MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED ABDULLAH AL OWAINI EST FOR TRADING

 

 

Registered Office :

Office No. 378-A, King Fahd Street, Al Quds Market, PO Box: 40962, Riyadh 11524

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

16.10.1990

 

 

Com. Reg. No.:

1010076933

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of readymade garments, textiles and fabrics

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Saudi Arabia

A2

A2

 

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                         :           MOHAMED ABDULLAH AL OWAINI EST FOR TRADING

Also Known As                                      : M A AL OWAINI EST (HI FASHION)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 16th October 1990

Commercial Registration Number            : 1010076933, Riyadh

Chamber Membership Number                : 13615

Invested Capital                                     : SR 70,000

Total Workforce                                     : 12

Activities                                               : Wholesale and retail of readymade garments, textiles and fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Anwar Mansour Al Owaini, Assistant General Manager

 

 

 

Company name

 

MOHAMED ABDULLAH AL OWAINI EST FOR TRADING

 

ALSO KNOWN AS: M A AL OWAINI EST (HI FASHION)

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Office No. 378-A

Street               : King Fahd Street

Area                 : Al Quds Market

 

PO Box             : 40962

 

Town                 : Riyadh 11524

Country             : Saudi Arabia

 

Telephone         : (966-11) 4585162

Facsimile          : (966-11) 4593656

Mobile               : (966-50) 5449289

 

Premises

 

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

 

 

KEY PRINCIPALS

 

            Name                                                                                        Position

 

Mohamed Abdullah Al Owaini                                                      Proprietor & General Manager

 

Anwar Mansour Al Owaini                                                           Assistant General Manager

 

Taleb Al Owaini                                                                          Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th October 1990

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 1010076933, Riyadh

 

Chamber Member No. : 13615

 

Invested Capital           : SR 70,000

 

Mr Mohamed Abdullah Al Owaini is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of readymade garments, textiles and fabrics.

 

Import Countries:         India, Taiwan and South Korea.

 

International Suppliers:

 

Al Habib Textile                         Taiwan

Dong Seng                                South Korea

 

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 10,275,000                           SR 11,000,000

 

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

 

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

 

 

BANKERS

 

Al Rajhi Banking & Investment Corporation

PO Box: 28

Riyadh 11411

Tel: (966-11) 4054647 / 4054244

Fax: (966-11) 4044753 / 4052950 / 4037156

 

 

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.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SHG

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.