MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
MUTASAMEHIN
TRADING EST |
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Registered Office : |
Souq Al Janobia,
Al Balad District, P O Box 9788, Jeddah 21423 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
17th May 1975 |
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Com. Reg. No.: |
4030014714, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale
and retail of scarves, turbans and other textile products. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : MUTASAMEHIN TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 17th May 1975
Commercial Registration Number : 4030014714, Jeddah
Invested Capital : SR 50,000
Total Workforce : 8
Line of Business : Wholesalers and retailers of scarves, turbans and
other textile products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MUTASAMEHIN TRADING
EST
ADDRESS
Registered & Physical Address
Location : Souq Al Janobia
Area : Al Balad District
PO Box : 9788
Town : Jeddah 21423
Country : Saudi Arabia
Telephone : (966-2) 6445150
Facsimile : (966-2) 6425635
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Jeddah.
KEY PRINCIPALS
·
Anwar Salem
Swan Proprietor
& General Manager
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Abdullah
Buwafid Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 05/05/1395
Hijri (corresponding to 17th May 1975)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030014714,
Jeddah
Invested Capital
: SR 50,000
Mr Anwar Salem Swan
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 wholesale and retail of
scarves, turbans and other textile products.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 8 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 3,875,000 SR 4,150,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Al Bank Al
Saudi Al Fransi
Al Sharafiya Branch
Medina Road
PO Box : 7888
Jeddah 21472
Tel : (966-2) 6605863
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1975, subject is involved in the wholesale and retail of scarves, turbans and
other textile products.
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
business is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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. |
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%)