MIRA
INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED
MOHAMED SIDDIQ ABDULLAH EST |
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Registered Office : |
Al
Bukhariyah Street, Al Hindawiya Area, P O Box 2146, Jeddah
21451 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.09.1988 |
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Com. Reg. No.: |
4030061816,
Jeddah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Wholesale and Retail of Carpets, Blankets and Bedding. |
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No. of Employees : |
12 |
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 |
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Risk Category |
ECGC
Classification |
|
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 MOHAMED SIDDIQ ABDULLAH EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 14th
September 1988
Commercial
Registration Number : 4030061816, Jeddah
Chamber
Member Number : 29616
Invested Capital : SR 100,000
Total Workforce : 12
Activities :
Wholesale and retail of carpets, blankets and
bedding.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Ibrahim Juma, Assistant General Manager
MOHAMED
MOHAMED SIDDIQ ABDULLAH EST
Street : Al
Bukhariyah Street
Area : Al
Hindawiya Area
PO Box : 2146
Town : Jeddah
21451
Country : Saudi Arabia
Telephone : (966-2) 6477581
/ 6470004 / 6470004
Facsimile : (966-2) 6470000
/ 6477842 / 6470904
Email : mmsajd@hotmail.com
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Bab Sharif Rented
showroom premises
Jeddah
Tel: (966-50) 0001037
Name Position
·
Mohamed Mohamed Siddiq Abdullah Proprietor
& General Manager
·
Mohamed Ibrahim Juma Assistant
General Manager
Date of Establishment : 03/02/1409
Hijri (corresponding to 14th September 1988)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030061816, Jeddah
Chamber
Member No. : 29616
Invested Capital
: SR 100,000
Mr Mohamed Mohamed Siddiq Abdullah is the sole
proprietor of the business.
Activities: Engaged
in the wholesale and retail of carpets, blankets and
bedding.
Subject is also
involved in the import and distribution of rice.
Import
Countries: Turkey, Iran, India and Pakistan.
Operating Trend: Steady
Subject has a
workforce of 12 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year Ending 31/12/11: Year Ending 31/12/012:
Total Sales SR 15,600,000 SR 16,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
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
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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 |
|
<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.