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Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
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Name : |
PETRA ENGINEERING INDUSTRIES CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.06.1987 |
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Com. Reg. No.: |
1856, |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Design,
manufacture and distribution of heating, ventilation, air conditioning and
refrigeration (HVAC&R) equipment. |
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No of Employees : |
2,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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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 : PETRA ENGINEERING INDUSTRIES CO
LTD
Country of Origin : Jordan
Legal Form :
Limited Liability Partnership
Registration Date : 14th
June 1987
Commercial Registration
Number : 1856, Amman
National ID Number : 200024820
Issued Capital : JD
50,000,000
Paid up Capital : JD
50,000,000
Total Workforce : 2,000
Activities :
Design, manufacture and distribution of heating, ventilation, air conditioning and refrigeration (HVAC&R)
equipment.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Al
Omari, Purchasing Manager
PETRA ENGINEERING
INDUSTRIES CO LTD
Street : Al Hatimiyah Street
Area : Al Mwaqar Area
PO Box : 141351
Town : Amman 11814
Country : Jordan
Telephone : (962-6) 4051055 / 4050940 / 4050227 /
5522740 / 5530345
Facsimile : (962-6) 5531513 / 4051228 / 4050941
/ 4051074 / 5522740 / 5731855
Email : info@petra-eng.com / petrasho@wanadoo.jo / omar@orange.jo
Subject operates
from a large suite of offices a factory and storage facilities that are owned
and located in the Suburban Business Area of Amman.
Branch Office
(s)
Location Description
·
Madina
Al Munawara Street Showroom premises
Amman
Tel: (962-6) 5531508
Fax: (962-6) 5531509
·
Marj Al
Hamam Showroom
premises
Amman
Tel: (962-6) 5716151
Fax: (962-6) 5712008
·
Aqaba Showroom
premises
Tel: (962-3) 2019198
Fax: (962-3) 2019728
·
Irbid S Showroom
premises
Tel: (962-2) 7252406
Name Nationality Position
·
Ahmed
Rashid Abdul Qader Abu Al Ainin Jordanian Managing Partner
·
Mahmoud
Rashid Abdul Qader Abu Al Ainin Jordanian Partner
·
Osama
Rashid Abdul Qader Abu Al Ainin Jordanian Partner
·
Abdul
Qader Rashid Abdul Qader Abu Al Ainin Jordanian Partner
·
Hassan
Rashid Abdul Qader Abu Al Ainin Jordanian Partner
·
Omar
Rashid Abdul Qader Abu Al Ainin Jordanian Partner
·
Sami
Rashid Abdul Qader Abu Al Ainin Jordanian Partner
·
Rashid
Samir Abu Al Ainin Jordanian Partner
·
Adnan
Samir Abu Al Ainin Jordanian Partner
·
Sofiyan
Samir Abu Al Ainin Jordanian Partner
·
Mohamed
Samir Abu Al Ainin Jordanian Partner
·
Ibrahim
Samir Abu Al Ainin Jordanian Partner
·
Hassan
Samir Abu Al Ainin Jordanian Partner
·
Husain
Al Ali - Technical
Manager
·
Issam
Al Ali - Sales
Manager
·
Mosbah
Sinokrot - Export
Manager
·
Omar
Ali - Production
Manager
·
Ahmed Al
Omari - Purchasing
Manager
·
Hussein
Mohamed Hussein Al Zaghal - Finance
Manager
·
Feras
Abu Weshah - Marketing
Manager
Date of Establishment : 14th
June 1987
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1856, Amman
National ID No. :
200024820
Issued Capital : JD 50,000,000
Paid up Capital : JD 50,000,000
·
Ahmed
Rashid Abdul Qader Abu Al Ainin
·
Mahmoud
Rashid Abdul Qader Abu Al Ainin
·
Osama
Rashid Abdul Qader Abu Al Ainin
·
Abdul
Qader Rashid Abdul Qader Abu Al Ainin
·
Hassan
Rashid Abdul Qader Abu Al Ainin
·
Omar
Rashid Abdul Qader Abu Al Ainin
·
Sami
Rashid Abdul Qader Abu Al Ainin
·
Rashid
Samir Abu Al Ainin
·
Adnan Samir
Abu Al Ainin
·
Sofiyan
Samir Abu Al Ainin
·
Mohamed
Samir Abu Al Ainin
·
Ibrahim
Samir Abu Al Ainin
·
Hassan
Samir Abu Al Ainin
·
Petra
International Export Co Ltd
Al Bayader
PO Box : 141351
Amman 11814
Tel : (962-6) 5522740
Fax : (962-6) 4160103
·
Petra
Air Conditioning Est
Abu Dhabi
United Arab Emirates
Tel : (971-2) 391308
Fax : (971-2) 211027
Contact Person : Shaker Mahmoud
·
Tunisian
Universal Petra
Tunis
Tunisia
Tel : (216-1) 706681 / 2 / 3
Fax : (216-1) 706684
Contact Person : Farhat Al
Zein
·
Ain
Shams Company
28 Abdul Azim Al Ghulmi Street
Nasr City
Cairo
Egypt
Tel : (20-2) 2754463
Fax : (20-2) 2754472
Contact Person : Mohamed Hassan
·
Genaire
(Pvt) Ltd
Amber Castle
Block 6
Shahrah-E-Faisal
Karachi
Pakistan
Tel : (92-21) 4534161
Fax : (92-21) 4538162
Contact Person : Yaqub Vawda
·
Ajjaj
Trading Co WLL
PO Box : 7407
Doha
Qatar
Tel : (974) 691546
Fax : (974) 687258
Contact Person : Jameel Akbar
·
Petra
UK Ltd
Hamlyn House
Croydon Road
Reigate
Surrey RH2 OLY
Tel : (44-1883) 717337
Fax : (44-1737) 244461
Contact Person : John Rosier
·
Oslo
Kulde
Oslo
Norway
Tel : (47-22) 572420
Fax : (47-22) 670188
Contact Person : H Witso
·
Petra
Liban
Beirut
Lebanon
Tel : (961-1) 663573
Fax : (961-1) 646209
Contact Person : Toufiq Abu
Zeid
·
Petra
International Export
Tarefah Building
Mayson Street
Ramallah
Tel : (972-2) 2960252
Fax : (972-2) 2960701
Contact Person : Thaer Awad
·
Peninsular
Distribution Company Ltd
PO Box : 8301
Jeddah 21482
Saudi Arabia
Tel : (966-2) 6930000
Fax : (966-2) 6283923
·
Electra
Electrical Products (Aust) Pty Ltd
275 Stanmore Road
Petersham
New South Wales 2049
Australia
Activities: Engaged in the design, manufacture and
distribution of heating, ventilation, air conditioning and
refrigeration (HVAC&R) equipment for residential, commercial,
institutional, industrial and process
applications. Subject’s product range includes air handling units,
chillers, fan coil units, and split units.
Petra's production line
covers a large range of standard products starting with mini split units with
capacities of 1TR (3.5kw) to
chillers with capacities of 630 TR (2215kw).
All
procedures are carried out according to the ISO 9001:2000 Quality Management
Systems, ISO 14001
Environmental Management System. As well, all of Petra's major products
are UL and ETL listed
Import
Countries: India, United
States of America, Germany, Sweden, Italy, Turkey and Malaysia
International
Suppliers:
·
SRS Ltd India
·
GSE
Steel India
·
Marathon
Motors India
Clients :
Subject has
completed over a thousand projects for clients within Jordan and also overseas,
some of which are listed below :
·
Royal
Jordanian Cold Stores
·
Central
Bank Of Jordan
·
Amman
Central Switch Board
·
Queen
Alia Airport Simulation Building
·
Applied
Science University
·
South
Amman Electrical Station
·
King
Abdullah Hospital
·
Aqaba
Holiday Inn Extension
·
International
Tobacco & Cigarette Co
·
Al Razi
Pharmaceutical Complex
·
McDonalds
Fast Food
·
Dunes
Health Club
Export
Countries: Subject’s
products are sold in over 40 countries worldwide, including Australia, Canada, United
States of America, Europe, Tunisia, Uzbekistan, Venezuela, Bangladesh, and the
Middle East Region
Brand Names: PETRA and HITACHI
Operating Trend: Steady
Subject has a
workforce of approximately 2,000 employees.
Financial highlights
provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales US$ 92,375,000 US$ 100,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr. Ahmed Al Omari, Purchasing Manager
·
Jordan
Kuwait Bank
Abdali Branch
PO Box: 9776
Amman
Tel: (962-6) 5688814
·
Arab
Bank Plc
Shmeisani Branch
PO Box: 950545 & 950544
Amman 11195
Tel: (962-6) 5607231 / 5607115
Fax: (962-6) 5606793 / 5606830
Email: secretariat@arabbank.com.jo
·
Jordan
National Bank
PO Box: 1578
Amman
Tel: (962-6) 4612391
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.60.83 |
|
UK Pound |
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.