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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Al ShakhS Trading Est |
|
|
|
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Registered Office : |
Abu Moosa Al
Ansari Street (Cross Mecca Street), P O Box 193, Sihat
31972 |
|
|
|
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Country : |
Saudi Arabia |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
20.12.1988 |
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Com. Reg. No.: |
2062006385,
Sihat |
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|
|
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Legal Form : |
Sole
Proprietorship |
|
|
|
|
Line of Business : |
Wholesale and Retail of General Foodstuffs |
|
|
|
|
No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 SHAKHS
TRADING EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 20th December 1988
Commercial
Registration Number : 2062006385, Sihat
Chamber Membership
Number : 24041
Invested Capital : SR 50,000
Total Workforce : 18
Activities :
Wholesale and retail of general foodstuffs.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Mohamed Wafi, Sales Manager
AL SHAKHS TRADING
EST
Location : Abu Moosa Al Ansari Street (Cross
Mecca Street)
PO Box : 193
Town : Sihat
31972
Country : Saudi Arabia
Telephone : (966-3) 8500168
/ 8503125
Facsimile : (966-3) 8561178
Mobile : (966-50) 5865810
Email : ashakhs_est@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sihat.
Branch Office (s)
Location Description
·
King Faisal Street Rented
showroom premises
Dammam
Tel: (966-3) 8260392
·
Jeddah Rented showroom premises
Tel: (966-50) 0128629
·
Riyadh Rented showroom premises
Tel: (966-50) 6925786
Name Position
·
Hashim Abdul Reda Al Shakhs Proprietor
·
Thamer
Hashim Abdul Reda Al Shakhs General
Manager
·
Mohamed Mohamed Wafi Sales
Manager
·
Shehata
Al Shahat Financial
Controller
·
Raju
Shashrout Purchasing
Manager
Date of Establishment : 11/05/1409 Hijri (corresponding to 20th December
1988)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 2062006385, Sihat
Chamber Member No. : 24041
Invested Capital
: SR 50,000
Mr Hashim Abdul Reda Al Shakhs is the sole proprietor
of the business.
Activities: Engaged
in the wholesale and retail of general foodstuffs,
specialising in Thai parboiled rice, Indian basmati and non basmati rice,
cashew nuts, sesame seeds, sugar, vegetable cooking oil, sugar, milk powder,
oil and ghee.
Import
Countries: India and Sri Lanka
International Suppliers:
·
Shiva Shah Ltd India
·
Mahavir Rice India
Brand Names: BUKHARY,
ALMIZA, AL DEERA, CRIPTAL, GOLDSTAR, AHLAN and NOOR
Operating Trend: Steady
Subject has a
workforce of 18 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 11,800,000 SR 12,350,000
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 (ANB)
King Street
PO Box: 18
Dammam 31411
Tel: (966-3) 8323440
Fax: (966-3) 8337829
·
Riyad
Bank
Trade Finance Center
PO Box: 2090
Dammam 21431
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.54.24 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
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 |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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.