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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ZAKIA ABDULRAHMAN S R SAFURDDIN TRADING EST |
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Registered Office : |
Balsharf Centre, Shop No. 5, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.02.2003 |
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Com. Reg. No.: |
4030141794, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of general foodstuffs,
including rice and spices. |
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No. of Employees : |
08 |
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 |
Concern Name : ZAKIA ABDULRAHMAN S R SAFURDDIN TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 26th February 2003
Commercial Registration Number : 4030141794, Jeddah
Chamber Membership Number : 89542
Invested Capital : SR 40,000
Total Workforce : 8
Activities : Distributors of general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Hosain, Sales Manager
ZAKIA ABDULRAHMAN S
R SAFURDDIN TRADING EST
Registered &
Physical Address
Building : Balsharf Centre, Shop No. 5
Street : Al Haraj Street
Area : Al Mahjer District
PO Box : 23983
Town : Jeddah 21436
Country : Saudi Arabia
Telephone : (966-12) 2684485 / 2685213 / 2311026
Facsimile : (966-12) 6357531 / 2311026 / 2311027
Mobile : (966-50) 1316215 / (966-56)
2503500
Email : hosain-jeddah@hotmail.com
Please note the
subject had no knowledge of the PO Box number 21485.
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Jeddah.
Name Position
·
Ms
Zakia Abdulrahman Shafiq Rahman Safurddin Proprietor
·
Zaki
Abdulrahman Safurddin General
Manager
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Mohamed
Hosain Sales
Manager
·
Ahmed
Amin Accountant
Date of Establishment : 25/12/1423
Hijri (corresponding to 26th February 2003)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030141794,
Jeddah
Chamber Member No. : 89542
Invested Capital
: SR 40,000
Ms Zakia
Abdulrahman Shafiq Rahman Safurddin is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuffs, including rice and spices.
Import
Countries: Europe, India
and Pakistan.
International Suppliers:
·
Fir Export Ltd India
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Moskan Overseas India
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Mahavir Rice Mill India
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Mahant Overseas India
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Green Village India
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Al Asad Rice Mill Pakistan
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Sidiqia Rice Pakistan
·
Iqbal Rice Pakistan
Brand Names: ZAKI, BINSAFURDDIN and RAWDAH
Operating Trend: Steady
Subject has a
workforce of 8 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 Revenue SR 9,800,000 SR 11,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Hosain, Sales Manager
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
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 |
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US Dollar |
1 |
Rs.62.33 |
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|
1 |
Rs.101.99 |
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Euro |
1 |
Rs.84.62 |
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 |
-- |
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.