name Position
·
Munther
Abdul Majeed Mohamad Al Aqtash Managing
Partner
·
Munther
Fathi Mohamad Fayed Partner
·
Tareq
Ziad Al Haj Basheer Okasha Partner
·
Duaa
Ayoub Accountant
Date of Establishment : 6th
September 2006
Legal Form :
General Partnership
Commercial Reg. No. : 82612
National ID No. :
200002894
Partners Capital : JD 8,000
Name of Partners (s) Percentage
·
Munther
Abdul Majeed Mohamad Al Aqtash 33.33%
·
Munther
Fathi Mohamad Fayed 33.33%
·
Tareq
Ziad Al Haj Basheer Okasha 33.33%
·
Omega
Engineering Industries
Amman
Activities: Engaged in the design, manufacturing and developing
of industrial machinery and equipment, including rock wool, glass wool and
perlite production lines, fertilizer plants, feed mills, material handling
systems
and automated batch
plants.
Import
Countries: Europe, Japan
and China.
International Suppliers:
·
Italvibras Italy
·
Hitachi Japan
Operating Trend: Steady
Subject has a
workforce of 13 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending 31/12/11: Year Ending 31/12/12: Year Ending 31/12/13:
Total Revenue US$ 280,000 US$ 300,000 US$ 335,000
Total Assets US$ 300,000 US$ 300,000 US$ 300,000
Inventories US$ 70,000 US$ 75,000 US$ 80,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Munther Abdul Majeed Mohamad Al Aqtash, Managing Partner
·
Jordan
Islamic Bank
Shmeisani Branch
PO Box: 926225
Amman 11195
Tel: (962-6) 5677377
Fax: (962-6) 5666326
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.