MIRA INFORM REPORT

 

 

Report Date :

29.05.2013

 

IDENTIFICATION DETAILS

 

Name :

AL NOORAIN CO

 

 

Registered Office :

Noor Wali Building, Al Dhahab Street, Alwai Market, P O Box 29, Jeddah 21411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.11.1994

 

 

Com. Reg. No.:

4030150444, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of rice

 

 

No. of Employees :

15

 

RATING & COMMENTS

 

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

 

 

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

 

SUMMARY

 

Company Name                                    : AL NOORAIN CO

Also Known As                                     : AL NOORAIN COMPANY FOR IMPORT & TRADING

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 4th November 1994

Commercial Registration Number           : 4030150444, Jeddah

Chamber Membership Number               : 99782

Issued Capital                                       : SR 500,000

Paid up Capital                                     : SR 500,000

Total Workforce                                     : 15

Activities                                               : Distributors of rice.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdul Ghani Wali, Financial Controller

 

 

 

 

COMPANY NAME

 

AL NOORAIN CO

 

ALSO KNOWN AS

 

AL NOORAIN COMPANY FOR IMPORT & TRADING

 

 

Company ADDRESS

 

Registered & Physical Address

Building            : Noor Wali Building

Street               : Al Dhahab Street

Area                 : Alwai Market

PO Box            : 29

Town                : Jeddah 21411

Country             : Saudi Arabia

Telephone         : (966-2) 6424551 / 6424530

Facsimile          : (966-2) 6424551 / 6421663

Email                : alnorainco@gmail.com

 

Premises

Subject operates from a small suite of offices that are owned and located in the Central Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Mohamed Yousef Mohamed Noor Wali Abdul Qadar                          Managing Partner

·       Abdulrahim Abdul Qadar Noor Wali                                                   Partner

·       Mohamed  Wali Abdullah Noor Wali                                                   Partner

·       Abdullah Mohamed                                                                           Sales Manager

·       Abdul Ghani Wali                                                                              Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 01/06/1415 Hijri (corresponding to 4th November 1994)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030150444, Jeddah

 

Chamber Member No.  : 99782

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Partner (s)                                                     

·       Mohamed Yousef Mohamed Noor Wali Abdul Qadar

·       Abdulrahim Abdul Qadar Noor Wali

·       Mohamed  Wali Abdullah Noor Wali

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of rice.

 

Import Countries: India

 

International Suppliers:

 

·       Shirhan Rice Mill                                           India

·       Shivshakti Inter Globae Export Pvt Ltd           India

·       A S Overseas                                               India

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/11:               Year Ending 31/12/12:

 

Total Revenue                           SR 11,920,000                           SR 12,450,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Abdul Ghani Wali, Financial Controller

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

Fax: (966-2) 6446644

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.74

UK Pound

1

Rs.84.17

Euro

1

Rs.72.03

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.