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Report No. : |
338042 |
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Report Date : |
27.08.2015 |
IDENTIFICATION DETAILS
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Name : |
MASHREQ SOCKS FACTORY |
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Registered Office : |
Building No. 4, Nafeh Al Karea Street, Yaseen Area, PO Box 6171, Amman
11118 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.04.1985 |
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Com. Reg. No.: |
38153 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the Manufacture of Socks. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Jordan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 and resulting government
debt. King ABDALLAH, during the first decade of the 2000s, implemented
significant economic reforms, such as opening up foreign trade 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 since, however, 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.
To diversify its energy mix, Jordan is currently exploring nuclear power
generation, exploitation of abundant oil shale reserves and renewable
technologies, as well as the import of Israeli offshore gas. 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 even as an influx of
over 620,000 Syrian refugees since 2011 put additional pressure on
expenditures.
|
Source
: CIA |
Company Name :
MASHREQ SOCKS FACTORY
Country of Origin :
Jordan
Legal Form :
Sole Proprietorship
Registration Date :
8th April 1985
Commercial Registration Number :
38153, Amman
Chamber Member Number :
3950
National ID Number :
100031680
Invested Capital : JD 30,000
Total Workforce :
15
Activities :
Manufacturers of socks.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Nasser Mazhar Tello, Proprietor & General Manager
MASHREQ SOCKS FACTORY
Registered &
Physical Address
Building : Building No.
4
Street : Nafeh Al
Karea Street
Area : Yaseen Area
PO Box : 6171
Town : Amman 11118
Country : Jordan
Telephone : (962-6) 5870040
/ 4204241
Facsimile : (962-6)
4204241
Mobile : (962-79)
5870040 / 4204241 / 9943499
Email : nassertelu@hotmail.com
/ mazhar@tellosock.com
Premises
Subject operates from a small suite of offices and a factory that are
rented and located in the Central Business Area of Amman.
Name Position
Mohamed Nasser Mazhar Tello Proprietor
& General Manager
Date of Establishment : 8th
April 1985
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 38153, Amman
Chamber Member No. : 3950
National ID No. : 100031680
Invested Capital : JD 30,000
Mr Mohamed Nasser Mazhar Tello is the sole proprietor of the business.
Activities: Engaged in the manufacture of socks.
Import Countries: India
International Suppliers:
Wilson Collection India
Operating Trend: Steady
Subject has a workforce of 15 employees.
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
810,000 JD
855,000
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.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.16 |
|
|
1 |
Rs.103.87 |
|
Euro |
1 |
Rs.75.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.