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Report No. : |
306585 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
FROMEWILL LTD |
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Registered Office : |
Building No. 39 Mecca Street Dahiat Al Hussein, Shmeisani 941021 Amman 11194 |
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Country : |
Jordan |
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Date of Incorporation : |
09.11.1992 |
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Com. Reg. No.: |
544, Amman |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Engaged in the import
and distribution of construction materials, building materials, medicines and
general foodstuffs. |
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No. of Employee : |
10 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Jordan |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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.
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Source
: CIA |
Company Name : FROMEWILL
LTD
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 9th
November 1992
Commercial
Registration Number : 544, Amman
Membership Number : 300
Issued Capital : JD
30,000
Paid up Capital : JD 30,000
Total Workforce : 10
Activities :
Distributors of construction materials, building materials, medicines and
general foodstuffs
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Person Interviewed : Wamidh Alwan, Marketing Manager
FROMEWILL LTD
Building : Building No. 39
Street : Mecca Street
Area : Dahiat Al Hussein, Shmeisani
PO Box : 941021
Town : Amman 11194
Country : Jordan
Telephone : (962-6) 5545298
Facsimile : (962-6) 5545297
Mobile : (962-77) 7670718
Email : info@fromewill.com / wamidah@fromewill.com / hider@fromewill.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Amman.
Name Position
·
Haider
Hamdy Tokmaki Managing
Director
·
Salam Haider Hamdy
Tokmaki General
Manager
·
Wamidh Alwan Marketing
Manager
·
Abbass
Hamdy Shokur Finance
Manager
Date of Establishment : 9th
November 1992
Legal Form :
Limited Liability Company
Commercial Reg. No. : 544, Amman
Membership
No. : 300
Issued Capital : JD 30,000
Paid up Capital : JD 30,000
·
Fromewill
Ltd
112 Wembley Park Drive
Wembley
Middlesex HA9 8HS
United Kingdom
Activities: Engaged in the import and distribution of
construction materials, building materials, medicines and general
foodstuffs.
Import
Countries: India
International Suppliers:
·
Marksans
Pharmaceutical Ltd India
·
Lyka
BGR International Ltd India
· Axon Drug Pvt Ltd India
· MMC Healthcare India
Export
Countries: Iraq
Subject has a
workforce of 10 employees.
Financial highlights
provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales US$ 1,000,000 US$ 800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial figures were provided by Mr Wamidh
Alwan, Marketing Manager
·
Arab
Banking Corporation
Matalqa Centre Branch
11th August Street
PO Box: 926691
Amman 11110
Tel: (962-6) 4664183 / 4664185
Fax: (962-6) 4692713
·
Union Bank
for Saving and Investment
Shmeisani Branch
Amman
Tel: (962-6) 5607011
Fax: (962-6) 5624232
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.62.14 |
|
|
1 |
Rs.94.79 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
ANK |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.