MIRA
INFORM REPORT
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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FIRST FOCUZ
TRADING EST |
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Registered Office : |
Al |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
18.08.2009 |
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Com. Reg. No.: |
1010272938, |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject’s operations
are performed through the following divisions: Medical Division,
Industrial Division |
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No. of Employees |
25 |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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.
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Source
: CIA |
SUMMARY
Company Name : FIRST FOCUZ TRADING EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 18th
August 2009
Commercial
Registration Number :
1010272938, Riyadh
Membership Number : 221349
Invested Capital : SR
200,000
Total Workforce : 25
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
COMPANY NAME
FIRST FOCUZ TRADING
EST
ADDRESS
Registered & Physical Address
Building : Al Rosasi Building
Street : Dhahab Street
PO Box : 4471
Town : Riyadh 11491
Country : Saudi Arabia
Telephone : (966-11) 4782762 / 4730067
Facsimile : (966-11) 4730067
Mobile : (966-55) 26645522
Email : info@firstfocuz.com / info@focuz.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Riyadh.
KEY PRINCIPALS
Name Position
Ahmed Jibran Al
Harthy Proprietor
& General Manager
Saj Sulaiman Sales
Manager
Varun Shathis Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 18th August 2009
Legal Form : Sole Proprietorship
Commercial Reg.
No. : 1010272938, Riyadh
Membership No. :
221349
Invested Capital
: SR 200,000
Mr Ahmed Jibran Al
Harthy is the sole proprietor of the business.
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
Medical Division
Engaged in the
import and distribution of medical equipment and consumables, including wound
and skin care products, disposable gloves, wheelchairs, incontinence products,
face masks, isolation gowns and surgical instruments.
Industrial Division
Engaged in the
import and distribution of safety equipment for the oil and gas, construction
and telecommunication industries.
Import
Countries: Germany and the
United States of America
International
Suppliers:
VPM Germany
Dufner Germany
Key Surgical United States of America
Operating Trend: Steady
Subject has a
workforce of 25 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 14,225,000 SR 14,890,000
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
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-1)
4776450
Fax: (966-1)
4769502
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.92 |
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UK Pound |
1 |
Rs.98.66 |
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Euro |
1 |
Rs.78.34 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SDA |
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 |
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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.