MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
YASSER ABDULRAHMAN SIDDIQ TRADE EST |
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Registered Office : |
Al
Bokhariya Street, Al Hindawiya District, PO Box 32943, Jeddah 21438 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
4030121597, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and Retailers of Footwear and Related Accessories. Wholesale and Retail of Carpets, Rugs and Upholstery Materials. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : YASSER ABDULRAHMAN SIDDIQ TRADE EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 1992
Commercial Registration Number : 4030121597, Jeddah
Chamber Membership Number : 70794
Invested Capital : SR 80,000
Total Workforce : 25
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
Person Interviewed : Abdulrahman Yasser Abdulrahman Siddiq, Assistant General Manager
COMPANY NAME
YASSER
ABDULRAHMAN SIDDIQ TRADE EST
ADDRESS
Registered & Physical Address
Street : Al
Bokhariya Street
Area : Al
Hindawiya District
PO Box : 32943
Town : Jeddah 21438
Country : Saudi Arabia
Telephone : (966-2) 6491173
Facsimile : (966-2) 6471355
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Riyadh Rented
showroom premises
·
Dammam Rented
showroom premises
KEY PRINCIPALS
Name Nationality Position
·
Yasser
Abdulrahman Siddiq Saudi Proprietor
& General Manager
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Abdulrahman
Yasser Abdulrahman Siddiq
Saudi Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030121597,
Jeddah
Chamber Member No. : 70794
Invested Capital
: SR 80,000
Mr Yasser Abdulrahman Siddiq is the sole proprietor of
the business.
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Upholstery Division
Engaged in the wholesale and retail
of carpets, rugs and upholstery materials.
· Shoes Division
Wholesalers and retailers of
footwear and related accessories.
Import
Countries: India, Iran,
Turkey and Pakistan
Operating Trend: Steady
Subject has a
workforce of 25 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 12,300,000 SR 13,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box : 5066
Jeddah 21422
Tel : (966-2) 6434777
Fax : (966-2) 6441686
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.48.74 |
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UK Pound |
1 |
Rs.85.19 |
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Euro |
1 |
Rs.66.12 |
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%)