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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MUSTAFA AHMED MUZZAFAR EST |
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Registered Office : |
Al Musadaiah District,
11971 Jeddah 21463 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.01.1981 |
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Com. Reg. No.: |
4030007802, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of textiles, shawls,
readymade garments and carpets. |
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No. of Employees : |
12 |
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 – 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 |
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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 : MUSTAFA
AHMED MUZZAFAR EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 22nd
January 1981
Commercial
Registration Number : 4030007802, Jeddah
Membership Number : 4046
Invested Capital :
SR 40,000
Total Workforce : 12
Activities :
Distributors of textiles, shawls,
readymade garments and carpets
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Person Interviewed : Taria Ahmed Muzzafar, Assistant General
Manager
MUSTAFA AHMED
MUZZAFAR EST
Location : Al Musadaiah District
PO Box : 11971
Town : Jeddah 21463
Country : Saudi Arabia
Telephone : (966-12) 6603472 / 6314192 / 64770076
Facsimile : (966-12) 6697573
Mobile : (966-50) 4685095
Email : carpetman786@gmail.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Jeddah.
Branch Offices
Location Distribution
·
Makkah Office
premises
Name Position
·
Mustafa Ahmed Muzzafar Proprietor
& General Manager
·
Taria Ahmed Muzzafar Assistant
General Manager
Date of Establishment : 17/03/1401
Hijri (corresponding to 22nd January 1981)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030007802, Jeddah
Membership No. : 4046
Invested Capital
: SR 40,000
Mr Mustafa Ahmed Muzzafar is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of textiles, shawls, readymade garments and
carpets.
Import
Countries: India
International
Suppliers:
·
K C Export India
·
Haji Ali Wali & Sons Co India
Operating Trend: Steady
Subject has a
workforce of 12 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 12,610,000 SR 12,985,000
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
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
No complaints
regarding subject’s payments have been reported.
Please note that the
correct name of the subject is “Mustafa Ahmed Muzzafar Est” and not “Mustak
Ahmed Muzzaffar Est”.
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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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.