MIRA INFORM REPORT

 

 

Report Date :           

29.03.2011

 

IDENTIFICATION DETAILS

 

Name :

NEW STYLE

 

 

Registered Office :

Commercial Area, P O Box 72171, Dammam 31518

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

23.11.2008

 

 

Com. Reg. No.:

2050062878, Dammam

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

General Trade Licence

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 75,000

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Saudi Arabia

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : NEW STYLE

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 23rd November 2008

Commercial Registration Number            : 2050062878, Dammam

Chamber Membership Number                : 127590

Invested Capital                                     : SR 50,000

Total Workforce                                     : 3

Activities                                               : General trade licence

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 75,000

 

 

COMPANY NAME

 

NEW STYLE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Commercial Area

PO Box             : 72171

Town                 : Dammam 31518

Country             : Saudi Arabia

Telephone         : (966-3) 8507321 / 8507320

Facsimile          : (966-3) 8507320

Mobile               : (966-53) 369425

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dammam.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ali Hassan Al Ismakh                                                                        Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25/11/1429 Hijri (corresponding to 23rd November 2008)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 2050062878, Dammam

 

Chamber Member No. : 127590

 

Invested Capital           : SR 50,000

 

Mr Ali Hassan Al Ismakh is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Subject holds a general trade licence, enabling it to distribute general merchandise.

 

Subject has a workforce of 3 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.71.64

Euro

1

Rs.62.96

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.