MIRA INFORM REPORT

 

 

Report No. :

317744

Report Date :

16.04.2015

 

IDENTIFICATION DETAILS

 

Name :

KHALID AL DAGAL TRADING ESTABLISHMENT

 

 

Registered Office :

Sultana Street, Bear Othman Area, PO Box 587 & 21267, Al Medina El Monawara 41475

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

31.12.1982

 

 

Com. Reg. No.:

4650022068

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the manufacture and distribution of leather goods, footwear, bags and accessories.

 

 

No. of Employees :

350

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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, telecommuncations, 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

 

Source : CIA

SUMMARY

 

Company Name                                    : KHALID AL DAGAL TRADING ESTABLISHMENT

Trade Name                                          : FLORINA

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 31st December 1982

Commercial Registration Number           : 4650022068

Invested Capital                                                : SR 1,000,000

Total Workforce                         : 350

Activities                                               : Manufacture and distribution of leather goods, footwear, bags and

                                                                  accessories

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

KHALID AL DAGAL TRADING ESTABLISHMENT

 

TRADE NAME: FLORINA

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Sultana Street

Area                 : Bear Othman Area

PO Box            : 587 & 21267

Town                : Al Medina El Monawara 41475

Country : Saudi Arabia

Telephone         : (966-14) 8456056

Facsimile          : (966-14) 8465910

Email                : info@florina.sa

 

Premises

 

Subject operates from a large sized suite of offices that are rented and located in the Suburban Business Area of Al Medina El Monawara.

 

Branch Office (s)

 

Location                                                                                   Description

 

Al Khalil Road                                                                           Factory & showroom premises

Al Madina El Menawra

 

Ring Road, Al Khalidiya                                                             Showroom premises

Tel: (966-14) 8482417

 

Subject has a further 50 facilities throughout Saudi Arabia comprising of Retail outlets, warehouses and workshops.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Khalid Abdel Kader Al Dagal                                                                  Proprietor

 

Mohamed Rabie                                                                                    Finance Manager

 

Mohamed Al Khan                                                                                 Chief Executive Officer

 

Sadek Allah Habib Allah                                                                         Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st December 1982

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4650022068

 

Invested Capital           : SR 1,000,000

 

Mr Khalid Abdel Kader Al Dagal is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of leather goods, footwear, bags and accessories.

 

Import Countries: China, Italy, Brazil, Turkey and India

 

Local Suppliers:

 

Al Qawari

Al Zohry Trading

Al Dagal Factory Florina

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

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 146,200,000             SR 150,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Al Riyad Bank

Al Madina El Monawara

 

Al Rajhi Banking & Investment Corporation

PO Box: 28

Riyadh 11411

Tel: (966-11) 4054647 / 4054244

Fax: (966-11) 4044753 / 4052950

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The operating history is reportedly clear and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.40

UK Pound

1

Rs.92.15

Euro

1

Rs.66.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               


 

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

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

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

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

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.