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Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL NAQEEB PIONEER FOOD INDUSTRIES CO LTD |
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Registered Office : |
Al Khomra Industrial Area, Al Khalama Industrial Complex PO Box42303
Jeddah 21541 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.08.2008 |
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Com. Reg. No.: |
4030178882, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Processing and packaging of rice. |
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No. of Employees : |
40 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
Source
: CIA
Company Name : AL NAQEEB PIONEER FOOD INDUSTRIES CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 8th August 2008
Commercial Registration Number : 4030178882, Jeddah
Chamber Membership Number : 128714
Issued Capital : SR 12,000,000
Paid up Capital : SR 12,000,000
Total Workforce : 40
Activities : Processing and packaging of rice.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL NAQEEB PIONEER FOOD INDUSTRIES CO LTD
Location : Al Khomra
Industrial Area, Al Khalama Industrial Complex
PO Box : 42303
Town : Jeddah 21541
Country : Saudi Arabia
Telephone : (966-2) 6093333
/ 2901225
Facsimile : (966-2)
6092222
Email : mail@alnaqeeb.com.sa
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Jeddah.
Name Nationality Position
· Abdullah Al Naqeeb Yemeni Managing
Partner
· Abdullah Abdullah
Al Naqeeb Yemeni Partner
· Ali Abdullah Al
Naqeeb Yemeni Partner
Date of
Establishment : 05/08/1429 Hijri
(corresponding to 8th August 2008)
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 4030178882, Jeddah
Chamber Member No. : 128714
Issued Capital : SR 12,000,000
Paid up Capital : SR 12,000,000
· Abdullah Al Naqeeb
· Abdullah Abdullah
Al Naqeeb
· Ali Abdullah Al
Naqeeb
· Bin Awadh Est For
General Trading
Yemen
Activities: Engaged in the import, processing and packaging of rice.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 40 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
17,000,000 SR
19,200,000
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
·
Al Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-2)
6377810
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.