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Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
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Name : |
FASHIONS HOUSE INTERNATIONAL TRADING COMPANY |
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Registered Office : |
Olaya Main Street, Olaya District, PO Box : 91861, Riyadh 11643 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.07.2004 |
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Com. Reg. No.: |
1010219693, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the wholesale and retail of readymade
garments, perfumes and beauty products. |
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No. of Employees : |
150 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 |
Company Name :
FASHIONS HOUSE INTERNATIONAL TRADING COMPANY
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
16th July 2004
Commercial Registration Number :
1010219693, Riyadh
Chamber Membership Number :
174343
Issued Capital :
SR 1,000,000
Paid up Capital :
SR 1,000,000
Total Workforce :
150
Activities :
Wholesalers and retailers of ready made garments, perfumes and beauty products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
FASHIONS HOUSE
INTERNATIONAL TRADING COMPANY
Registered &
Physical Address
Street : Olaya Main
Street
Area : Olaya
District
PO Box : 91861
Town : Riyadh 11643
Country : Saudi Arabia
Telephone : (966-1) 4199292
/ 2793223
Facsimile : (966-1)
4197471 / 4198835
Mobile : (966-50)
3295601
Premises
Subject operates from a large suite of offices and a showroom that are
rented and located in the Central Business Area of Riyadh.
Branch Office (s)
Subject operates 10 branches located throughout Saudi Arabia.
Name Position
Prince Bander Bin Saud Bin Khaled Al Saud Managing Partner
Nasser Saeed General
Manager
Fahd Al Sofiyan Administration
Manager
Date of Establishment : 29/05/1425 Hijri (corresponding to 16th
July 2004)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 1010219693, Riyadh
Chamber Member No. : 174343
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Name of Partner
(s)
Prince Bander Bin Saud Bin Khaled Al Saud
Dar Al Bander International Trading Co
PO Box: 23679
Jeddah 21436
Tel: (966-2) 6921218
Fax: (966-2) 2573626
Activities: Engaged in the wholesale and
retail of readymade garments, perfumes and beauty products.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 150 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
45,800,000 SR
43,375,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Arab National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027747
No complaints regarding subject’s payments have been reported.
Please note that we were unable to contact the subject directly during
our investigation.
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
|
1 |
Rs.100.98 |
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Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
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 |
-- |
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.