MIRA INFORM REPORT

 

 

Report Date :

15th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

SHAR TRADING EST

 

 

Registered Office :

King Khaled Street, Al Hindawiya, PO Box : 34314, Jeddah 21468, Saudi Arabia

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

1988

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Import and distribution of fresh and frozen meats.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Fair

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

 

 

SUMMARY

 

 

Company Name

SHAR TRADING EST

Country of Origin

Saudi Arabia

Legal Form

Sole Proprietorship

Registration Date

1988

Invested Capital

SR 500,000

Total Workforce

6

Line of Business

Import and distribution of fresh and frozen meats.

Financial Condition

Fair

Payments

Nothing detrimental uncovered

Operating Trend

Steady

 

 

 

 

COMPANY NAME

 

SHAR TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : King Khaled Street

Area                 : Al Hindawiya

PO Box             : 34314

Town                 : Jeddah 21468

Country             : Saudi Arabia

Telephone         : (966-2) 6270300 / 3277180 / 6477108

Facsimile          : (966-2) 6479241 / 6476241

 

 

Premises

 

Subject operates from a small suite of offices, a warehouse and cold storage facilities that are rented and located in the Suburban Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

·         Mohamed Salem Al Shar                                                      Proprietor

 

·         Abdullah Mohamed Salem Al Shar                                        General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1988

 

Legal Form                  : Sole Proprietorship

 

Invested Capital           : SR 500,000

 

Mr Mohamed Salem Al Shar is the sole proprietor of the business.

 

Note to the Legal Form  

Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.

 

 

LINE OF BUSINESS

 

Operations: Engaged in the import and distribution of fresh and frozen meats.

 

Import Countries: France, Netherlands and Asia.

 

Operating Trend : Steady

 

Subject has a workforce of 6 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Saudi Riyals (SR)

 

                                                Year Ending 31/12/04                 Year Ending 31/12/05

 

Total Revenue                            SR 4,800,000                            SR 5,100,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       United Saudi Bank

Al Hamra

PO Box : 8673

Jeddah 21492

Tel : (966-2) 6601185

Fax : (966-2) 6673617

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions