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Report No. : |
315765 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST PLASTIC INDUSTRIES CO |
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Registered Office : |
Industrial City, Phase 5, PO Box 54432, Jeddah 21514 |
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Country : |
Saudi
Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
16.06.1998 |
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Com. Reg. No.: |
4030133428 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture of plastic
materials and plastic display units for supermarkets and shops. Subject also
recycles plastic raw materials. |
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No. of Employees : |
50 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 :
MIDDLE EAST PLASTIC INDUSTRIES CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
16th June 1998
Commercial Registration Number :
4030133428, Jeddah
Chamber Membership Number :
48292
Issued Capital :
SR 5,000,000
Paid up Capital :
SR 5,000,000
Total Workforce : 50
Activities :
Manufacture of plastic materials and plastic display
units
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Saifi, Financial Controller
MIDDLE EAST PLASTIC INDUSTRIES CO
Registered &
Physical Address
Location : Industrial
City, Phase 5
PO Box : 54432
Town : Jeddah 21514
Country : Saudi Arabia
Telephone : (966-12)
6081926
Facsimile : (966-12)
6081927
Mobile : (966-53)
0809519
Email : info@me-pi.com
/ msaifi@me-pi.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are owned and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
Al Selai Industrial City Office
& warehouse premises
PO Box: 22970
Riyadh 11416
Tel: (966-11) 2447174
Name Position
Mohamed Hamadah Mutawalli Managing
Partner
Mrs Latifah Hamadah Mutawalli Partner
Ahmed Qussad General
Manager
Mohamed Massad Production
Manager
Ahmed Taher Finance
Manager
Mohamed Saifi Financial
Controller
Sarwar Khan Sales
Executive
Date of Establishment : 16th
June 1998
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030133428, Jeddah
Chamber Member No. : 48292
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Name of Partner
(s)
Mohamed Hamadah Mutawalli
Mrs Latifah Hamadah Mutawalli
Mohamed Ali Abdul Qader Hafiz Co
Jeddah
Activities: Engaged in the manufacture of plastic
materials and plastic display units for supermarkets and shops. Subject also
recycles plastic raw materials.
Import Countries: Germany and Japan
Local Suppliers:
SABIC Saudi Arabia
Petro Rabigh Saudi Arabia
Operating Trend: Steady
Subject has a workforce of 50 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales SR
52,835,000 SR
55,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Saifi, Financial
Controller
National Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
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|
1 |
Rs.92.83 |
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Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.