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Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FITKAR FOR INTERNATIONAL TRADE |
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Registered Office : |
Akariyah Tower No. 1, Office No. 420, 4th Floor Olaya Main
Street Olaya District |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1991 |
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Com. Reg. No.: |
1010148116, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of fresh and frozen
meat, poultry and sea food products |
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No. of Employees : |
125 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 : FITKAR FOR INTERNATIONAL TRADE
Also Known As : FITKAR GLOBAL TRADE
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1st January 1991
Commercial Registration Number : 1010148116, Riyadh
Chamber Membership Number : 87199
Issued Capital : SR 750,000
Paid up Capital : SR 750,000
Total Workforce : 125
Activities : Distributors of fresh and frozen meat, poultry and sea food products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person (s) Interviewed : Murad Zayadah Hammour, Commercial Manager
FITKAR FOR INTERNATIONAL TRADE
FITKAR
GLOBAL TRADE
Building : Akariyah
Tower No. 1, Office No. 420, 4th Floor
Street : Olaya Main
Street
Area : Olaya
District
PO Box : 19012
Town : Riyadh 11435
Country : Saudi Arabia
Telephone : (966-11)
4190890 / 4467612 / 4191437 / 4191434 / 4191438
Facsimile : (966-11)
4190890 / 4191434
Mobile : (966-50)
5278367 / 5278536 / 4214404 (966-55) 1845142
Email : murad@fitkar.com.sa
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
· Buraidah Warehouse
premises- transit
Subject has a
further 4 refrigerated warehouses with a storage space of approximately 500
tons each.
Name Position
· Mohamed Abdullah Al
Zahrani Managing
Partner
· Ali Abdullah Al
Zahrani Partner
· Murad Zayadah
Hammour Commercial
Manager
· Walid Mohamed Quality
Control Manager
· Hesham Abdul
Moniem Sulaiman Public
Relations Manager
Date of Establishment : 1st January 1991
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 1010148116, Riyadh
Chamber Member No. : 87199
Issued Capital : SR 750,000
Paid up Capital : SR 750,000
· Mohamed Abdullah Al
Zahrani
· Ali Abdullah Al
Zahrani
· Amo Hamza Seafood
Co
Riyadh
Activities: Engaged in the import and distribution of fresh and frozen meat,
poultry and sea food products. Subject
has a fleet of 40 refrigerated vehicles.
Import Countries: Vietnam and India.
International Suppliers:
· Castle Rock India
· AGI Vietnam
Operating Trend: Steady
Subject has a workforce of 125 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
162,800,000 SR 169,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Murad Zayadah Hammour, Commercial
Manager
·
National Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1)
4772281
Fax: (966-1)
4730322
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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.