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Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
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Name : |
BRIGHT CARPETS EST FOR TRADING |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.06.2012 |
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Com. Reg. No.: |
1010341437, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of carpets and rugs. |
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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) |
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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 |
Company Name : BRIGHT CARPETS EST FOR
TRADING
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 8th
June 2012
Commercial
Registration Number : 1010341437,
Riyadh
Invested Capital : SR 75,000
Total Workforce : 12
Activities :
Distributors of carpets and rugs
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Person Interviewed : Ahmed Helmi
Byoumi Issa, Assistant General Manager
BRIGHT CARPETS EST
FOR TRADING
Street : Asad Al Sunah Street, Exit No
17
Area : Al Faisaliah District
PO Box : 261547
Town : Riyadh 11432
Country : Saudi Arabia
Telephone : (966-11) 2708824
Facsimile : (966-11) 2708824
Mobile : (966-53) 1948356 / (966-56)
9232680
Email : brightcarpet1@gmail.com
Subject operates from
a small suite of offices and a showroom that are rented and located in the
Central Business Area of Riyadh.
Name Position
·
Ali
Abdul Karim Al Sudais Proprietor
& General Manager
·
Ahmed
Helmi Byoumi Issa Assistant
General Manager
·
Sharif
Bayoudmi Sales
Manager
Date of Establishment : 19/07/1433
Hijri (corresponding to 8th June 2012)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1010341437,
Riyadh
Invested Capital
: SR 75,000
Mr Ali Abdul Karim
Al Sudais is the sole proprietor of the business.
·
Ali
Abdul Karim Al Sudais Est
PO Box: 261547
Riyadh 11472
Tel: (966-11) 2708824
Fax: (966-11) 2708824
Mob: (966-53) 1948356 / (966-56) 9232680
CR No. 1010198838
Activities: Engaged in the import and distribution of
carpets and rugs.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 12 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/13:
Total Sales SR
6,500,000
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
Malaz Branch
PO Box: 42536
Tel: (966-11) 4776450
Fax: (966-11) 4769502
No complaints
regarding subject’s payments have been reported.
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.60.78 |
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1 |
Rs.99.29 |
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Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.