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Report Date : |
07.12.2012 |
IDENTIFICATION DETAILS
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Name : |
BAMASAQ TRADING AND SERVICES COMPANY |
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Registered Office : |
Al Mira Bahareth
Building, 7th Floor, Office No. 705, Al Dhahab Street, Al Balad
District, P O Box 18858, Jeddah 21425 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.04.1986 |
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Com. Reg. No.: |
4030053412, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject operates several divisions l Textile Division l Stationery Division l Foodstuff Division l Perfumes Division |
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No. of Employees : |
25 employees |
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 (31.03.2012) |
Current Rating (30.06.2012) |
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Saudi
Arabia |
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 |
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 : BAMASAQ TRADING AND SERVICES COMPANY
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 15th April 1986
Commercial Registration Number : 4030053412, Jeddah
Membership Number : 25432
Issued Capital : SR 900,000
Paid up Capital : SR 900,000
Total Workforce : 25
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Javid Jabri, Assistant Sales Manager
BAMASAQ TRADING AND
SERVICES COMPANY
Registered &
Physical Address
Building : Al Mira Bahareth Building, 7th
Floor, Office No. 705
Street : Al Dhahab Street
Area : Al Balad District
PO Box : 18858
Town : Jeddah 21425
Country : Saudi Arabia
Telephone : (966-2) 6422318 / 6271513 / 6430049
Facsimile : (966-2) 6449423
Mobile : (962-50) 4462619
Email : bamasaq@zajil.net / bamasaqtsco@hotmail.com
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 Touba Street Rented
showroom premises
Jeddah
Tel: (966-2) 6192280 / 6754290
Name Position
·
Ali Mohamed Saleh Bamasaq Managing
Partner
·
Abdulaziz Mohamed Saleh Bamasaq Partner
·
Faisal
Mohamed Saleh Bamasaq Partner
·
Hesham
Bamasaq General
Manager
·
Abdullah
Al Amoudi Commercial
Manager – Food Division
·
Yasser Saeed Bamasaq Commercial
Manager
·
Sayed
Mohamed Saleh Bamasaq Finance
Manager
·
Javid
Jaber Sales
Manager
Date of Establishment : 06/08/1406 Hijri (corresponding to 15th April
1986)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030053412,
Jeddah
Chamber
Member No. : 25432
Issued Capital : SR 900,000
Paid up Capital : SR 900,000
Name of Partner (s)
·
Ali Mohamed Saleh Bamasaq
·
Abdulaziz Mohamed Saleh Bamasaq
·
Faisal
Mohamed Saleh Bamasaq
Activities: Subject’s operations are performed through
the following divisions:
· Textile Division
Wholesalers and retailers of
blankets and household textiles.
· Stationery Division
Wholesalers and retailers of
stationery items.
· Foodstuff Division
Distributers of rice.
· Perfumes Division
Engaged in the
wholesale and distribution of perfumes and beauty products.
Import
Countries: India and
Singapore
International
Suppliers:
·
Shree Jagdampa Rice India
·
Mahant Overseas India
·
Pornchand Rice India
Operating Trend: Steady
Subject has a
workforce of 25 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 11,400,000 SR 12,150,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.47 |
|
UK Pound |
1 |
Rs.87.63 |
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Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
---- |
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.