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Report No. : |
325306 |
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Report Date : |
05.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HI TECH TEXTILE
LLC |
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Registered Office : |
Ad Dulayl QIZ Park, Plot 674, P O Box: 1495, Zarqa 13136 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
12.06.2000 |
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Com. Reg. No.: |
6208, Zarqa |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and
Export of Jeans. |
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No. of Employees : |
1300 |
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 |
|
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 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 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 : HI TECH
TEXTILE LLC
Country of Origin : Jordan
Legal Form :
Limited Liability Company
Registration Date : 12th
June 2000
Commercial
Registration Number : 6208, Zarqa
Issued Capital : JD
500,000
Paid up Capital : JD
500,000
Total Workforce : 1,300
Activities :
Manufacture and export of jeans
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
HI TECH TEXTILE LLC
Location : Ad Dulayl QIZ Park, Plot 674
PO Box : 1495
Town : Zarqa 13136
Country : Jordan
Telephone : (962-5) 3825169 / 3825320 / 3825530
Facsimile : (962-5) 3825600
Email : hitech@joinnet.com.jo / jo@hitech-textile.com
Subject operates
from a large suite of offices and a factory that are rented and located in the Industrial
Area of Zarqa.
Name Nationality Position
·
Ali
Imran Wazir Ali
Pakistani Managing
Director
·
Mohamed
Yousef Abdulrazzaq
Pakistani Director
·
Mohamed
Ashraf Abdulrazzaq
Pakistani Director
·
Abdulaziz Abdul Rahman Pakistani Director
·
Asif Abdulrazzaq Mowkati Pakistani Director
·
Imran
Siddique - Administration
Manager
·
Abdul
Al Ali - Purchasing
Manager
·
Krishnan
Poojari - Production
Manager
·
Samantha Gamini - Human
Resources Manager
·
Sajjad Hossain Rawjani - Chief
Accountant
·
Mohamed
Akram - Maintenance
Manager
Date of Establishment : 12th
June 2000
Legal Form :
Limited Liability Company
Commercial Reg. No. : 6208, Zarqa
National ID No. :
200012750
Issued Capital : JD 500,000
Paid up Capital : JD 500,000
·
Mohamed
Ashraf Abdulrazzaq 50.0%
·
Abdulaziz Abdul Rahman 15.0%
·
Mohamed
Yousef Abdulrazzaq 12.5%
·
Asif Abdulrazzaq Mowkati 12.5%
·
Ali
Imran Wazir Ali 10.0%
·
Hi-Tech
Textile Egypt
Street No. 14
Amreya Public Free Zone,
PO Box: 60
Alexandria
Egypt
Tel: (20-3) 4500435 / 4500436
Fax: 20-3) 4500437
Activities: Engaged in the manufacture and export of
jeans.
Production
Capacity: 25 million pieces
a year
International
Customers:
·
Jones
Apparel Group
·
Haggar
·
Liz
Claiborne
·
Kenneth
Cole
·
Supreme
·
Perry
Ellis
Import
Countries: Pakistan and
India
Export
Countries: United States of America and Europe
Operating Trend: Steady
Subject has a
workforce of approximately 1,300 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 5,100,000 JD 5,300,000
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
Zahran Street, 5th Circle
Western Amman Branch
PO Box: 925286
Amman
Tel: (962-6) 5518090
Fax: (962-6) 5518085
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.64.18 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.