MIRA
INFORM REPORT
|
Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
|
Correct Name : |
SAFA STAR TRADING EST |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
4030149043, Jeddah |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Wholesale and Retail of Textiles
and Fabrics |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : SAFA STAR TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 1997
Commercial Registration Number : 4030149043, Jeddah
Chamber Membership Number : 109300
Invested Capital : SR 75,000
Total Workforce : 8
Activities : Wholesale and retail of textiles and fabrics
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Inaam Al Haq, Sales Manager
COMPANY NAME
SAFA STAR TRADING
EST
ADDRESS
Registered & Physical Address
Street : Dhahab
Street
Area : Souk Al Jama
PO Box : 104144
Town : Jeddah 21331
Country : Saudi Arabia
Telephone : (966-2) 6436928
Facsimile : (966-2) 6453022
Email : safa_tex@hotmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Al Wazir Street Rented
showroom premises
Riyadh
Tel: (966-1) 4083245
KEY PRINCIPALS
Name Position
·
Ismail Mahmoud Saleh Al Baloushi Proprietor
& General Manager
·
Inaam Al Haq Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1997
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030149043, Jeddah
Chamber Member No. : 109300
Invested Capital
: SR 75,000
Mr Ismail Mahmoud Saleh Al Baloushi is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of textiles and fabrics.
Import
Countries: India
Operating Trend: Steady
Subject has a
workforce of 8 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 10,800,000 SR 11,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Commercial Bank
Palestine Square
PO Box 7161
Jeddah 21462
Tel: (966-2) 6697384
Fax: (966-2) 6697388
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.79 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)