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Report Date : |
30.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Kamal Building, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.03.1960 |
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Com. Reg. No.: |
4030003105, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of medicines, infant milk, foodstuff products. |
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No. of Employees |
320 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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 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 :
AL KAMAL IMPORT OFFICE CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
29th March 1960
Commercial Registration Number :
4030003105, Jeddah
Issued Capital :
SR 15,000,000
Paid up Capital :
SR 15,000,000
Total Workforce :
320
Activities :
Import and distribution of medicines, infant milk, foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Al Sinfa, Administration Executive
AL KAMAL IMPORT OFFICE CO LTD
Registered &
Physical Address
Building : Al Kamal Building
Street : Al Jazirah
Street
Area : Al Ruwais
District
PO Box : 405
Town : Jeddah 21411
Country :
Telephone : (966-2) 6570055
/ 6570872
Facsimile : (966-2)
6570940 / 6513759
Email : akio@alkamal-sa.com
Premises
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Jeddah.
Branch Offices
Location Description
Riyadh Office
premises
Tel: (966-1) 4141778
Dammam Office
premises
Tel: (966-3) 8471829
Madinah Office
premises
Tel: (966-4) 8640223
Abha Office
premises
Tel: (966-7) 2278049
Buraidah Office
premises
Tel: (966-6) 3836432
Name Position
Sheikh Ibrahim Mohamed Saeed Shams Managing
Partner
Sadaka Mohamed Saleh Sheikh Partner
Mohamed Ibrahim Mohamed Saeed Shams General
Manager
Jamal Ibrahim Mohamed Saeed Shams Finance
Manager
Abdul Hakim Ibrahim Mohamed Saeed Shams IT
Manager
Dr Mohsin Bibres Commercial
Manager
Mohamed Al Sinfa Administration
Executive
Date of Establishment : 01/10/1379 Hijri
(corresponding to 29th March 1960)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030003105,
Jeddah
Chamber Member No. : 88
Issued Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
Name of Partner
(s)
Sheikh Ibrahim Mohamed Saeed Shams
Sadaka Mohamed Saleh Sheikh
Activities: Engaged in the import and distribution of medicines, infant milk, and
foodstuff products.
Import Countries: Belgium, Germany, United States of America and
Australia.
Brand Names: ALCON, BAYER,
SIEMENS and GRONTEL
Operating Trend: Steady
Subject has a workforce of approximately 320 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 Sales SR
94,180,000 SR
95,500,000
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.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
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.60.10 |
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UK Pound |
1 |
Rs.102.04 |
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Euro |
1 |
Rs.80.74 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
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.