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Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MISHNAN GROUP |
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Registered Office : |
Bilal Bin Rabbah Street, PO Box 6295 Dammam 31442 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
05.10.1977 |
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Com. Reg. No.: |
2050005260 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject’s operations are performed through the following divisions: Contracting & Maintenance Services Division, Cleaning Services
Division, Security Services Division, General Trading Division |
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No. of Employees : |
2,500 |
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 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.
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Source : CIA |
Company Name :
MISHNAN GROUP
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
5th October 1977
Commercial Registration Number :
2050005260, Dammam
Membership Number :
4449
Invested Capital :
SR 200,000
Total Workforce :
2,500
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Abdulrahman Siraj, Finance Manager
MISHNAN GROUP
Registered &
Physical Address
Location : Bilal Bin
Rabbah Street
PO Box : 6295
Town : Dammam 31442
Country : Saudi Arabia
Telephone : (966-3) 8266626
/ 8281843
Facsimile : (966-3)
8262969 / 8281847
Email : info@mishnan.com
Premises
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Central Business Area of Dammam.
Branch Offices
Subject has branch offices located in Jubail, Buraidah and Riyadh.
Name Position
Mishnan Al Doussary Proprietor
& General Manager
Mohamed Mishnan Al Doussary Assistant
General Manager
Faraj Mishnan Al Doussary Administration
Manager
Salem Mishnan Al Doussary Commercial
Manager
Abdulrahman Siraj Finance
Manager
Osama Abdo Administration
Executive
Date of Establishment : 5th
October 1977
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 2050005260,
Dammam
Membership No. : 4449
Invested Capital : SR 200,000
Mr Mishnan Al Doussary is the sole proprietor of the business.
Mishnan Holding Group
Bilal Bin Rabbah Street
PO Box: 6295
Dammam 31442
CR No. 2050075402
Activities: Subject’s operations are performed through the following divisions:
Contracting &
Maintenance Services Division
Engaged in the provision of building maintenance and management
services.
Cleaning Services
Division
Engaged in the provision of cleaning services.
Security Services
Division
Engaged in the provision of security, manpower and deployment services.
General Trading
Division
Engaged in the import and distribution of general foodstuffs.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 2,500 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.
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
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 |
|
US Dollar |
1 |
Rs.54.22 |
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|
1 |
Rs.84.00 |
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Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.