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Report Date : |
26.12.2013 |
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Tel No.: |
6481101 |
IDENTIFICATION DETAILS
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Name : |
AL MUSTANEER TRADING CO LTD |
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Registered Office : |
Al Gazali Plaza 4th
Floor, King Abdul Aziz Street, Al Balad District, P O Box 6503, Jeddah 21452 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.06.2010 |
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Com. Reg. No.: |
4030201716, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
importer and distributor of spices and dried foods |
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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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Maximum Credit Limit : |
US$ 75,000 |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 17% 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. Over 5 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 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.
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Source : CIA |
Company Name : AL MUSTANEER TRADING CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 4th June 2010
Commercial Registration Number : 4030201716, Jeddah
Chamber Membership Number : 150568
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Total Workforce : 15
Activities : Distributors of spices and dried foods.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 75,000
Person Interviewed : Fouzi Omar Mohamed Mossalam, General Manager
AL MUSTANEER
TRADING CO LTD
Registered &
Physical Address
Building : Al Gazali Plaza 4th
Floor
Street : King Abdul Aziz Street
Area : Al Balad District
PO Box : 6503
Town : Jeddah 21452
Country : Saudi Arabia
Telephone : (966-2) 6490830 / 6481101
Facsimile : (966-2) 6473930
Email : email@almustaneer.com
Please note that the correct PO Box number
is 6503 and not 6504.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Jeddah.
Name Nationality Position
·
Salem Ahmed
Ba Souhy Saudi Managing Partner
·
Aqil
Mohamed Mossalam Yemeni Partner
·
Bakar
Mohamed Mossalam Yemeni Partner
·
Fouzi
Omar Mohamed Mossalam - General
Manager
Date of Establishment : 22/06/1431
Hijri (corresponding to 4th June 2010)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030201716,
Jeddah
Chamber Member No. : 150568
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner
(s)
·
Salem
Ahmed Ba Souhy
·
Aqil Mohamed
Mossalam
·
Bakar
Mohamed Mossalam
Activities: Engaged in the import and distribution of
spices and dried foods.
Import
Countries: Europe and
India.
International Suppliers:
·
Mahant
Overseas India
·
Ramdish
Rice Export India
Brand Names: TREE & CAMEL, ABU GHAZAL and
ALMUSTANEER
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 31/12/11: Year Ending
31/12/12:
Total Revenue SR 6,100,000 SR 6,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
National Bank
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
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.61.87 |
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UK Pound |
1 |
Rs.101.10 |
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Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.