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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
ABDULRAHMAN IBN MADI TRADING EST |
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Registered Office : |
Old |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
06.02.1985 |
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Com. Reg. No.: |
4030047882, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject’s operations are performed through
the following divisions: ·
Foodstuff Division ·
Ceramic Division |
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No. of Employees : |
45 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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
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Source
: CIA |
Company Name : ABDULRAHMAN IBN MADI TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 6th February 1985
Commercial Registration Number : 4030047882, Jeddah
Chamber Membership Number : 137331
Invested Capital : SR 125,000
Total Workforce : 45
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdulrahman Omar Bin Abdullah Bin Awad Bin Madi, Assistant General
Manager
ABDULRAHMAN IBN MADI TRADING EST
Location : Old Makkah
Road, Kilo 11
PO Box : 18428, Jeddah
21415
3449, Jeddah 21471
Town : Jeddah
Country : Saudi Arabia
Telephone : (966-12)
6206061 / 6206066 / 6876365 / 6080369 / 6081622 / 6896561 / 6876365 / 6377426
Facsimile : (966-12)
6873170 / 6081652 / 6081825
Mobile : (966-50)
5610242
Email : info@ibnmadi.com / binmadi@ibnmadi.com / ibnmadi2003@gmail.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
· Old Makkah Road,
Kilo 4/5 Warehouse
premises
Jeddah
Tel: (966-12)
6896561
Fax: (966-12) 6873170
Name Position
· Omar Bin Abdullah
Bin Awad Bin Madi Proprietor
& General Manager
· Abdulrahman Omar
Bin Abdullah Bin Awad Bin Madi Assistant
General Manager
· Hassan Saleh Financial
Manager
· Abdullah Omar
Abdullah Bin Awad Bin Madi Commercial
Manager (Food Division)
· Samir Ahmed Accountant
· Abdul Hakim A
Saadi Sales
Manager
Date of
Establishment : 16/05/1405 Hijri
(corresponding to 6th February 1985)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 4030047882, Jeddah
Chamber Member No. : 137331
Invested Capital : SR 125,000
Mr Omar Bin Abdullah Bin Awad Bin Madi is the sole proprietor of the
business.
· National Sharq
Factory
Jeddah
Activities: Subject’s operations are performed through the following divisions:
·
Foodstuff Division
Engaged in the import and distribution of
dried foodstuff, rice, beans, lentils, soya, oil and milk powder.
·
Ceramic Division
Engaged in the import and distribution of
ceramic tiles and sanitary ware.
Import Countries: India, Italy, Spain, Turkey, Morocco and Egypt,
France, Holland, Germany and Belgium, Brazil and China
International
Suppliers:
·
Maskan Overseas India
·
Mahant Overseas India
·
Mahavir Rice Mills India
·
Ram Dav Rice Mill India
·
Khajaria Ceramic India
·
OM Italy
·
GS Italy
Operating Trend: Steady
Subject has a workforce of 45 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
13,550,000 SR
15,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab National Bank
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-12) 6600272
Fax: (966-12)
6650202
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 business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
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|
1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.