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Report Date : |
19.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN FISHERIES |
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Registered Office : |
Exit 18B, Al
Sulai Industrial Area, P O Box 27195 & 2242, Riyadh 11417 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.09.1991 |
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Com. Reg. No.: |
1010086522, Riyadh |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of fresh and frozen fish and seafood products |
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No. of Employees : |
50 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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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Maximum Credit Limit : |
US$ 200,000 |
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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 |
|
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 $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
|
Source : CIA |
Company Name : ARABIAN FISHERIES
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 18th September 1991
Commercial Registration Number : 1010086522, Riyadh
Chamber Membership Number : 42954
Invested Capital : SR 50,000
Total Workforce : 50
Activities : Distributors of fresh and frozen fish and seafood products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 200,000
ARABIAN FISHERIES
Registered &
Physical Address
Location : Exit 18B, Al Sulai Industrial Area
PO Box : 27195 & 2242
Town : Riyadh 11417
Country : Saudi Arabia
Telephone : (966-1) 2414171 / 2700333
Facsimile : (966-1) 4783153
Email : seafood@arabianfisheries.com
Please note that subject’s
previous address was, Al Malaz Street, Riyadh.
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Industrial Area of Riyadh.
Branch Office (s)
Location Description
·
Jeddah Rented
showroom
Tel: (966-2) 6622534
Fax: (966-2) 6983215
·
Dammam Rented
showroom
Tel: (966-3) 8311441
Fax: (966-3) 8303187
Name Position
·
Jamal
Saad Mohamed Abu Hussain Proprietor
& General Manager
·
Mohamed
Shaban Zayadah Assistant
General Manager
·
Shareef
Ahmed Administration
Manager
·
Abdul
Kareem Financial
Manager
Date of Establishment : 09/03/1412
Hijri (corresponding to 18th September 1991)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1010086522,
Riyadh
Chamber Member No. : 42954
Invested Capital
: SR 50,000
Mr Jamal Saad
Mohamed Abu Hussain is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
fresh and frozen fish and seafood products.
Import
Countries: Europe and the
Far East.
Brand Names: ARABIAN FISHERIES
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 18,750,000 SR 20,220,000
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
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-1) 4776450
Fax:
(966-1) 4769502
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject meets its payment obligations in a timely manner and the business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.85 |
|
UK Pound |
1 |
Rs.88.93 |
|
Euro |
1 |
Rs.72.24 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.