MIRA INFORM REPORT

 

 

Report No. :

318451

Report Date :

23.04.2015

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN BROTHERS CO FOR TRADING & SUPPLIES LTD

 

 

Registered Office :

Shakeeb Centre Building, 3rd Floor, Shareef Nasser Bin Jameel Street, PO Box No. 941902, Amman 11194

 

 

Country :

Jordan

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

15.07.2008

 

 

Com. Reg. No.:

16777

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the import and distribution of general foodstuff products.

 

 

No. of Employees :

16

 

 

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

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 and resulting government debt. King ABDALLAH during the 2000s implemented significant economic reforms, such as opening the trade regime and privatizing state-owned companies, that attracted foreign investment and contributed to average annual economic growth of 8% for 2004 through 2008. The global economic slowdown and regional turmoil in the past few years, however, have reduced the average annual growth rate to 2.6% for the 2010-2013 period and hurt export-oriented sectors, construction, and tourism. Jordan's finances have 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 August 2012, to correct budgetary and balance of payments imbalances, Jordan entered into a $2.1 billion, three year International Monetary Fund Stand-By Arrangement. In 2014, fiscal reform measures enacted in the previous few years continued to boost government revenues and reduced the budget deficit as an influx of Syrian refugees put additional pressure on expenditures.

 

Source : CIA

SUMMARY

 

Company Name                                    : GOLDEN BROTHERS CO FOR TRADING & SUPPLIES LTD

Country of Origin                                   : Jordan

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 15th July 2008

Commercial Registration Number           : 16777, Amman

National ID Number                               : 2000097090

Issued Capital                                       : JD 30,000

Paid up Capital                                     : JD 30,000

Total Workforce                                     : 16

Activities                                               : Distributors of general foodstuff products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Ahmed Ghassan Shakeeb Khirfan, Partner

 

 

COMPANY NAME

 

GOLDEN BROTHERS CO FOR TRADING & SUPPLIES LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Shakeeb Centre Building, 3rd Floor

Street               : Shareef Nasser Bin Jameel Street

 

PO Box            : 941902

 

Town                : Amman 11194

Country             : Jordan

 

Telephone         : (962-6) 5679199 / 4200831

Facsimile          : (962-6) 5678652 / 4200401

Mobile              : (962-79) 9919998

Email                : viva-gw@orange.jo / info@goldenwaves.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Amman.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hassan Ghassan Shakeeb Khirfan                                                     Managing Partner

 

·       Basil Ghassan Shakeeb Khirfan                                                         Partner

 

·       Ahmed Ghassan Shakeeb Khirfan                                                      Partner

 

·       Yazan Ghassan Shakeeb Khirfan                                                       Partner

 

·       Abdullah Ghassan Shakeeb Khirfan                                                   Partner

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th July 2008

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 16777, Amman

 

National ID No.             : 2000097090

 

Issued Capital              : JD 30,000

 

Paid up Capital            : JD 30,000

 

Name of Partners                                                         Percentage

 

·       Hassan Ghassan Shakeeb Khirfan                             23.33%

 

·       Basil Ghassan Shakeeb Khirfan                                 23.33%

 

·       Ahmed Ghassan Shakeeb Khirfan                              20.00%

 

·       Yazan Ghassan Shakeeb Khirfan                               16.67%

 

·       Abdullah Ghassan Shakeeb Khirfan                           16.67%

 

 

AFFILIATED COMPANIES

 

·       Shakeeb Khirfan Group For Trading & Industry & Investment

Amman

 

·       Golden Wave Trading & Investment Co

Amman

Tel: (962-6) 4200831

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of general foodstuff products.

 

Import Countries:         Europe and India.

 

International Suppliers:

 

·         Alana Food             India

 

Operating Trend: Steady

 

Subject has a workforce of 16 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Jordanian Dinars (JD)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                JD 1,400,000                             JD 1,520,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       HSBC Bank Middle East

Khalid Bin Walid Street

Jebel Hussein

PO Box: 925286

Amman

Tel: (962-6) 5660471 / 5607471

Fax: (962-6) 5692964

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

 

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.62.82

UK Pound

1

Rs.93.85

Euro

1

Rs.67.57

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.