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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
IBRAHIM ABDUL KARIM AL KHARSHI EST |
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Registered Office : |
Saad & Abdullah Al Batha District |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.06.1978 |
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Com. Reg. No.: |
1010012151, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of readymade garments and textiles |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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With Financials |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Saudi Arabia
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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 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 : IBRAHIM ABDUL KARIM AL KHARSHI EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 12th June 1978
Commercial Registration Number : 1010012151, Riyadh
Membership Number : 7004
Invested Capital : SR 25,000
Total Workforce : 8
Activities : Wholesalers and retailers of readymade garments and textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Pir Mohamed, Sales Manager
IBRAHIM ABDUL KARIM AL KHARSHI EST
Building : Saad & Abdullah
Al Sagri Building, Office No. 12, 1st Floor
Street : Batha Main
Street
Area : Batha
District
PO Box : 2887
Town : Riyadh 11461
Country : Saudi Arabia
Telephone : (966-1) 2869891
/ 2869892 / 2869893
Facsimile : (966-1)
2866088
Mobile : (966-50)
5462336
Email : siddique@kharshi.net
Please note that subject’s previous address was, Al Rajehi New Building,
1st Floor, Suite No. 202, Al Batha, Riyadh. Subject moved to the
above address in 2004.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Riyadh.
Name Position
· Ibrahim Abdul
Karim Al Kharshi Proprietor
& General Manager
· Kharshi Abdul
Karim Al Kharshi Assistant
General Manager
· Mohamed Siddique Marketing
Manager
· Pir Mohamed Sales
Manager
Date of
Establishment : 12th
June 1978
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1010012151, Riyadh
Membership No. : 7004
Invested Capital : SR 25,000
Mr Ibrahim Abdul Karim Al Kharshi is the sole proprietor of the
business.
Activities: Engaged in the wholesale and retail of readymade garments and textiles.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 8 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
9,105,000 SR
9,250,000
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
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-1)
4776450
Fax: (966-1)
4769502
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 |
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US Dollar |
1 |
Rs.53.08 |
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|
1 |
Rs.83.12 |
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Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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.