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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
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Name : |
AZZAH SALEM AHMED AL GHAMDI EST |
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Registered Office : |
Mahajir Street,
Petromin District, Dawar Al Noojom, P O Box 22227, Jeddah 21495 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
30.10.1978 |
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Com. Reg. No.: |
4030016743, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuffs |
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No. of Employees : |
12 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) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source : CIA |
Company Name : AZZAH SALEM AHMED AL GHAMDI EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 30th October 1978
Commercial Registration Number : 4030016743, Jeddah
Chamber Membership Number : 13898
Invested Capital : SR 30,000
Total Workforce : 12
Activities : Distributors of general foodstuffs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AZZAH SALEM AHMED
AL GHAMDI EST
Registered &
Physical Address
Street : Mahajir Street
Area : Petromin District, Dawar Al
Noojom
PO Box : 22227
Town : Jeddah 21495
Country : Saudi Arabia
Telephone : (966-2) 6363459 / 6372896
Facsimile : (966-2) 6379005
Mobile : (966-50) 5669033
Email : ghamdimunaf@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Jeddah.
Name Position
·
Azzah
Bin Salem Ahmed Al Ghamdi Proprietor
·
Hamd Al
Ghamdi General
Manager
·
Munaf
Abdul Ghaffar Sales
Manager
Date of Establishment : 28/11/1398
Hijri (corresponding to 30th October 1978)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030016743,
Jeddah
Chamber Member No. : 13898
Invested Capital
: SR 30,000
Mr Azzah Bin Salem Ahmed
Al Ghamdi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuffs, including rice, lentils and spices.
Import
Countries: Europe and the
Far East.
Brand Names: AMEERA and FALAK
Operating Trend: Steady
Subject has a
workforce of 12 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 16,280,000 SR
16,350,000
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
PO Box: 18656
Jeddah 21425
Tel: (966-2) 6368224
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
---- |
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.