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Report Date : |
03.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Mishnan Group |
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Registered Office : |
Bilal Bin Rabbah Street, P O 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,
Dammam |
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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) |
|
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 |
|
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 : 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
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
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.53.74 |
|
|
1 |
Rs.83.54 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
|
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 |
|
<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.