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Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
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Name : |
SIDDIQ AHMED TRADING CO LTD |
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Registered Office : |
Al Nojoom Roundabout, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.08.1990 |
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Reg. No.: |
4030072200 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Wholesalers and retailers of general foodstuff products. |
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No. of Employees : |
50 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Saudi Arabia |
A2 |
A2 |
|
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 |
Saudi Arabia
- ECONOMIC OVERVIEW
Saudi Arabia has
an oil-based economy with strong government controls over major economic
activities. It possesses about one-fifth of the world's proven petroleum
reserves, ranks as the largest exporter of petroleum, and plays a leading role
in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45%
of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of
the private sector in order to diversify its economy and to employ more Saudi
nationals. Diversification efforts are focusing on power generation,
telecommunications, natural gas exploration, and petrochemical sectors. Almost
6 million foreign workers play an important role in the Saudi economy,
particularly in the oil and service sectors, while Riyadh is struggling to
reduce unemployment among its own nationals. Saudi officials are particularly
focused on employing its large youth population, which generally lacks the
education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia''s first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in December 2005
after many years of negotiations. The government has begun establishing six
"economic cities" in different regions of the country to promote
foreign investment and plans to spend $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
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Source : CIA |
Company Name :
SIDDIQ AHMED TRADING CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
5th August 1990
Commercial Registration Number :
4030072200, Jeddah
Chamber Membership Number :
78532
Issued Capital :
SR 500,000
Paid up Capital :
SR 500,000
Total Workforce :
50
Activities :
Wholesalers and retailers of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Ghulam Farooq, Sales Manager
SIDDIQ AHMED TRADING CO LTD
Registered &
Physical Address
Location : Al Nojoom
Roundabout
Street : Heraj Street
Area : Petromin
District, Dawar-al-Nujoom
PO Box : 30107
Town : Jeddah 21477
Country :
Telephone : (966-2) 6377620
/ 6352616 / 6369537 / 6370644 / 6353084
Facsimile : (966-2)
6379254
Mobile : (966-55) 5620942
Email : info@sadrfoodstuff.com
/ zaiqa@sadrfoodstuff.com
/ zaiqaspices@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 Jeddah.
Branch Offices
Location Description
Madinah Office
premises
Tel: (966-4) 8170426
Name Position
Siddiq Ahmed Kamal Dalil Rehman Managing
Partner
Kamal Siddiq Ahmed Kamal Dalil Rehman Partner
Riyad Al Masry General
Manager
Omar Sheikh Chief
Financial Officer
Ghulam Farooq Sales
Manager
Farooq Al Misry Commercial
Manager
Mohamed Omair Financial
Controller
Date of Establishment : 14/01/1411 Hijri
(corresponding to 5th August 1990)
History : Subject began in
1990 under the name “Siddiq Ahmed D Rehman Trading Est”. However in 2010 it changed names to “Siddiq
Ahmed Trading Co Ltd”.
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030072200,
Jeddah
Chamber Member No.: 78532
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner
(s)
Siddiq Ahmed Kamal Dalil Rehman
Kamal Siddiq Ahmed Kamal Dalil Rehman
Kamal Siddiq Ahmed Kamal Trading Est
Heraj Street
PO Box: 30107
Jeddah 21477
CR No. 4030183889
Activities: Engaged in the wholesale and retail of general foodstuff products,
including rice, pulses, sugar, beans,
wheat, spices and vegetable oil.
Subject also operates a supermarket located in Aziziah, Jeddah.
Import Countries: Europe, Pakistan and India.
International Suppliers:
Shezan International Ltd Pakistan
Zaiqa Food Industries Ltd Pakistan
Operating Trend: Steady
Subject has a workforce of 50 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
16,450,000 SR
17,100,000
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
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.52 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
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 |
-- |
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.