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Report Date : |
19.03.2014 |
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Tel. No.: |
00966-2-6470563 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED YAHYA MUNSHI EST |
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Registered Office : |
Al Mohtasib Building, 2nd Floor, Office No. 6 Al Dhahab Street Al Balad District PO Box 20123
Jeddah 21455 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.03.1979 |
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Com. Reg. No.: |
4030018094, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale and retail of
leather products, ready made garments, footwear and imitation jewellery as
well as stationery, school bags, plastic utensils and glassware |
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No. of Employees : |
15 |
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
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
|
Source
: CIA |
Company Name : MOHAMED YAHYA MUNSHI EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 9th March 1979
Commercial Registration Number : 4030018094, Jeddah
Chamber Membership Number : 300149
Invested Capital : SR 50,000
Total Workforce : 15
Activities :
Wholesale and retail of leather products, ready made
garments, footwear and imitation jewellery as well as
stationery, school bags, plastic
utensils and glassware.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Cheryan Varghese, Administrative Executive
MOHAMED YAHYA MUNSHI EST
Building : Al Mohtasib Building, 2nd Floor, Office No. 6
Street : Al Dhahab Street
Area :
Al Balad District
PO Box : 20123
Town : Jeddah 21455
Country : Saudi Arabia
Telephone : (966-12)
6470563 / 6486536 / 6486527 / 6472249
Facsimile : (966-12)
6470563
Mobile : (966-50)
5618465
Email : mymunshi@sol.net.sa
/ mymunshi@mymunshi.net
Please note that subject’s previous address was,
Al Mohtasib Building, 4th Floor, Office No. 11, Al Dhahab Street, Al
Balad District, Jeddah.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
· Al
Sanabel Centre Rented
showroom premises
Al Hindawiya District
Jeddah
Tel:
(966-12) 6478080
Name Position
· Mohamed
Yahya Abdul Shakoor Abdul Qadar Mushi Proprietor
& General Manager
· Moazzam
Mukhtar Ahmed Assistant
General Manager
· Majaz
Murtota Patel Commercial
Manager
· Sunil Varghes Sales
Manager
· Cheryan Varghese Administrative
Executive
Date of
Establishment : 10/04/1399 Hijri
(corresponding to 9th March 1979)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 4030018094,
Jeddah
Chamber Member No. : 300149
Invested Capital : SR 50,000
Mr Mohamed Yahya Abdul Shakoor Abdul Qadar
Mushi is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of
leather products, ready made garments, footwear and imitation
jewellery as well as stationery, school
bags, plastic utensils and glassware.
Import Countries: India, Hong Kong and Singapore
International Suppliers:
· Varoun Industries India
· Panjab Stainless
Steel India
· Offcon India
· Samrat India
· Teckrawal India
· Cillo
International Pvt Ltd India
· Sun Rise
Containers Ltd India
· Home Make
Furniture Co Hong Kong
· Noural Asia Pte
Ltd Singapore
Operating Trend: Steady
Subject has a workforce of 15 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
11,695,000 SR
12,000,000
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
Palestine Square
PO Box: 7161
Jeddah 21462
Tel: (966-12) 6697384
Fax: (966-12) 6697388
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.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.95 |
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|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.