MIRA INFORM REPORT

Report Date :

07.03.2014

IDENTIFICATION DETAILS

Name :	TASDEER SAUDI COMPANY

Registered Office :	Al Malek Road Tower PO Box 116466 Jeddah 21391

Country :	Saudi Arabia

Date of Incorporation :	16.10.2012

Com. Reg. No.:	4030235294, Jeddah

Legal Form :	Closed Joint Stock Company

Line of Business :	Subject is engaged in the provision of export credit facilities

No. of Employees :	65

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Saudi Arabia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
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

Source : CIA

SUMMARY

Company Name : TASDEER SAUDI COMPANY

Country of Origin : Saudi Arabia

Legal Form : Closed Joint Stock Company

Registration Date : 16^th October 2012

Commercial Registration Number : 4030235294, Jeddah

Issued Capital : SR 3,000,000

Paid up Capital : SR 3,000,000

Total Workforce : 65

Activities : Providers of export credit facilities

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Mohamed Ahmed, Credit Manager

COMPANY NAME

TASDEER SAUDI COMPANY

ADDRESS

Registered & Physical Address

Location : Al Malek Road Tower

PO Box : 116466

Town : Jeddah 21391

Country : Saudi Arabia

Telephone : (966-12) 6067146

Facsimile : (966-12) 6067126

Mobile : (966-56) 7901608

Email : info@tasdeeralsaudi.com

Premises

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

KEY PRINCIPALS

Name Position

· Jaber El Jebawi Chairman

· Aseem Arab Managing Director

· Dr Wasef Al Kabli Director

· Wael Wasef Al Kabli Director

· Ibrahim Megha General Manager

· Mohamed Ahmed Credit Manager

· Mohamed Hafiz Credit Export Manager

· Mohamed Zeidan Accounts Manager

LEGAL FORM & OWNERS

Date of Establishment : 30/11/1433 Hijri (corresponding to 16^th October 2012)

Legal Form : Closed Joint Stock Company

Commercial Reg. No. : 4030235294, Jeddah

Issued Capital : SR 3,000,000

Paid up Capital : SR 3,000,000

Name of Shareholder (s)

· Jaber El Jebawi

· Aseem Arab

· Dr Wasef Al Kabli

· Wael Wasef Al Kabli

OPERATIONS

Activities: Engaged in the provision of export credit facilities.

The objective of the company is to facilitate the export of Saudi made product and we have three main services: Credit facility to the importers of Saudi product, Credit facility for overseas Turnkey projects, & Credit Facility to the Saudi local factory (credit facility to purchase the raw materials for a confirm order in -hand).

Subject has a workforce of 65 employees.

FINANCIAL DATA

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.

BANKERS

· Arab National Bank

Madina Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.32
UK Pound	1	Rs.102.54
Euro	1	Rs.84.19

INFORMATION DETAILS

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.