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Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FIRST FLAG TRADING EST |
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Registered Office : |
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Country : |
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Date of Incorporation : |
22.02.2010 |
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Com. Reg. No.: |
1010221133, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers of Flags, Printing and Embroidery of Garments and
Textiles |
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No. of Employees : |
45 |
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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.
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Source : CIA |
Company Name :
FIRST FLAG TRADING EST
Country of Origin : Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
22nd February 2010
Commercial Registration Number :
1010221133, Riyadh
Chamber Membership Number :
228324
Invested Capital :
SR 200,000
Total Workforce :
45
Activities :
Manufacturers of flags, printing and embroidery of garments and textiles
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
FIRST FLAG TRADING EST
Street : Al Motnabi
Street
Area : Al Malaz
Area
PO Box : 41048
Town : Riyadh 11499
Country :
Telephone : (966-1) 4763843
/ 4762017
Facsimile : (966-1)
4762017 / 4722721
Mobile : (966-50)
6468563 / (966-55) 3455343
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Riyadh.
BRANCH OFFICE (S)
Location Description
· Al Shifa
Industrial Area Factory
premises
Riyadh
Name Position
· Hisham Hamd
Abdullah Al Shineibar Proprietor
& General Manager
· Mohamed Al
Shineibar Assistant
General Manager
· Al Hussaini Hamed Administration
Manager
· Saud Al Bishar Business
Development Manager
Date of
Establishment: 22nd February 2010
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1010221133, Riyadh
Chamber Member No.: 228324
Invested Capital : SR 200,000
Mr. Hisham Hamd Abdullah Al Shineibar is the sole proprietor of the
business.
Activities: Engaged in the manufacture of flags, printing and embroidery of
garments and textiles.
Subject has a workforce of 45 employees.
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
National Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1)
4772281
Fax: (966-1)
4730322
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and 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.54.99 |
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1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.