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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
MUSANED FOR INFORMATION TECHNOLOGY |
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Registered Office : |
Al Dossary Towers, Showroom No. 236-237, King Abdullah
Street, P O Box 2768, |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
13.06.2012 |
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Com. Reg. No.: |
2051049359, Al Khobar |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Providers of IT and communication technical support |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.
Source
: CIA
Company Name : MUSANED FOR INFORMATION TECHNOLOGY
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 13th June 2012
Commercial Registration Number : 2051049359, Al Khobar
Membership Number : 154868
Invested Capital : SR 80,000
Total Workforce : 10
Activities : Providers of IT and communication technical support
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit
Limit : US$ 50,000
Person Interviewed : Essam Adel Mohamed Essabi, Proprietor & General Manager
MUSANED FOR INFORMATION TECHNOLOGY
Registered &
Physical Address
Building : Al Dossary Towers, Showroom No. 236-237
Street : King Abdullah Street
PO Box : 2768
Town : Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-3) 8454131
Facsimile : (966-3) 8454250
Email : info@musaned.com
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Al Khobar.
Name Position
Essam Adel Mohamed Essabi Proprietor & General Manager
Date of Establishment : 23/07/1433 Hijri (corresponding to 13th June 2012)
Legal Form : Sole Proprietorship
Commercial Reg. No. : 2051049359, Al Khobar
Membership No. : 154868
Invested Capital : SR 80,000
Mr. Essam Adel Mohamed Essabi is the sole proprietor of the business.
Activities: Engaged in the provision of IT and
communication technical support.
Subject has a workforce of 10 employees.
Subject is a newly formed business and as a result financial information is not currently available.
National Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-3) 8949669
Fax: (966-3) 8646474
No complaints regarding subject’s payments have been reported.
Recommended
credit limit: US$ 50,000
In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.14 |
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|
1 |
Rs.99.02 |
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Euro |
1 |
Rs.83.87 |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.