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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
IBDAA ALQASER COMPANY FOR MARKETING |
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Registered Office : |
Heraa International Market, PO Box: 11995,
Jeddah 21463 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.04.2009 |
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Com. Reg. No.: |
4030188421, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of general foodstuffs. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 :
IBDAA ALQASER COMPANY FOR MARKETING
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
5th April 2009
Commercial Registration Number :
4030188421, Jeddah
Chamber Membership Number :
139220
Issued Capital :
SR 500,000
Paid up Capital :
SR 500,000
Total Workforce :
200
Activities :
Distributors of general foodstuffs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hussam Al Herashi, Finance Manager
IBDAA ALQASER COMPANY FOR MARKETING
Registered &
Physical Address
Location : Heraa International Market
PO Box : 11995
Town : Jeddah 21463
Country : Saudi Arabia
Telephone : (966-2) 6581555
Facsimile : (966-2) 6583735
Mobile :
(966-53) 5779922 / 1990168
Email : sabry.alawaji@manueltrade.com
/ info@manueltrade.com
Premises
Subject operates from a large suite of offices and a showroom that are
rented and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
Al Jeelany Centre Rented
hypermarket
Al Balad Area
Jeddah
China Town Rented
hypermarket
Al Baterjee Street
Jeddah
Tel: (966-2) 6907000
Name Position
Abdul Alaah Ahmed Darwish Managing
Partner
Ibrahim Mohamed Al Musbahi Partner
Abdulrazak Ahmed Darwish General
Manager
Faisal Ahmed Darwish Assistant
General Manager
Walid Al Wasabi Administration
Manager
Adel Al Saif Commercial
Manager
Adel Al Sayed Marketing
Manager
Abdullah Al Badi Human
Resources Manager
Hussam Al Herashi Finance
Manager
Date of Establishment : 10/04/1430 Hijri
(corresponding to 5th April 2009)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030188421, Jeddah
Chamber Member No. : 139220
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner
(s)
Abdul Alaah Ahmed Darwish
Ibrahim Mohamed Al Musbahi
Activities: Engaged in the
import and distribution of general foodstuffs, including bakery products,
pulses and
vegetables.
Subject also operates the Manuel chain of
hypermarkets.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 200 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
76,000,000 SR
80,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Hussam Al Herashi, Finance Manager
National Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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.