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Report Date : |
03.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SAAD A AL HARBI
EST |
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Registered Office : |
Bin Yaqoob Complex,
Madinah Road, Express Highway, Al Nakheel District, 40833, Jeddah 21551 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.06.1973 |
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Com. Reg. No.: |
4030007807, Jeddah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Wholesale and
retail of building materials, bathroom fittings, ceramics and tiles. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
Risk Category |
ECGC
Classification |
|
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 : SAAD A AL
HARBI EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 8th
July 1973
Commercial
Registration Number :
4030007807, Jeddah
Chamber Membership
Number : 1033
Invested Capital : SR 40,000
Total Workforce : 12
Activities :
Wholesale and retail of building materials, bathroom fittings, ceramics and
tiles.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SAAD A AL HARBI EST
Building : Bin Yaqoob Complex
Street : Madinah Road, Express Highway
Area : Al Nakheel District
PO Box : 40833
Town : Jeddah 21551
Country : Saudi Arabia
Telephone : (966-2) 6293842 / 6293877
Facsimile : (966-2) 6294311
Email : harbi333@yahoo.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Jeddah.
Name Position
·
Saad Abdulrahman
Saad Al Hamzi Al Harbi Proprietor
& General Manager
·
Ahmed
Saad Abdulrahman Saad Al Hamzi Al Harbi Assistant
General Manager
·
Ali
Bedawi Financial
Controller
Date of Establishment : 07/06/1393
Hijri (corresponding to 8th July 1973)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030007807,
Jeddah
Chamber Member No. : 1033
Invested Capital
: SR 40,000
Mr Saad Abdulrahman
Saad Al Hamzi Al Harbi is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of
building materials, bathroom fittings, ceramics and tiles.
Import
Countries: Germany and
Italy.
International
Suppliers:
·
GS Italy
·
Hezant Germany
Operating Trend: Steady
Subject has a
workforce of 12 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 14,110,000 SR 14,250,000
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
Al Balad Branch
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
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
|
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.