MIRA INFORM REPORT

 

 

Report Date :

03.06.2014

 

IDENTIFICATION DETAILS

 

Name :

YASSER IDRISS BIN MOHAMED ALI AL FATNI TRADING EST

 

 

Registered Office :

Dhahab Street, Al Jamea Souq, P O Box 17158, Jeddah 21425

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

24.11.2000

 

 

Com. Reg. No.:

4030132139, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

wholesaler and retailer of textiles

 

 

No of Employees :

05

 

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

 

Concern Name                                      : YASSER IDRISS BIN MOHAMED ALI AL FATNI TRADING EST

Trading As                                            : BARAKA INTERNATIONAL

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 24th November 2000

Commercial Registration Number           : 4030132139, Jeddah

Chamber Membership Number               : 77390

Invested Capital                                    : SR 50,000

Total Workforce                                     : 5

Activities                                               : Wholesalers and retailers of textiles

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Haji, Sales Manager

 

 

 

CONCERN NAME

 

YASSER IDRISS BIN MOHAMED ALI AL FATNI TRADING EST

 

 

TRADING AS

 

BARAKA INTERNATIONAL

 

 

concern ADDRESS

 

Registered & Physical Address

Street               : Dhahab Street

Area                 : Al Jamea Souq

PO Box            : 17158

Town                : Jeddah 21425

Country             : Saudi Arabia

Telephone         : (966-12) 6440205

Facsimile          : (966-12) 6440253

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Yasser Idriss Bin Mohamed Ali Al Fatni                                              Proprietor & General Manager

·       Mohamed Haji                                                                                  Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26/08/1421 Hijri (corresponding to 24th November 2000)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030132139, Jeddah

 

Chamber Member No.  : 77390

 

Invested Capital           : SR 50,000

 

Mr. Yasser Idriss Bin Mohamed Ali Al Fatni is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 5 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 Revenue                           SR 6,700,000                            SR 7,100,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-12) 6513333

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.14

UK Pound

1

Rs.99.02

Euro

1

Rs.80.63

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

 

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%)

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