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Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
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Name : |
AHMED ABDUL
MOHSIN |
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Registered Office : |
Souq
Harat Al Mazloum, Abdul Hafiz Street, Al Alwi Market,
P O Box 20956, Jeddah 21645 |
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Country : |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Date of Incorporation : |
07.12.1992 |
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Com. Reg. No.: |
4030131332, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
wholesaler and retailer of textiles and fabrics. |
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No of Employees : |
06 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
Concern Name : AHMED ABDUL MOHSIN AL DRESS EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 7th December 1992
Commercial Registration Number : 4030131332, Jeddah
Chamber Membership Number : 77132
Invested Capital : SR 50,000
Total Workforce : 6
Activities : Wholesale and retail of textiles and fabrics
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AHMED ABDUL MOHSIN AL DRESS EST
Registered &
Physical Address
Location : Souq
Harat Al Mazloum
Street : Abdul Hafiz Street
Area : Al Alwi Market
PO Box : 20956
Town : Jeddah 21645
Country : Saudi Arabia
Telephone : (966-2) 6434129 / 6451062 / 6451064
Facsimile : (966-2) 6451064
Mobile : (966-50) 5538490
Email : aldress@yahoo.com / Abdulla_one@hotmail.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Jeddah.
Name Position
·
Ahmed Abdul Mohsin Al Dress Proprietor
& General Manager
·
Mohamed Omer Assistant
General Manager
·
Mohamed
Shafiq Sales
Manager
Date of Establishment : 12/06/1413 Hijri (corresponding to 7th December
1992)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030131332, Jeddah
Chamber Member No. : 77132
Invested Capital
: SR 50,000
Mr. Ahmed Abdul Mohsin Al Dress is the sole proprietor of
the business.
Activities: Engaged in the wholesale and retail of
textiles and fabrics.
Import
Countries: India and
Thailand
Operating Trend: Steady
Subject has a
workforce of 6 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 10,675,000 SR 10,910,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
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 |
|
US Dollar |
1 |
Rs.60.19 |
|
UK Pound |
1 |
Rs.102.87 |
|
Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<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.