MIRA INFORM REPORT

 

 

Report Date :

26.07.2014

 

IDENTIFICATION DETAILS

 

Name :

GREEN TOWER EMIRATES TRADING CO LLC

 

 

Registered Office :

Warehouse No. 411, Modern Warehouses Al Hael Road El Mostwdaat, El Nmozageya PO Box 17964 Riyadh 11494

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

16.01.2012

 

 

Com. Reg. No.:

1010340651, Riyadh

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products

 

 

No. of Employees

100

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

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

 

 

 

SUMMARY

 

Company Name                                     : GREEN TOWER EMIRATES TRADING CO LLC

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Company

Registration Date                                   : 16th January 2012

Commercial Registration Number            : 1010340651, Riyadh

Chamber Membership Number                : 281448

Issued Capital                                        : SR 27,000,000

Paid up Capital                                      : SR 27,000,000

Total Workforce                                     : 100

Activities                                               : Import and distribution of general foodstuff products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Mohamed Nasser, Finance Manager

 

 

COMPANY NAME

 

GREEN TOWER EMIRATES TRADING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Warehouse No. 411, Modern Warehouses

Street               : Al Hael Road

Area                 : El Mostwdaat, El Nmozageya

PO Box             : 17964

Town                 : Riyadh 11494

Country             : Saudi Arabia

 

Telephone         : (966-11) 4389810 / 4389811 / 4389812

Facsimile          : (966-11) 4387590

Email                : import@makroyalfoods.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Riyadh.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Mohamed Aref Haji Sattar Polani                    Pakistani                       Managing Director

 

·       Ali Abdullah Al Shamrani                               Saudi                            Director

 

·       Sajid Polani                                                  Pakistani                       General Manager

 

·       Mohamed Nasser                                                -                             Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th January 2012

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 1010340651, Riyadh

 

Chamber Member No. : 281448

 

Issued Capital              : SR 27,000,000

 

Paid up Capital            : SR 27,000,000

 

Name of Shareholder (s)

 

·       Mohamed Aref Haji Sattar Polani

 

·       Ali Abdullah Al Shamrani

 

 

AFFILIATED COMPANIES

 

·       Green Tower Emirate Trading LLC

Dubai

     United Arab Emirates

 

·       Zahrat Savr Shamran Co

Riyadh

     Saudi Arabia

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products.

 

Import Countries: Pakistan, India, Vietnam and Sri Lanka

 

Subject has a workforce of approximately 100 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                    Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                    SR 60,000,000                           SR 62,750,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Mohamed Nasser, Finance Manager

 

 

BANKERS

 

·       National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-11) 4772281

Fax: (966-11) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.22

Euro

1

Rs.81.02

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

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

 

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

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.