MIRA INFORM REPORT

 

 

Report Date :

14.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MUBARAK AHMAD MUSAHAD TRADING CO

 

 

Formerly Known As :

MUBARAK STYLE

 

 

Registered Office :

Al Shugair Building, 3rd Floor King Abdulaziz Street PO Box 1705 Onaiza 51911

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

31.12.2003

 

 

Com. Reg. No.:

1128005579

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates several divisions like Garment and Textile Division, Home Appliance Division

 

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$ 450,000

Status :

Satisfactory

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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                                     : MUBARAK AHMAD MUSAHAD TRADING CO

Also Known As                                      : MUBARAK STYLE

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 31st December 2003

Commercial Registration Number                        : 1128005579

Chamber Membership Number                : 71400

Issued Capital                                        : SR 3,000,000

Paid up Capital                                      : SR 3,000,000

Total Workforce                                     : 120

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 450,000

Person Interviewed                                 : Abdul Majeed Ba Buraish, General Manager

 

COMPANY NAME

 

MUBARAK AHMAD MUSAHAD TRADING CO

 

ALSO KNOWN AS: MUBARAK STYLE

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Shugair Building, 3rd Floor

Street               : King Abdulaziz Street

 

PO Box             : 1705

 

Town                 : Onaiza 51911

Country             : Saudi Arabia

 

Telephone         : (966-6) 3612020

Facsimile          : (966-6) 3618673 / 3613606

Mobile               : (966-50) 4899615 / 6155522

Email                : mubarakstyle@hotmail.com

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Onaiza.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Al Ras                                                                                              Rented showroom premises

Tel: (966-5) 3515571

 

·       Commercial Street                                                                            Rented showroom premises

Onaiza 51911

Tel: (966-6) 3648181

 

·       Buraidah                                                                                           Rented showroom premises

Tel: (966-6) 3831568

 

·       Exit No. 14                                                                                       Rented showroom premises

Al Rabwah District

Riyadh

Tel: (966-1) 4450009

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mubarak Ahmad Musahad Al Qahtani                                     Managing Partner

 

·       Khamis Mubarak Ahmad Musahad Al Qahtani                         Partner

 

·       Abdul Majeed Ba Buraish                                                                   General Manager

 

·       Mohamed Abdo Raboo                                                                      Sales Manager

 

·       Ali Al Sulaili                                                                                      Administration Manager

 

·       Fahd Mohamed Omar                                                                        Sales Manager

 

·       Abdul Majeed Ba Buraish                                                                   Finance Manager

 

·       Mohamed Abdo Rabo                                                                        Riyadh Branch Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 07/11/1424 Hijri (corresponding to 31st December 2003)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1128005579

 

Chamber Member No. : 71400

 

Issued Capital              : SR 3,000,000

 

Paid up Capital            : SR 3,000,000

 

Name of Partner (s)

 

·       Mubarak Ahmad Musahad Al Qahtani

 

·       Khamis Mubarak Ahmad Musahad Al Qahtani

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Garment and Textile Division

 

     Wholesalers and retailers of ready made garments and textiles.

 

·       Home Appliance Division

 

Wholesalers and retailers of household appliances and stationery

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 120 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                SR 37,900,000                           SR 39,400,000

 

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

Batha Branch

PO Box: 34

Riyadh 11411

Tel: (966-1) 4010076 / 4025084

Fax: (966-1) 4034625

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.02

UK Pound

1

Rs.77.13

Euro

1

Rs.67.55

 

 

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

--

NB

                                       New Business

 

--

 

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.