|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
Al Ganoub Tanning Factory |
|
|
|
|
Registered Office : |
Abha – Khamis Mushait Road, Madinat Sultan, P O Box 1133, Khamis
Mushait 61961 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
04.09.1988 |
|
|
|
|
Com. Reg. No.: |
5855007911, Khamis Mushait |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Operators of a
Tannery, Processing and Export of Finished Leather Products. |
|
|
|
|
No. of Employees : |
190 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 (31.03.2011) |
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 :
AL GANOUB TANNING FACTORY
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 4th
September 1988
Commercial
Registration Number :
5855007911, Khamis Mushait
Industry Licence
Number : 1132/S
Invested Capital : SR 50,000
Total Workforce : 190
Activities :
Operators of a tannery.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sayed Mohamed, Financial Controller
AL GANOUB TANNING
FACTORY
Street : Abha – Khamis Mushait Road
Area : Madinat Sultan
PO Box : 1133
Town : Khamis Mushait 61961
Country : Saudi Arabia
Telephone : (966-7) 2271497 / 2274444 / 2271005 /
2273437
Facsimile : (966-7) 2274537 / 2271537
Mobile : (966-50) 3069563
Email : alganoub_tannery@yahoo.com
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Khamis Mushait.
Name Position
·
Mohamed
Rashid Al Jarbu Proprietor
·
Mahmoud
Zohdi General
Manager
·
Hakeem
Ali Commercial
Manager
·
Sayed
Mohamed Financial
Controller
Date of Establishment : 22/01/1409
Hijri (corresponding to 4th September 1988)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 5855007911,
Khamis Mushait
Industry Licence No. : 1132/S
Invested Capital
: SR 50,000
Mr. Mohamed Rashid Al Jarbu is the sole proprietor of the business.
Activities: Operators
of a tannery, processing and export of finished leather products.
Import
Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a
workforce of approximately 190 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales SR 41,000,000 SR 42,600,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sayed
Mohamed, Financial Controller
·
National
Commercial Bank
PO Box: 12
Abha
Tel: (966-7) 2241912
Fax:
(966-7) 2243916
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.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.