MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
HUSSAIN ABDULLAH AL SHEIKH TRADING EST |
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Registered Office : |
Al
Hekma Street, Cross 42nd Street, Al Mohamadia Area, PO Box 6402, Dammam 31442 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
06.09.1999 |
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Com. Reg. No.: |
2050007462, Dammam |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Wholesale of Fresh Fruits and Vegetables |
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$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HUSSAIN ABDULLAH AL SHEIKH TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 6th September 1999
Commercial Registration Number : 2050007462, Dammam
Chamber Membership Number : 13094
Invested Capital : SR 20,000
Total Workforce : 150
Activities : Import and wholesale of fresh fruits and vegetables
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
COMPANY NAME
HUSSAIN
ABDULLAH AL SHEIKH TRADING EST
ADDRESS
Registered & Physical Address
Street : Al
Hekma Street, Cross 42nd Street
Area : Al Mohamadia Area
PO Box : 6402
Town : Dammam 31442
Country : Saudi Arabia
Telephone : (966-3) 8380482 / 8500309
Facsimile : (966-3) 8371679
Email : alshaikhfruit@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Dammam.
KEY PRINCIPALS
Name Nationality Position
·
Hussain
Abdullah Al Sheikh Saudi Proprietor
& General Manager
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Majid
Al Safdi - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 6th
September 1999
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 2050007462, Dammam
Chamber Member No. : 13094
Invested Capital
: SR 20,000
Mr Hussain Abdullah Al Sheikh is the sole proprietor of
the business.
OPERATIONS
Activities: Engaged in the import and wholesale of fresh
fruits and vegetables.
Import
Countries: Turkey, Jordan,
Egypt, Syria & Lebanon
Operating Trend: Steady
Subject has a
workforce of 150 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi Riyals
(SR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales SR 100,000,000 SR 120,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mr Majid Al Safdi, Finance
Manager.
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
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
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%)