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Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SAUDI COMPANY FOR
MANUFACTURING CARPET MATERIALS (MATTEX) |
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Registered Office : |
Industrial City, Phase
5, 30540 Jeddah 21587 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
24.09.1996 |
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Com. Reg. No.: |
4030120173, Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of
raw materials used in the manufacture of carpets and rugs. |
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No. of Employees : |
250 |
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 – September 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
Company Name : SAUDI COMPANY FOR
MANUFACTURING CARPET MATERIALS
(MATTEX)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 24th
September 1996
Commercial
Registration Number :
4030120173, Jeddah
Chamber Membership
Number : 61163
Issued Capital : SR
33,000,000
Paid up Capital : SR
33,000,000
Total Workforce : 250
Activities :
Manufacture of raw materials used in the manufacture of carpets and rugs.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdul Samad Mohamed, Finance Manager
SAUDI COMPANY FOR
MANUFACTURING CARPET MATERIALS (MATTEX)
Location : Industrial City, Phase 5
PO Box : 30540
Town : Jeddah 21587
Country : Saudi Arabia
Telephone : (966-2) 6081133 / 6081050
Facsimile : (966-2) 6081251
Email : mattexsales@mattex.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Jeddah.
Name Position
·
Hamd
Abdullah Al Sorayai Chairman
·
Saleh
Ahmed Al Sorayai Vice
Chairman
·
Ahmed Sulaiman
Al Rajhi Director
·
Mohamed
Abdullah Abdulaziz A Sorayai Director
·
Mohamed
Nasser Abdulaziz Al Sorayai Director
·
Manfred
Klepacz Chief
Executive Officer
·
Abdul
Samad Mohamed Finance
Manager
·
Oliver Dercouttier Commercial
Manager
·
Motaz Ezzi Sales
Manager
·
Naser
Nabil Plant
Manager
·
Moziullaj
Shareef Logistics
Manager
Date of Establishment : 11/05/1417
Hijri (corresponding to 24th September 1996)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4030120173,
Jeddah
Chamber Member No. : 61163
Issued Capital : SR 33,000,000
Paid up Capital : SR 33,000,000
·
Al
Rajhi Holding Group 52%
Jeddah
·
Mohamed
Abdullah Abdulaziz A Sorayai 24%
·
Mohamed
Nasser Abdulaziz Al Sorayai 24%
·
Green
Vision Ltd
Jeddah
Activities: Engaged in the manufacture of raw materials
used in the manufacture of carpets and rugs.
Import
Countries: Europe and the
Far East.
Brand Names: MATTEX
Operating Trend: Steady
Subject has a
workforce of approximately 250 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 212,700,000 SR 218,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Abdul Samad
Mohamed, Finance Manager
·
Arab
National Bank
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.