MIRA INFORM REPORT

Report No. :	310498
Report Date :	05.03.2015

IDENTIFICATION DETAILS

Name :	GMS VENTURES & INVESTMENT HOLDING
Registered Office :	Zahran Plaza Building F2, 4^th Floor, Zahran Street, 7^th Circle, PO Box : 142904 Amman 11844
Country :	Jordan
Date of Incorporation :	11.04.2013
Com. Reg. No.:	2234
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in the import and distribution of pharmaceuticals, agricultural products and general commodities.
No. of Employee :	20

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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. 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

SUMMARY

Company Name : GMS VENTURES & INVESTMENT HOLDING

Country of Origin : Jordan

Legal Form : Limited Liability Company

Registration Date : 11^th April 2013

Commercial Registration Number : 2234

National ID Number : 300004066

Issued Capital : JD 4,298,000

Paid up Capital : JD 4,298,000

Total Workforce : 20

Activities : Distributors of pharmaceuticals, agricultural products and general

commodities.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Osama Mohamed, Financial Controller

COMPANY NAME

GMS VENTURES & INVESTMENT HOLDING

ADDRESS

Registered & Physical Address

Building : Zahran Plaza Building F2, 4^th Floor

Street : Zahran Street

Area : 7^th Circle

PO Box : 142904

Town : Amman 11844

Country : Jordan

Telephone : (962-6) 5827999

Facsimile : (962-6) 5815942

Mobile : (962-79) 6441373

Email : info@gmsholdings.com / tasneem.almajali@mspharma.com

Premises

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

KEY PRINCIPALS

Name Position

· Ghyath Munir Sukhtian Managing Director

· Ghaith Munjed Sukhtian Director

· Essam Farooq Director

· Osama Mohamed Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 11^th April 2013

Legal Form : Limited Liability Company

Commercial Reg. No. : 2234

National ID No. : 300004066

Issued Capital : JD 4,298,000

Paid up Capital : JD 4,298,000

Name of Shareholder (s) Percentage

· GMS Venture & Investment WLL 100%

Manama

Bahrain

AFFILIATED COMPANIES

· GMS Agri WLL

Manama

Bahrain

· M S Pharma

Manama

Bahrain

OPERATIONS

Activities: Engaged in the import and distribution of pharmaceuticals, agricultural products and general commodities.

Import Countries: Europe and the Far East.

Subject has a workforce of 20 employees.

FINANCIAL DATA

Companies registered in Jordan are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Arab Bank Plc

Shmeisani Branch

PO Box: 950545 & 950544

Amman 11195

Tel: (962-6) 5607231 / 5607115

Fax: (962-6) 5606793 / 5606830

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the correct name of the subject is “GMS Ventures & Investment Holding” and not “GMC Ventures & Instruments”.

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.61.85
UK Pound	1	Rs.94.96
Euro	1	Rs.69.10

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ASH

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%)

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