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Report No. : |
313091 |
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Report Date : |
19.03.2015 |
IDENTIFICATION DETAILS
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Name : |
OMEGA FOR
INDUSTRIAL SUPPLIES |
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Registered Office : |
Freedom Street, P O Box: 809, Amman 11623 |
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Country : |
Jordan |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.09.2006 |
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Com. Reg. No.: |
82612 |
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Legal Form : |
General Partnership |
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Line of Business : |
Design, Manufacturing
and Developing of Industrial Machinery and Equipment. |
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No. of Employees : |
13 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
|
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.
|
Source
: CIA |
Company Name : OMEGA FOR
INDUSTRIAL SUPPLIES
Country of Origin : Jordan
Legal Form :
General Partnership
Registration Date : 6th
September 2006
Commercial Registration
Number : 82612
National ID Number : 200002894
Partners Capital : JD 8,000
Total Workforce : 13
Activities :
Design, manufacturing and developing of industrial machinery and
equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Munther Abdul
Majeed Mohamad Al Aqtash, Managing Partner
OMEGA FOR
INDUSTRIAL SUPPLIES
Location : Freedom Street
PO Box : 809
Town : Amman 11623
Country : Jordan
Telephone : (962-6) 4773770
Facsimile : (962-6) 4777299
Mobile : (962-79) 5220411 / 9802614 /
(962-77) 7386100
Email : info@omega-jordan.com
Please note that
the number 11623 is the subject’s post code and not their PO Box number.
Subject operates
from a small suite of offices that are rented and located in the Industrial
Area of Amman.
Name Position
·
Munther
Abdul Majeed Mohamad Al Aqtash Managing
Partner
·
Munther
Fathi Mohamad Fayed Partner
·
Tareq
Ziad Al Haj Basheer Okasha Partner
·
Duaa
Ayoub Accountant
Date of Establishment : 6th
September 2006
Legal Form :
General Partnership
Commercial Reg. No. : 82612
National ID No. :
200002894
Partners Capital : JD 8,000
·
Munther
Abdul Majeed Mohamad Al Aqtash 33.33%
·
Munther
Fathi Mohamad Fayed 33.33%
·
Tareq
Ziad Al Haj Basheer Okasha 33.33%
·
Omega
Engineering Industries
Amman
Activities: Engaged in the design, manufacturing and
developing of industrial machinery and equipment, including rock wool, glass wool
and perlite production lines, fertilizer plants, feed mills, material handling
systems and automated batch plants.
Import
Countries: Europe, Japan
and China.
International Suppliers:
·
Italvibras Italy
·
Hitachi Japan
Operating Trend: Steady
Subject has a
workforce of 13 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year Ending
31/12/11: Year Ending
31/12/12: Year Ending
31/12/13:
Total Sales US$ 280,000 US$ 300,000 US$
335,000
Total Assets US$ 300,000 US$ 300,000 US$ 300,000
Inventories US$ 70,000 US$ 75,000 US$ 80,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Munther Abdul Majeed Mohamad Al Aqtash, Managing Partner
·
Shmeisani Branch
PO Box: 926225
Tel: (962-6) 5677377
Fax: (962-6) 5666326
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.62.69 |
|
|
1 |
Rs.92.99 |
|
Euro |
1 |
Rs.66.37 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.