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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SALIM BIN HENDI
AL HARBI EST |
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Registered Office : |
Makkah Road,
46218 Jeddah 21532 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.09.1988 |
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Com. Reg. No.: |
4030061813,
Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of sanitary ware products, bathroom suites, ceramics and plumbing products. |
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No. of Employees : |
15 |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
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 : SALIM BIN
HENDI AL HARBI EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 15th
September 1988
Commercial
Registration Number :
4030061813, Jeddah
Chamber Membership
Number : 130278
Invested Capital : SR 70,000
Total Workforce : 15
Activities :
Distributors of sanitary ware products, bathroom suites, ceramics and
plumbing
products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tariq Salim Al
Harbi, Assistant General Manager
SALIM BIN HENDI AL
HARBI EST
Location : Makkah Road
PO Box : 46218
Town : Jeddah 21532
Country : Saudi Arabia
Telephone : (966-2) 6200777 / 6209541
Facsimile : (966-2) 6205043
Mobile : (966-55) 6655275
Email : info@manar.com.sa / benhendi_est@hotmail.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Commercial Business Area of Jeddah.
Name Position
·
Salim
Bin Hendi Al Harbi Proprietor
& General Manager
·
Tariq
Salim Al Harbi Assistant
General Manager
Date of Establishment : 03/02/1409 Hijri
(corresponding to 15th September 1988)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030061813,
Jeddah
Chamber Member No. : 130278
Invested Capital
: SR 70,000
Mr Salim Bin Hendi
Al Harbi is the sole proprietor of the business.
·
Manar
Al Omran Co
Jeddah
Activities: Engaged in the import and distribution of
sanitary ware products, bathroom suites, ceramics and plumbing products.
Import
Countries: Europe and the
Far East.
Brand Names: HS, DOGLAR and DONER
Operating Trend: Steady
Subject has a
workforce of 15 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 12,405,000 SR 12,870,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al
Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-2) 6377810
No complaints
regarding subject’s payments have been reported.
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.52.78 |
|
|
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
<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.