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Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
CORPORATE
FOODSTUFF TRADING COMPANY |
|
|
|
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Registered Office : |
Shihab Al Hibri Street, Building No. 4, 2nd Floor, Al Tariq
Area, 910929, Amman 11158 |
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Country : |
Jordan |
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|
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Financials (as on) : |
31.12.2013 |
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|
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Date of Incorporation : |
27.07.2002 |
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Com. Reg. No.: |
62568,
Amman |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Engaged in the import and distribution of general foodstuff, including
rice, edible oils and tomato paste. |
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|
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No of Employees : |
8 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 : CORPORATE
FOODSTUFF TRADING COMPANY
Also Known As : MOHAMED
FATHI & IHAB AL MALAHMEH
Country of Origin : Jordan
Legal Form :
Limited Liability Partnership
Registration Date : 27th
July 2002
Commercial
Registration Number : 62568, Amman
Chamber Membership
Number : 94970
National
ID Number : 200014642
Issued Capital : JD
20,000
Paid up Capital : JD 20,000
Total Workforce : 8
Activities :
Import and distribution of general foodstuff.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ihab Mohamed Fathi Diab Saleh Al Malahmeh, Partner
CORPORATE
FOODSTUFF TRADING COMPANY
ALSO KNOWN AS: MOHAMED FATHI
& IHAB AL MALAHMEH
Street : Shihab Al
Hibri Street, Building No. 4, 2nd Floor
Area : Al Tariq
Area
PO Box : 910929
Town : Amman 11158
Country : Jordan
Telephone : (962-6) 5064010
Facsimile : (962-6)
5062003
Mobile : (962-79)
5890235
Email : modiab@orange.jo
/ modiab@jawab.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Amman.
Name Position
· Mohamed Fathi Diab
Saleh Al Malahmeh Managing
Partner
· Ihab Mohamed Fathi Diab Saleh Al Malahmeh Partner
· Samer Samoura Commercial
Manager
Date of
Establishment : 27th
July 2002
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 62568, Amman
Chamber Member No. : 94970
National ID No. : 200014642
Issued Capital : JD 20,000
Paid up Capital : JD 20,000
· Mohamed Fathi Diab
Saleh Al Malahmeh 75%
· Ihab Mohamed Fathi Diab Saleh Al Malahmeh 25%
Activities: Engaged in the import and distribution of general foodstuff, including
rice, edible oils and tomato paste.
Import Countries: India, Pakistan, Syria, Saudi Arabia, Thailand and China
International
Suppliers:
· Al Faris Food Factory Saudi
Arabia
· Riyadh Food Factory Saudi
Arabia
·
National Light Food Saudi
Arabia
·
Omer & Mouhja Karkour
Food Processing Co Syria
·
Arura Foods India
·
White Field India
·
VKL India
Brand Names: SHIHAN, SUPER SHIHAN, LIMA, Al MASHAEL, AL SAWSANAH,
SUPER JNA and SHADI
Operating Trend: Steady
Subject has a workforce of 8 employees.
Financial highlights provided by local sources are given below:
Currency: Jordanian Dinars (JD)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales JD
4,000,000 JD
4,265,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab Bank Plc
Shmeisani Branch
PO Box: 950545
& 950544
Amman 11195
Tel: (962-6)
5607231 / 5607115
Fax: (962-6)
5606793 / 5606830
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.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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.