MIRA INFORM REPORT

 

 

Report Date :

04.09.2013

 

IDENTIFICATION DETAILS

 

Name :

SALEH ABDULLAH BAWARETH EST

 

 

Registered Office :

King Abdulaziz Street, Bab Sharif, P O Box 19523 & 3555, Jeddah 21445

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.10.1986

 

 

Com. Reg. No.:

4030054695, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

wholesaler and retailer of ready made garments and textiles.

 

 

No. of Employees :

12

 

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                                    : SALEH ABDULLAH BAWARETH EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 1st October 1986

Commercial Registration Number           : 4030054695, Jeddah

Chamber Membership Number               : 25412

Invested Capital                                                : SR 75,000

Total Workforce                                     : 12

Activities                                               : Wholesalers and retailers of ready made garments and textiles.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Fouzi Fouad Zidan, Finance Manager

 

COMPANY NAME

 

SALEH ABDULLAH BAWARETH EST

 

 

company ADDRESS

 

Registered & Physical Address

Street               : King Abdulaziz Street

Area                 : Bab Sharif

PO Box            : 19523 & 3555

Town                : Jeddah 21445

Country             : Saudi Arabia

Telephone         : (966-2) 6270122 / 6479668 / 6478736 / 6270244

Facsimile          : (966-2) 6471924

Mobile              : (966-50) 5685187

Email                : bawareth@hotmail.com

 

Premises

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

 

Branch Offices

 

Location                                                                                          Description

 

·       Mecca                                                                                              Rented showroom premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saleh Abdullah Bawareth                                                                   Proprietor & General Manager

 

·       Salem Mohamed Al Azzani                                                                Sales Manager

 

·       Fouzi Fouad Zidan                                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27/01/1407 Hijri (corresponding to 1st October 1986)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030054695, Jeddah

 

Chamber Member No.  : 25412

 

Invested Capital           : SR 75,000

 

Mr Saleh Abdullah Bawareth is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of ready made garments and textiles.

 

Import Countries: Europe and the Far East.

 

Brand Names: MG, ORTAR, JOMANI and JOFRAIL

 

Operating Trend: Steady

 

Subject has a workforce of 12 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 13,750,000                           SR 15,500,000

 

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

 

The above figures were provided by Mr Fouzi Fouad Zidan, Finance Manager.

 

 

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 business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.89

UK Pound

1

Rs.103.95

Euro

1

Rs.88.09

 

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%)

 

 

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