MIRA
INFORM REPORT
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Report Date : |
8th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ASBAB TRADING ESTABLISHMENT |
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Registered Office : |
King Abdulaziz
Street, PO Box: 1783, Riyadh 11441, Saudi Arabia. |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
08.10.1989 |
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Com. Reg. No.: |
1010073196, Riyadh |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Engaged in the import and distribution of heavy equipment,
mechanical and hydraulic accessories. |
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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Maximum Credit Limit : |
US$ 125,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
ASBAB TRADING ESTABLISHMENT |
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Country of Origin |
Saudi Arabia |
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Legal Form |
Sole Proprietorship |
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Registration Date |
8th October 1989 |
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Commercial
Registration Number |
1010073196, Riyadh |
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Membership Number |
38635 |
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Invested Capital |
SR 50,000 |
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Total Workforce |
5 |
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Line of Business |
Distributors of heavy equipment, mechanical and hydraulic accessories. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ASBAB TRADING
ESTABLISHMENT
ADDRESS
Registered & Physical Address
Location : King Abdulaziz Street
PO Box : 1783
Town : Riyadh 11441
Country : Saudi Arabia
Telephone : (966-1) 2434919
Facsimile : (966-1) 2434919
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Riyadh.
KEY PRINCIPALS
·
Ahmed Saad Al
Qarni Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th
October 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1010073196,
Riyadh
Membership No. : 38635
Invested Capital
: SR 50,000
Mr Ahmed Saad Al
Qarni is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines a Sole Proprietorship 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 heavy equipment, mechanical and hydraulic accessories.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 5 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 5,230,000 SR
5,610,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Commercial Bank
Malaz Branch
PO Box : 42536
Riyadh 11551
Tel :
(966-1) 4776450
Fax :
(966-1) 4769502
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1989, subject is owned and managed by Mr Ahmed Saad Al Qarni who is well
respected in the local business community.
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.
Maximum suggested
credit figure: US$ 125,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)