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Report Date : |
07.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED YOUSEF NAGHI MOTORS EST |
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Registered Office : |
Centre Point Building Palestine Street Hamra District PO Box 704 Jeddah 21421 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
16.04.1989 |
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Com. Reg. No.: |
4030065137, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of automobiles and related accessories |
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No. of Employees : |
180 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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.
Source
: CIA
Company Name : MOHAMED YOUSEF NAGHI MOTORS EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 16th April 1989
Commercial Registration Number : 4030065137, Jeddah
Chamber Membership Number : 31089
Invested Capital : SR 10,000,000
Total Workforce : 180
Activities : Distributors of automobiles and related accessories
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Khalid Baghdadi, Legal Advisor
MOHAMED YOUSEF NAGHI MOTORS EST
Building : Centre Point Building
Street : Palestine Street
Area :
Hamra District
PO Box : 704
Town : Jeddah 21421
Country : Saudi Arabia
Telephone : (966-2) 6695333 / 5916000
Facsimile : (966-2) 6682977
Mobile :
(966-55) 3063552
Email :
Khalid.baghdadi@mynaghi.com.sa
/ naifaj@yahoo.com
Subject operates from a large suite of offices and a showroom that are
rented and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
· Hemza Al Burkani, Off Hera Street Showroom
premises
Industrial Area
Jeddah
Tel: (966-2) 6596633
Fax: (966-2) 6596565
· City Plaza Showroom
premises
Palestine Street
Jeddah
Tel: (966-2) 6606408
· Palestine Street Showroom
premises
Jeddah
Tel: (966-2)
2217080 / 2217070
Fax: (966-2) 2610202
/ 6604786
Subject has other
showrooms located in Riyadh, Mecca, Madinah, Qassim, Al Khobar and Jubail.
Name Position
· Mohamed Yousef Abdulwahab Naghi Proprietor
& General Manager
· Amer Mohamed Ba Dugaish Marketing
Manager
· Walid Desouki Maintenance
Manager
· Ahmed Rushdi Finance
Manager
· Naif Abdul Majeed
Jamjoom Administration
Manager
· Darwish Labban Administration
Executive
· Khalid Baghdadi Legal
Advisor
Date of Establishment : 11/09/1409 Hijri (corresponding to 16th
April 1989)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 4030065137, Jeddah
Chamber Member No. : 31089
Invested Capital : SR 10,000,000
Mr Mohamed Yousef Abdulwahab Naghi is the sole proprietor
of the business.
· Cigalah Trading
Est
PO Box: 19435
Jeddah 21435
Tel: (966-2)
6404400
Fax: (966-2)
6400213
· Yousef M A Naghi
& Sons Co
PO Box: 453
Jeddah 21411
Tel:
(966-2) 6695333
Fax:
(966-2) 6630000
· Zawaq Foods Factory
Makkah Expressway, Kilo 39
Al Bahraa Area
PO Box: 19435
Jeddah 21435
Tel: (966-2) 5910500
Fax: (966-2) 5910149
· Yousef M A Naghi
& Sons Group
PO Box: 704
Jeddah 21421
Tel: (966-2)
6603391
Fax: (966-2)
6644376
· Arabian Trading
Supplies
PO Box: 15694
Jeddah 21454
Tel: (966-2)
6606408
Fax: (966-2)
6607832
· Hafil School
Transportation Company
PO Box: 15694
Jeddah 21454
Tel: (966-2)
6210000
Fax: (966-2)
6653228
· United Yousef M
Naghi Co Ltd
PO Box: 453
Jeddah 21411
Tel : (966-2)
6633888
Fax: (966-2) 6652221
· Aqsat
PO Box: 704
Jeddah 21421
Tel: (966-2)
6603391
Fax: (966-2)
6644376
· Al Mamoon Overseas
Insurance Brokers Co Ltd
PO Box: 19435
Jeddah 21435
Tel: (966-2)
6454888
Fax: (966-2)
6435177
· Afaq Medical
PO Box: 20803
Jeddah 21465
Tel: (966-2)
6424777
Fax: (966-2)
6452777
· Jamjoom Umrah
PO Box: 1580
Jeddah 21441
Tel: (966-2)
6604326
Fax: (966-2)
6604085
· Gulf Medical Co
Ltd
PO Box: 20345
Jeddah 21455
Tel: (966-2) 6512828
Fax: (966-2) 6515404
Activities: Engaged in the import and distribution of automobiles and related
accessories.
In November 2008 subject opened the world’s biggest BMW Group service
centre in Jeddah, as part of a SR 300 million expansion plan which includes a
new Fastlane Service, MINI and BMW Premium Selection showroom in Riyadh, in addition to the
expansion and refurbishment of current facilities in Riyadh and Al Khobar.
Import Countries: Germany and the United Kingdom
International Suppliers:
· BMW Germany
· Mini Germany
· Rolls Royce United Kingdom
· Hyundai South Korea
· Jaguar United Kingdom
· Land Rover United Kingdom
· Tata India
Subject has a workforce of approximately 180 employees.
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside 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.56.87 |
|
|
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.74.51 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
-- |
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.