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Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
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Name : |
GEORGE ABU ZEID & CO |
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Registered Office : |
60 Arar Street Wadi Sakra Area PO Box 638
Amman 11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
15.12.1975 |
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Com. Reg. No.: |
4038, Amman |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s operations are performed through the following divisions:
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No. of Employees : |
25 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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. 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 :
GEORGE ABU ZEID & CO
Country of Origin :
Jordan
Legal Form :
Limited Liability Partnership
Registration Date :
15th December 1975
Commercial Registration Number :
4038, Amman
National ID Number :
200003302
Issued Capital :
JD 48,000
Paid up Capital :
JD 48,000
Total Workforce :
25
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
GEORGE ABU ZEID & CO
Street : 60 Arar
Street
Location : Wadi Sakra Area
PO Box : 638
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 4620620
/ 4879100 / 4879400 / 4750452-5
Facsimile : (962-6)
4884512 / 4643570 / 4755204
Mobile : (962-79)
5576409
Email : furniture@abuzeid.com.jo
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Amman.
Branch Office (s)
Location Description
· Building No. 19,
25 Ammon Street – Al-Zahra’a Estate Office premises
Marqa Area
Amman
Tel: (962-6) 4879100 / 4879400
Fax: (962-6) 4884512
Name Position
· George Anis Abu Zeid Managing
Partner
· Antoine George Anis Abu Zeid Partner
· Nicole George Anis Abu Zeid Partner
· Hana Anis Abu Zeid Partner
· Atta Dalabeh Administration
Manager
· Mohand Jodah Accountant
Date of
Establishment : 15th
December 1975
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 4038, Amman
National ID No. : 200003302
Issued Capital : JD 48,000
Paid up Capital : JD 48,000
· George Anis Abu Zeid 55%
· Antoine George Anis Abu Zeid 15%
· Nicole George Anis Abu Zeid 15%
· Hana Anis Abu Zeid 15%
Activities: Subject’s operations are performed through the following divisions:
· Furniture Division
Engaged in the import and distribution of office and household
furniture.
· Automotive Parts
Division
Engaged in the import
and distribution of automotive spare parts and related accessories.
Import Countries: Germany, Italy, United States of America and South
Korea
International Suppliers:
· Dongil Korea
· Febi Germany
· SM & KM Germany
· Herman Miller United States of America
· Las Mobili Italy
· Prezza Italy
· Sedus Germany
· Euro Chair Malaysia
· Aquila Sofa Malaysia
Operating Trend: Steady
Subject has a workforce of 25 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
4,175,000 JD
4,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
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.
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.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
-- |
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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.