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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AL NAQEEB PIONEER FOOD INDUSTRIES CO LTD |
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Registered Office : |
Al Khomra Industrial Area, Al Khalama Industrial Complex, PO Box :
42303 & 7005, Jeddah 21541 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.08.2008 |
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Com. Reg. No.: |
4030178882, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import, processing and packaging of rice. |
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No. of Employees : |
40 |
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
|
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 :
AL NAQEEB PIONEER FOOD INDUSTRIES CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
8th August 2008
Commercial Registration Number :
4030178882, Jeddah
Chamber Membership Number :
128714
Issued Capital :
SR 12,000,000
Paid up Capital :
SR 12,000,000
Total Workforce :
40
Activities :
Processing and packaging of rice.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hamdy Bin Saaba, Sales Manager
AL NAQEEB PIONEER FOOD INDUSTRIES CO LTD
Registered &
Physical Address
Location : Al Khomra
Industrial Area, Al Khalama Industrial Complex
PO Box : 42303 &
7005
Town : Jeddah 21541
Country : Saudi Arabia
Telephone : (966-2) 6093333
/ 2901225
Facsimile : (966-2)
6092222
Mobile : (966-50)
53362299
Email : mail@alnaqeeb.com.sa
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Jeddah.
Name Nationality Position
Abdullah Awadh Al Naqeeb Yemeni Managing
Partner
Abdullah Abdullah Al Naqeeb Yemeni Partner
Ali Abdullah Al Naqeeb Yemeni Partner
Hamdy Bin Saaba - Sales
Manager
Date of Establishment : 05/08/1429 Hijri (corresponding to 8th
August 2008)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030178882, Jeddah
Chamber Member No. : 128714
Issued Capital : SR 12,000,000
Paid up Capital : SR 12,000,000
Abdullah Awadh Al Naqeeb
Abdullah Abdullah Al Naqeeb
Ali Abdullah Al Naqeeb
Bin Awadh Est For General Trading
Aden
Yemen
Tel: (967-2) 392244
Fax: (967-2) 384529
Activities: Engaged in the
import, processing and packaging of rice.
Import Countries: India
and Pakistan
International
Suppliers:
D D International India
Wahaj Rice Pakistan
Hassan Corporation Pakistan
Iqbal Rice Mill Pakistan
Branch Offices: AL ROUBAN and ALDEWAN
Operating Trend: Steady
Subject has a workforce of 40 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales SR
28,500,000 SR
30,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Hamdy Bin Saaba, Sales Manager who stated that the expected figure for
the year ending 31st December 2013 was SR 35,000,000.
Arab National Bank
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
Al Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-2) 6377810
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
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|
1 |
Rs.102.39 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.