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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST PLASTIC INDUSTRIES CO |
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Registered Office : |
Industrial City, Phase 5, PO Box 54432,
Jeddah 21514 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.06.1998 |
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Com. Reg. No.: |
4030133428 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of plastic materials and plastic
display units |
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No. of Employees : |
110 |
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 – 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 |
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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 :
MIDDLE EAST PLASTIC INDUSTRIES CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
16th June 1998
Commercial Registration Number : 4030133428,
Jeddah
Chamber Membership Number :
48292
Issued Capital :
SR 5,000,000
Paid up Capital :
SR 5,000,000
Total Workforce :
110
Activities :
Manufacture of plastic materials and plastic display
units
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Ahmed Taher, Finance
Manager
MIDDLE EAST PLASTIC INDUSTRIES CO
Registered &
Physical Address
Location : Industrial
City, Phase 5
PO Box : 54432
Town : Jeddah 21514
Country : Saudi Arabia
Telephone : (966-2) 6081926
Facsimile : (966-2)
6081927
Mobile : (966-53)
0809519
Email : info@me-pi.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
Al Selai Industrial City Office
& warehouse premises
PO Box: 22970
Riyadh 11416
Tel: (966-1) 2447174
Name Position
Mohamed Hamadah Mutawalli Managing
Partner
Mrs Latifah Hamadah Mutawalli Partner
Ahmed Qussad General
Manager
Radwan Al Hafiz Production
Manager
Ahmed Taher Finance
Manager
Date of Establishment : 16th
June 1998
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030133428, Jeddah
Chamber Member No. : 48292
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Name of Partner
(s)
Mohamed Hamadah Mutawalli
Mrs Latifah Hamadah Mutawalli
Mohamed Ali Abdul Qader Hafiz Co
Jeddah
Activities: Engaged in the manufacture of plastic materials and plastic display
units for supermarkets and shops.
Import Countries: Germany
and Japan
Operating Trend: Steady
Subject has a workforce of approximately 110 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
41,000,000 SR
43,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Ahmed Taher, Finance Manager.
National Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
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.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
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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.