MIRA INFORM REPORT

 

 

Report Date :

08.05.2014

 

IDENTIFICATION DETAILS

 

Name :

AL FAL HOUSE TRADING EST

 

 

Registered Office :

Prince Saad Bin Abdulrahman Al Awal cross Hassan Bin Thabet Street, Cross 15, PO Box : 60592, Riyadh 11555

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

09.10.1985

 

 

Com. Reg. No.:

1010060661, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import and distribution of tents and camping equipment

 

 

No. of Employees :

12

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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

 

Company Name                                    : AL FAL HOUSE TRADING EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 9th October 1985

Commercial Registration Number           : 1010060661, Riyadh

Invested Capital                                    : SR 100,000

Total Workforce                                     : 12

Activities                                               : Distributors of tents and camping equipment.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Islam Mahmoud, Commercial Manager

 

 

 

COMPANY NAME

 

AL FAL HOUSE TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Prince Saad Bin Abdulrahman Al Awal cross Hassan Bin Thabet Street, Cross 15

PO Box            : 60592

Town                : Riyadh 11555

Country             : Saudi Arabia

 

Telephone         : (966-1) 2366142 / 2422854

Facsimile          : (966-1) 2366051

Mobile              : (966-50) 3105576 / 5446290 / (966-53) 2533964

Email                : islamm2@yahoo.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                               Description

 

Al Nakheel Street                                                                                   Office premises

Al Naseem District

Riyadh

Tel: (966-1) 2366147

Fax: (966-1) 2366051

 

Qassim                                                                                                 Office premises

 

Taif                                                                                                       Office premises

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mubarak Abdullah Hassan Al Qahtani                                         Proprietor & General Manager

 

Islam Mahmoud                                                                         Commercial Manager

 

Rajab Ahmed Rajab                                                                   Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           25/01/1406 Hijri (corresponding to 9th October 1985)

 

Legal Form      :                       Sole Proprietorship

 

Commercial Reg. No.   :           1010060661, Riyadh

 

Invested Capital           :           SR 100,000

 

Mr Mubarak Abdullah Hassan Al Qahtani is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of tents and camping equipment.

 

Import Countries:         Europe and Pakistan

 

International Suppliers:

 

Amanah Tents               Pakistan

Heraa                            Pakistan

Al Jazirah                      Pakistan

 

Operating Trend:          Steady

 

Subject has a workforce of 12 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 Sales                                SR 13,060,000                           SR 13,250,000

 

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

 

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

BANKERS

 

National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-1) 4772281

Fax: (966-1) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.04

UK Pound

1

Rs.101.97

Euro

1

Rs.83.58

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NNA

 

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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