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Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
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Name : |
FITKAR FOR INTERNATIONAL TRADE |
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Registered Office : |
Akariyah Tower No. 1, Office No. 420, 4th Floor, Olaya Main
Street, Olaya District, PO Box 19012,
Riyadh 11435 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1991 |
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Com. Reg. No.: |
1010148116 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of fresh and frozen
meat, poultry and sea food products. Subject has a fleet of 40 refrigerated
vehicles. |
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No of Employees : |
125 |
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 |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 :
FITKAR FOR INTERNATIONAL TRADE
Also Known As :
FITKAR GLOBAL TRADE
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
1st January 1991
Commercial Registration Number :
1010148116, Riyadh
Chamber Membership Number :
87199
Issued Capital :
SR 750,000
Paid up Capital :
SR 750,000
Total Workforce :
125
Activities :
Distributors of fresh and frozen meat, poultry and sea food products
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person (s) Interviewed :
Murad Zayadah Hammour, Commercial Manager
FITKAR FOR INTERNATIONAL TRADE
ALSO KNOWN AS: FITKAR GLOBAL TRADE
Registered &
Physical Address
Building : Akariyah
Tower No. 1, Office No. 420, 4th Floor
Street : Olaya Main
Street
Area : Olaya
District
PO Box : 19012
Town : Riyadh 11435
Country : Saudi Arabia
Telephone : (966-11) 4190890
/ 4467612 / 4191437 / 4191434
Facsimile : (966-11)
4190890
Mobile : (966-50)
5278367 (966-55) 1845142
Email : murad@fitkar.com.sa
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
Buraidah Warehouse
premises- transit
Subject has a further 4 refrigerated warehouses with a storage space of
approximately 500 tons each.
Name Position
Mohamed Abdullah Al Zahrani Managing
Partner
Ali Abdullah Al Zahrani Partner
Murad Zayadah Hammour Commercial
Manager
Walid Mohamed Quality
Control Manager
Hesham Abdul Moniem Sulaiman Public
Relations Manager
Date of Establishment : 1st
January 1991
Legal Form :
Limited
Liability Partnership
Commercial Reg. No. : 1010148116,
Riyadh
Chamber Member No. : 87199
Issued Capital : SR 750,000
Paid up Capital : SR 750,000
Name of Partner (s)
Mohamed Abdullah Al Zahrani
Ali Abdullah Al Zahrani
Activities: Engaged in the import and distribution of fresh and frozen meat, poultry
and sea food products. Subject has a fleet of 40 refrigerated vehicles.
Import Countries: Vietnam and India.
International Suppliers:
Castle Rock India
AGI Vietnam
Operating Trend: Steady
Subject has a workforce of 125 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
162,800,000 SR 169,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Murad Zayadah Hammour, Commercial
Manager
National Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1) 4772281
Fax: (966-1) 4730322
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
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|
Report Prepared
by : |
TPT |
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 |
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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 |
|
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.