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Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
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Name : |
ABDULHAY S AL
SEYLANI GENERAL TRADING |
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Registered Office : |
Corniche Commercial
Centre, 8th Floor, Office No. 851/853, Al Balad District 2228 Jeddah 21451 |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.08.1966 |
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Com. Reg. No.: |
4030005103,
Jeddah |
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Legal Form : |
Sole
Proprietorship |
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|
|
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Line of Business : |
Engaged in the
wholesale and retail of textiles |
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|
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No. of Employees |
8 |
RATING & COMMENTS
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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 |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy
with a high per capita income and a sizable annual trade surplus. Successful
efforts at economic diversification have reduced the portion of GDP based on oil
and gas output to 25%. Since the discovery of oil in the UAE more than 30 years
ago, the country has undergone a profound transformation from an impoverished
region of small desert principalities to a modern state with a high standard of
living. The government has increased spending on job creation and
infrastructure expansion and is opening up utilities to greater private sector
involvement. In April 2004, the UAE signed a Trade and Investment Framework
Agreement with Washington and in November 2004 agreed to undertake negotiations
toward a Free Trade Agreement with the US; however, those talks have not moved
forward. The country's Free Trade Zones - offering 100% foreign ownership and
zero taxes - are helping to attract foreign investors. The global financial
crisis, tight international credit, and deflated asset prices constricted the
economy in 2009. UAE authorities tried to blunt the crisis by increasing
spending and boosting liquidity in the banking sector. The crisis hit Dubai
hardest, as it was heavily exposed to depressed real estate prices. Dubai
lacked sufficient cash to meet its debt obligations, prompting global concern
about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the
largest shares. In December 2009 Dubai received an additional $10 billion loan
from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce,
and growing inflation pressures are significant long-term challenges. The UAE's
strategic plan for the next few years focuses on diversification and creating
more opportunities for nationals through improved education and increased
private sector employment
|
Source
: CIA |
Company Name : ABDULHAY S AL SEYLANI GENERAL
TRADING
Country of Origin : Saudi
Arabia
Legal Form : Sole
Proprietorship
Registration Date : 26th
August 1966
Commercial
Registration Number :
4030005103, Jeddah
Membership Number : 2503
Invested Capital : SR 40,000
Total Workforce : 8
Activities :
Wholesalers and retailers of textiles
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
ABDULHAY S AL
SEYLANI GENERAL TRADING
Location : Corniche Commercial Centre, 8th
Floor, Office No. 851/853
Area : Al Balad District
PO Box : 2228
Town : Jeddah 21451
Country : Saudi Arabia
Telephone : (966-12) 6422282 / 6424045
Facsimile : (966-12) 6448385
Mobile : (966-55) 5607018
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Jeddah.
Name Position
·
Abdul
Hay Saleh Al Yafie Al Seylani Proprietor
& General Manager
·
Hussain
Al Seylani Assistant
General Manager
Date of Establishment : 09/05/1386
Hijri (corresponding to 26th August 1966)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030005103,
Jeddah
Membership No. : 2503
Invested Capital
: SR 40,000
Mr Abdul Hay Saleh Al Yafie Al Seylani is the sole
proprietor of the business.
Activities: Engaged in the wholesale and retail of
textiles.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 8 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales SR 11,300,000 SR 11,360,000
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
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.