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Report Date : |
07.03.2014 |
IDENTIFICATION DETAILS
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Name : |
SALEM SALMIN BIN MAHFOOZ TRADING EST |
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Registered Office : |
Al Moussili Building Bab Mecca, Al Balad District PO Box
24037 Jeddah 21446 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04.12.2010 |
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Com. Reg. No.: |
4030206342, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of specialised
Arabic coffee, cardamom and cloves |
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No. of Employees : |
12 |
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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Maximum Credit Limit : |
US$ 150,000 |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development
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Source
: CIA |
Company Name :
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 4th December 2010
Commercial Registration Number : 4030206342, Jeddah
Chamber Membership Number : 150692
Invested Capital : SR 30,000
Total Workforce : 12
Activities : Distributors of specialised Arabic coffee, cardamom and cloves
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Abdulaziz Salim Bin Mahfooz, Assistant General Manager
SALEM SALMIN BIN MAHFOOZ TRADING EST
Building : Al Moussili Building
Area : Bab Mecca, Al Balad District
PO Box : 24037
Town : Jeddah 21446
Country : Saudi Arabia
Telephone : (966-12)
6426458 / 6420540
Facsimile : (966-12)
6436601 / 6370672
Mobile : (966-50)
5612177
Email : bin-mahfooz@bin-mahfooz.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Jeddah.
Branch Offices
Location Description
· Dar Al Nojoom Office
premises
Jeddah
Tel: (966-12) 6366090
Fax: (966-12) 6370672
Name Position
· Salem Salmin Salem Bin Mahfooz Proprietor
& General Manager
· Abdulaziz Salim Bin Mahfooz Assistant
General Manager
· Mohamed Salim Bin Mahfooz Commercial
Manager
Date of
Establishment : 28/12/1431 Hijri
(corresponding to 4th December 2010)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 4030206342, Jeddah
Chamber Member No. : 150692
Invested Capital : SR 30,000
Mr Salem Salmin Salem Bin Mahfooz is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of specialised Arabic coffee,
cardamom and cloves.
Import Countries: India, Sri Lanka and Kenya
Brand Names: BIN MAHFOOZ
Operating Trend: Steady
Subject has a workforce of 12 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
7,600,000 SR
8,175,000
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
King Abdul Aziz
Street
PO Box: 3555
Jeddah 21481
Tel: (966-12)
6446644
Fax: (966-12)
6446644
No complaints regarding subject’s payments have been reported.
Recommended credit limit: US$
150,000
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 |
|
US Dollar |
1 |
Rs.61.32 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
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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 |
-- |
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.