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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
ABDULLAH AL SAADI & PARTNER CO LTD
(SPTECH BRANCH) |
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Registered Office : |
Al Saadi Building,
Makkah Road, Jawharah District, P O Box 7716, Jeddah 21472 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.06.2006 |
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Com. Reg. No.: |
4030162409, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of automotive spare parts and related accessories |
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No. of Employees : |
95 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : ABDULLAH AL SAADI & PARTNER CO LTD (SPTECH BRANCH)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 19th June 2006
Commercial Registration Number : 4030162409, Jeddah
Chamber Membership Number : 94739
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Total Workforce : 95
Activities : Distributors of automotive spare parts and related accessories
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Essam Hussai Mohamed, Finance Manager
ABDULLAH AL SAADI
& PARTNER CO LTD (SPTECH BRANCH)
Registered &
Physical Address
Building : Al Saadi Building
Street : Makkah Road
Area : Jawharah District
PO Box : 7716
Town : Jeddah 21472
Country : Saudi Arabia
Telephone : (966-2) 6206000 / 6205050
Facsimile : (966-2) 6200201 / 6201059
Email : om_050@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Jeddah.
Name Position
·
Abdullah
Nasser Al Saadi Managing
Partner
·
Abdullah
Mohamed Nasser Al Saadi Partner
·
Hessa
Days Fahd Al Saadi Partner
·
Salam
Sayed Ali Commercial
Manager
·
Essam
Hussai Mohamed Finance Manager
·
Omar
Idriss Administration
Executive
Date of Establishment : 22/05/1427
Hijri (corresponding to 19th June 2006)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030162409,
Jeddah
Chamber Member No. : 94739
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Name of Partner
(s)
·
Abdullah
Nasser Al Saadi
·
Abdullah
Mohamed Nasser Al Saadi
·
Hessa
Days Fahd Al Saadi
Activities: Engaged in the import and distribution of
automotive spare parts and related accessories.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 95 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 16,275,000 SR 18,000,000
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
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.38 |
|
UK Pound |
1 |
Rs.83.99 |
|
Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.