MIRA INFORM
REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
MOHAMED YAHYA MUNSHI EST |
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Registered Office : |
Al
Mohtasib Building, 4th Floor, Office No. 11, Al Dhahab Street, Al Balad District, P
O Box 20123, Jeddah
21455 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
09.03.1979 |
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Com. Reg. No.: |
4030018094, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and retail of leather products, ready made garments, footwear and imitation jewellery as well as stationery, school bags, plastic utensils and glassware. |
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No. of Employees
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15 |
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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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : MOHAMED YAHYA MUNSHI EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 9th March 1979
Commercial Registration Number : 4030018094, Jeddah
Chamber Membership Number : 300149
Invested Capital : SR 50,000
Total Workforce : 15
Activities :
Wholesale and retail of leather products, ready made
garments,
footwear and imitation jewellery as well as stationery, school bags, plastic utensils and glassware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Yahya Abdul Shakoor Abdul Qadar Mushi, Proprietor
MOHAMED
YAHYA MUNSHI EST
Registered &
Physical Address
Building : Al
Mohtasib Building, 4th Floor, Office No. 11
Street : Al
Dhahab Street
Area : Al Balad District
PO Box : 20123
Town : Jeddah
21455
Country : Saudi Arabia
Telephone : (966-2) 6470563 / 6486536 / 6486527 /
6472249
Facsimile : (966-2) 6470563
Mobile : (966-50) 5618465
Email : mymunshi@sol.net.sa / mymunshi@mymunshi.net
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Al Sanabel Centre Rented
showroom premises
Al
Hindawiya District
Jeddah
Tel: (966-2)
6478080
Name Position
·
Mohamed Yahya Abdul Shakoor Abdul Qadar Mushi Proprietor General Manager
·
Moazzam Mukhtar Ahmed Assistant
General Manager
·
Majaz Murtota Patel Commercial
Manager
·
Vargis Charyan Administrative
Executive
Date of Establishment : 10/04/1399
Hijri (corresponding to 9th March 1979)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030018094, Jeddah
Chamber Member No. : 300149
Invested Capital
: SR 50,000
Mr Mohamed Yahya Abdul Shakoor Abdul Qadar Mushi is the
sole proprietor of the business.
Activities: Engaged in the wholesale and retail of leather products, ready made garments, footwear and
imitation
jewellery as well
as stationery, school bags, plastic utensils and glassware.
Import
Countries: India
International
Suppliers:
·
Varoun
Industries India
·
Panjab
Stainless Steel India
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Offcon India
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Samrat India
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Teckrawal India
Operating Trend: Steady
Subject has a
workforce of 15 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR 11,100,000 SR 11,250,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
Palestine Square
PO Box: 7161
Jeddah 21462
Tel: (966-2) 6697384
Fax: (966-2) 6697388
No complaints
regarding subject’s payments have been reported.
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.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as under
–
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months
ago, they had not repaid these dues. Bankers believe many diamantaires
borrowed money during the economic downturn two years ago and diverted funds to
businesses like real estate and capital markets. Many of themselves made money
from these businesses but their diamond companies have gone sick and declared
insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.05 |
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UK Pound |
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.