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Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Block 35, Road 10, Zone D, |
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Country : |
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Date of Incorporation : |
18.03.1998 |
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Com. Reg. No.: |
1010149058, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of velvet prayer rugs and mats |
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No. of Employees |
530 |
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) |
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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 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
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Source
: CIA |
Company Name :
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 18th March 1998
Commercial Registration Number : 1010149058, Riyadh
Membership Number : 883344
Invested Capital : SR 11,700,000
Total Workforce : 530
Activities : Manufacturers of velvet prayer rugs and mats
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
RIYADH VELVET FACTORY
Location : Block 35,
Road 10, Zone D, Second Industrial City
PO Box : 38
Town : Riyadh 11411
Country : Saudi Arabia
Telephone : (966-1) 2651849
/ 2651848
Facsimile : (966-1) 2652175
Mobile : (966-50)
3425594 / (966-53) 2208378
Email : info@riyadhvelvet.com
Subject operates from a large suite of offices and a factory that are rented
and located in the Industrial Area of Riyadh.
Name Position
· Sheikh Abdulrahman Abdulaziz Al Mashal Proprietor
& General Manager
· Raed Abdulrahman Abdulaziz Al Mashal Assistant
General Manager
· Khalid Bin Huwail Sales Manager
· Jawad Bashar Factory
Manager
· Ahmed Ramadan Finance
Manager
Date of
Establishment : 18th
March 1998
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1010149058,
Riyadh
Membership No. : 883344
Invested Capital : SR 11,700,000
Sheikh Abdulrahman Abdulaziz Al Mashal is the sole
proprietor of the business.
Activities: Engaged in the manufacture of velvet prayer rugs and mats.
Production
Capacity: 8 tons of acrylic and 17,000 metres of fabric per day
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 530 employees.
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4013030
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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|
1 |
Rs.102.87 |
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Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
-- |
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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.