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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED SALEEM AL HARBI EST |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
20.09.1981 |
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Com. Reg. No.: |
4030031667, 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: Trading Division Engaged in the import and distribution of building and electrical materials. Contracting
Division Engaged as general construction contractors. |
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No. of Employees |
107 |
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
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
Concern Name : MOHAMED SALEEM AL HARBI EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 20th September 1981
Commercial Registration Number : 4030031667, Jeddah
Chamber Membership Number : 20273
Invested Capital : SR 200,000
Total Workforce : 107
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sami Abdul Ghani, Financial Manager
MOHAMED SALEEM AL
HARBI EST
Registered &
Physical Address
Location : Makkah Road, Kilo 9
PO Box : 40934
Town : Jeddah 21511
Country : Saudi Arabia
Telephone : (966-12) 6208533 / 6203013
Facsimile : (966-12) 6210036
Mobile : (966-50) 4676062
Email : eng.aalharbi@yahoo.com / alharbi.est@yahoo.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Jeddah.
Name Position
·
Mohamed
Saleem Al Harbi Proprietor
& General Manager
·
Abdulrahman
Mohamed Saleem Al Harbi Assistant
General Manager
·
Sami Abdul
Ghani Financial
Manager
·
Ashraf
Hegazi Commercial
Manager
Date of Establishment : 21/11/1401
Hijri (corresponding to 20th September 1981)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030031667,
Jeddah
Chamber Member No. : 20273
Invested Capital
: SR 200,000
Mr Mohamed Saleem
Al Harbi is the sole proprietor of the business.
Activities: Subject’s operations are performed through
the following divisions:
·
Trading
Division
Engaged in the import and distribution of
building and electrical materials.
·
Contracting
Division
Engaged as general
construction contractors.
International
Suppliers:
· Top & Anchor India
· Tagaria Iron &
Steel Co Ltd China
· Hedai Raysite
Trading Co Ltd China
· Al Tayar Factory Saudi Arabia
· Inara Saudi Co Saudi Arabia
· Al Fanar Co Saudi
Arabia
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 107 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 Revenue SR 127,250,000 SR 132,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sami Abdul Ghani, Financial Manager
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
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 |
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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 : |
MNL |
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.