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Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
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Name : |
AL ASDAF TRADING
EST |
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Registered Office : |
Rail Street, PO
Box: 57378, Riyadh 11574 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1980 |
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Com. Reg. No.: |
1010118740,
Riyadh |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Safety
Equipment Division Engaged in the import and distribution of industrial safety equipment,
machinery, tools and related spare parts. ·
Building
& Construction Material Division Wholesalers and
retailers of a wide range of building and construction materials. |
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No. of Employees |
28 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 16% 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 6 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 : AL ASDAF TRADING EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 1980
Commercial
Registration Number :
1010118740, Riyadh
Chamber Membership
Number : 51035
Invested Capital : SR
1,500,000
Total Workforce : 28
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL ASDAF TRADING
EST
Location : Rail Street
PO Box : 57378
Town : Riyadh 11574
Country : Saudi Arabia
Telephone : (966-11) 4059150
Facsimile :
(966-11) 4025473
Email : alasdaf@al-asdaf.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Riyadh
Branch Office
(s)
Location Description
·
King
Fahd Street Office
premises
PO Box: 42
Jubail 31951
Tel: (966-3) 3623989 / 3620988
Fax: (966-3) 3620984
·
Dammam Office
premises
Tel: (966-13) 8361233
·
Jubail
Industrial City Warehouse
premises
Jubail 31951
Tel: (966-3) 3412874
Fax: (966-3) 3412053
Name Position
·
Abdullah
Sulaiman Al Jamaz Proprietor
& General Manager
·
Ahmed
Al Jamaz Assistant
General Manager
·
Ibrahim
Al Zein Sales
Manager
·
Ahmed
Zamzam Branch
Manager – Jubail
·
Fathi
Refiry Accountant
Date of Establishment : 1980
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1010118740,
Riyadh
Chamber Member No. : 51035
Invested Capital
: SR 1,500,000
Mr Abdullah
Sulaiman Al Jamaz is the sole proprietor of the business.
Activities: Subject’s operations are performed through
the following divisions:
·
Safety
Equipment Division
Engaged
in the import and distribution of industrial safety equipment, machinery, tools
and related spare parts.
·
Building
& Construction Material Division
Wholesalers and retailers of a wide range of building and construction
materials.
Import
Countries: Germany, Sweden,
United States of America, France, Italy, China and the United Kingdom.
International
Suppliers:
·
Dalloz
Safety Sweden
·
Steel
Grip Inc United
States of America
·
MAPA
Professional France
·
Mundial Italy
·
Boyuan
Gloves China
Operating Trend: Steady
Subject has a
workforce of 28 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 14,620,000 SR 15,185,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Riyad
Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel:
(966-1) 4013030
·
Arab
National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax:
(966-1) 4027747
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
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Analysis Done by
: |
DIV |
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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 |
-- |
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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.