MIRA INFORM REPORT

 

 

Report Date :           

02.03.2012

 

IDENTIFICATION DETAILS

 

Name :

KINGDOM TRADE FOR TEXTILE

 

 

Registered Office :

Al Qudds Market, Office No. 359, King Fahad Road, P O Box 31553, Riyadh 11418

 

 

Country :

Saudi Arabia 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

02.04.1988

 

 

Com. Reg. No.:

1010068881, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of textiles and readymade garments

 

 

No. of Employees :

08

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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)

Saudi Arabia 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : KINGDOM TRADE FOR TEXTILE

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 2nd April 1988

Commercial Registration Number            : 1010068881, Riyadh

Chamber Membership Number                : 18313

Invested Capital                                     : SR 100,000

Total Workforce                                     : 8

Activities                                               : Wholesale and retail of textiles and readymade garments

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Mohamed Abdulrahman Al Medish, Proprietor & General Manager

 

COMPANY NAME

 

KINGDOM TRADE FOR TEXTILE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Qudds Market, Office No. 359

Street               : King Fahad Road

PO Box             : 31553

Town                 : Riyadh 11418

Country             : Saudi Arabia

Telephone         : (966-1) 4594163 / 4575806 / 4114810

Facsimile          : (966-1) 4399687

Mobile               : (966-55) 5456935

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Riyadh.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Mohamed Abdulrahman Al Medish                                                      Proprietor & General Manager

·       Mahmoud Abdul Aal                                                                          Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15/08/1408 Hijri (corresponding to 2nd April 1988)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 1010068881, Riyadh

 

Chamber Member No. : 18313

 

Invested Capital           : SR 100,000

 

Mr Mohamed Abdulrahman Al Medish is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Mohamed Abdulrahman Al Medish

PO Box: 31553

Riyadh 11418

Mobile: (966-55) 5456935

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles and readymade garments.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

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 12,310,000                           SR 13,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-1) 4772281

Fax: (966-1) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.15

UK Pound

1

Rs.78.25

Euro

1

Rs.65.57

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.