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Report Date : |
08.03.2014 |
IDENTIFICATION DETAILS
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Name : |
WADI MARAMER FOR CONSTRUCTION GROUP |
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Formerly Known As : |
WADI MARAMER TRADING EST |
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Registered Office : |
8 Prince Majid Ibn Abdulaziz Street, Express Highway, Exit 14/16, Al Rayan District, PO Box : 57644, Riyadh 11581 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
13.03.2007 |
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Com. Reg. No.: |
1010070634, Riyadh |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject’s operations are performed through the following divisions ·
Trading
Division ·
Contracting
Division |
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No. of Employees : |
300 |
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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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 :
WADI MARAMER FOR CONSTRUCTION GROUP
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
13th March 2007
Commercial Registration Number :
1010070634, Riyadh
Chamber Membership Number :
20335
Invested Capital :
SR 200,000
Total Workforce :
300
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hani Ahmed Abu Zaid, Accountant
WADI MARAMER FOR CONSTRUCTION GROUP
Registered &
Physical Address
Street : 8 Prince Majid Ibn Abdulaziz Street
Area : Express Highway, Exit 14/16, Al Rayan District
PO Box : 57644
Town : Riyadh 11581
Country : Saudi Arabia
Telephone : (966-1) 4910999
Facsimile : (966-1)
4931029
Mobile : (966-55) 5809206
Email : wadimaramer@yahoo.com
/ info@WadiMaramer.net
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
Jeddah Office
premises
Tel: (966-2) 6684929
Fax: (966-2) 6683309
Dammam Office
premises
Tel: (966-3) 8482026
Fax: (966-3) 8471587
Name Nationality Position
Sulaiman Mohamed Sulaiman Al Garawi Saudi Proprietor & General Manager
Mohamed Sulaiman Mohamed Sulaiman Al Garawi Saudi Assistant
General Manager
Sidid Mohamed Khairullah - Project
Manager
Amer Sayed Abdul Hakim - Finance
Manager
Nabil Mohamed - Financial
Controller
Hani Ahmed Abu Zaid
- Accountant
Date of Establishment : 24/02/1428 Hijri (corresponding to 13th
March 2007)
History : Subject began in 2007 under the name “Wadi Maramer Trading Est”. However in
2012 it changed its name to “Wadi Maramer for Construction Group”.
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 1010070634, Riyadh
Chamber Member No. : 20335
Invested Capital : SR 200,000
Mr Sulaiman Mohamed Sulaiman Al Garawi is the sole
proprietor of the business.
Advance Construction Supplies Co
Riyadh
Dawyir Al Sharq Contracting Co
Riyadh
Suhol Al Biyda Ltd
Riyadh
Activities: Subject’s
operations are performed through the following divisions:
Trading Division
Engaged in the import
and distribution of general building and construction materials.
Contracting Division
Engaged as
general construction contractors.
Import Countries: Europe
and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 300 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
79,200,000 SR
83,500,000
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
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-1) 4776450
Fax: (966-1) 4769502
No complaints regarding subject’s payments have been reported.
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 |
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US Dollar |
1 |
Rs.60.99 |
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1 |
Rs.102.07 |
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Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
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Report Prepared by
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NNA |
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.