MIRA
INFORM REPORT
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Report Date : |
05.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL WASAIEF TRADING EST |
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Registered Office : |
Al Khazzan Street, P O Box
7000, Dammam 31452 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
26.10.1978 |
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Com. Reg. No.: |
2050006367, Dammam |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and Retailers of Fresh and Frozen Meat 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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL WASAIEF TRADING
EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 26th
October 1978
Commercial Registration
Number : 2050006367, Dammam
Membership Number : 17764
Invested Capital : SR 60,000
Total Workforce : 5
Line of Business :
Wholesalers and retailers of fresh and frozen meat products.
Financial Condition : Fair
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL WASAIEF TRADING EST
ADDRESS
Registered & Physical Address
Location : Al Khazzan
Street
PO Box : 7000
Town : Dammam 31452
Country : Saudi Arabia
Telephone : (966-3) 8260540
/ 8429887
Facsimile : (966-3)
8263940
Mobile : (966-50)
4991153
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dammam.
KEY PRINCIPALS
· Mohamed Yousef Al
Soqair Proprietor
& General Manager
· Issa Yousef Al
Soqair Assistant
General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 23/11/1398 Hijri
(corresponding to 26th October 1978)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 2050006367, Dammam
Membership No. : 17764
Invested Capital : SR 60,000
Mr Mohamed Yousef Al Soqair 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 fresh and
frozen meat products,
including lamb and beef.
Import Countries : Europe and GCC countries.
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 31/12/05 : Year
Ending 31/12/06 :
Total Revenue SR
8,290,000 SR
8,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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National Commercial Bank
PO Box : 13
Dammam 31411
Tel : (966-3)
8331188
Fax : (966-3)
8336058
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1978, subject is owned and managed by Mr Mohamed Yousef
Al Soqair who is well respected in the local business community.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 150,000
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%)