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Report Date : |
02.11.2012 |
IDENTIFICATION DETAILS
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Name : |
MOHAMMED SAEED AL GHAMDI TRADING EST |
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Registered Office : |
Al Sulaimaniah District |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.03.1996 |
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Com. Reg. No.: |
4030117700, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of safety products |
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No. of Employees : |
10 |
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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
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Country Name |
Previous Rating (31.03.2011) |
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.
Source : CIA
Company Name : MOHAMMED SAEED AL GHAMDI TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 12th March 1996
Commercial Registration Number : 4030117700, Jeddah
Chamber Membership Number : 94094
Invested Capital : SR 50,000
Total Workforce : 10
Activities : Distributors of safety products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MOHAMMED SAEED AL GHAMDI TRADING EST
Location : Al Sulaimaniah District
PO Box : 34558 &
32375
Town : Jeddah 21478
Country : Saudi Arabia
Telephone : (966-2) 2274112
Facsimile : (966-2)
2274113
Mobile : (966-50) 6680437
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Jeddah.
Branch Offices
Location Description
· Palestine Street Showroom
premises
Jeddah
Tel: (966-2) 6680437
Name Position
· Mohamed Saeed Al Jaman Halesha
Al Ghamdi Proprietor
& General Manager
· Nafiz Razzaq Assistant
General Manager
· Abdul Khaliq Mohamed Saeed Al Ghamdi Sales
Manager
Date of
Establishment : 21/10/1416 Hijri
(corresponding to 12th March 1996)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 4030117700,
Jeddah
Chamber Member No. : 94094
Invested Capital : SR 50,000
Mr Mohamed Saeed Al Jaman Halesha Al Ghamdi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of safety products, including shoes, helmets, glasses and gloves.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 10 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
9,600,000 SR
10,050,000
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
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2)
6446644
Fax: (966-2)
6446644
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.78 |
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1 |
Rs.86.77 |
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Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.