MIRA
INFORM REPORT
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Report Date : |
24.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SAID AHMED
BAKADAM EST |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
10th December 1982 |
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Com. Reg. No.: |
4030032443, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged as
retailers of home furniture and furnishings, including wall and floor coverings,
upholstery and curtains. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
EUR 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SAID AHMED BAKADAM EST
Doing Business As : FIRST FOR DECORATION
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 10th December 1982
Commercial Registration Number : 4030032443, Jeddah
Membership Number : 11849
Invested Capital : SR 1,500,000
Total Workforce : 45
Line of Business : Retail of home furniture and furnishings, as well as
offering interior decoration contracting services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SAID AHMED BAKADAM
EST
DOING BUSINESS AS
FIRST FOR
DECORATION
ADDRESS
Registered & Physical Address
Location : Khalid Bin Al Waleed Street
PO Box : 7119
Town : Jeddah 21462
Country : Saudi Arabia
Telephone : (966-2) 6622206 / 6511209 /
6513580
Facsimile : (966-2) 6622207 / 6531837
Email : bakadam@sps.net.sa
Premises
Subject operates
from a medium sized suite of offices, a showroom and storage facilities that
are rented and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
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PO Box:
25748 Rented
office & showroom premises
Riyadh 11476
Tel: (966-1) 4792745
KEY PRINCIPALS
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Said
Ahmed Bakadam Proprietor
& General Manager
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Yahya
Abdul Salam Assistant
General Manager
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Sabdar
Kamal Finance
Manager
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Salahhuddin
Hussain Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 13/02/1402 Hijri
(corresponding to 10th December 1982)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030032443,
Jeddah
Membership No. : 11849
Invested Capital
: SR 1,500,000
Mr Said Ahmed Bakadam
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 as retailers of home furniture and
furnishings, including wall and floor coverings, upholstery and curtains.
Subject also offers interior decoration contracting services,
including house-painting, wallpaper hanging, fitting out and furnishing
contractors.
Import
Countries: Republic of Ireland, United Kingdom, Belgium, Norway and
Denmark.
International
Suppliers:
· AML Contract
Carpets Ltd Republic of Ireland
Brand Names: TRETFORD, OMEXCO, ATRE, MASLAND
CONTRACT, and
Operating Trend
: Steady
Subject has a workforce
of 45 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Saudi
Riyals (SR)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue SR 16,120,000 SR 16,895,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Riyad
Bank
Prince Fahad Street
PO Box : 9324
Jeddah 21413
Tel : (966-2) 6513333
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Arab
National Bank
Madinah Road
PO Box : 9463
Jeddah 21413
Tel : (966-2) 6600272
Fax : (966-2) 6650202
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Al Rajhi
Banking & Investment Corporation
King Abdulaziz Street
PO Box : 605
Jeddah 21421
Tel : (966-2) 6447790 / 6447676
Fax : (966-2) 6434022
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction March 2005
Credit amount 17,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of EUR 100,000
Said Ahmed Bakadam Est
has been trading since 1982 and specialises in the retail of home furniture and
furnishings, as well as offering interior decoration contracting services.
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 and the above credit figure is within
subject’s financial means.
Maximum suggested
credit figure: EUR 250,000
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%)