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Report Date : |
24.09.2012 |
IDENTIFICATION DETAILS
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Name : |
SAOUD & NASSER AL HAZMI CO LTD |
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Registered Office : |
Bin Yaqoob
Complex, Al Nakheel District, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
03.11.1995 |
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Com. Reg. No.: |
4030117260, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Wholesale and retail of sanitary ware products |
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No. of Employees : |
65 employees |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A2 |
A2 |
|
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 : SAOUD & NASSER AL HAZMI CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 3rd November 1995
Commercial Registration Number : 4030117260, Jeddah
Chamber Membership Number : 59057
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Total Workforce : 65
Activities : Wholesale and retail of sanitary ware products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SAOUD & NASSER
AL HAZMI CO LTD
Registered &
Physical Address
Location : Bin Yaqoob Complex
Area : Al Nakheel District
PO Box : 2449
Town : Jeddah 21451
Country : Saudi Arabia
Telephone : (966-2) 6293333 / 6293577
Facsimile : (966-2) 6293588 / 6293833
Premises
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Jeddah.
Branch Offices
Subject operates 11 showrooms located throughout Saudi Arabia.
Name Position
·
Saoud
Abdulrahman Al Hazmi Managing
Partner
·
Nasser
Abdulrahman Al Hazmi Partner
·
Bassem Saoud
Abdulrahman Al Hazmi General
Manager
·
Mohamed
Fonoun Sales
Executive
Date of Establishment : 09/06/1416
Hijri (corresponding to 3rd November 1995)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030117260,
Jeddah
Chamber Member No. : 59057
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner
(s)
·
Saoud
Abdulrahman Al Hazmi
·
Nasser
Abdulrahman Al Hazmi
Activities: Engaged in the wholesale and retail of sanitary
ware products.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 65 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 38,600,000 SR 40,000,000
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.53.91 |
|
UK Pound |
1 |
Rs.87.60 |
|
Euro |
1 |
Rs.70.01 |
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 |
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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 |
|
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.