MIRA INFORM REPORT

 

 

Report No. :

334430

Report Date :

05.08.2015

 

IDENTIFICATION DETAILS

 

Name :

DAR ENGINEERING SUPPLIES EST

 

 

Registered Office :

Al Ahsa Street, Malaz District, PO Box 24692, Riyadh 11312

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

17.12.2014

 

 

Com. Reg. No.:

1010510241

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of building materials, sanitary ware, pipes, fittings, safety equipment and related requisites.

 

 

No. of Employees :

03

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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                                    : DAR ENGINEERING SUPPLIES EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 17th December 2014

Commercial Registration Number           : 1010510241, Riyadh

Chamber Membership Number               : 112383

Invested Capital                                    : SR 35,000

Total Workforce                                                : 3

Activities                                               : Distributors of building materials, sanitary ware, pipes, fittings and

  safety equipment.

Financial Condition                                : Undetermined

Payments                                             : Unknown


COMPANY NAME

 

DAR ENGINEERING SUPPLIES EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Ahsa Street

Area                 : Malaz District

PO Box                        : 24692

Town                : Riyadh 11312

Country             : Saudi Arabia

Telephone         : (966-11) 1000000

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Riyadh.

 

 

KEY PRINCIPALS

 

Name                                                                           Position

 

Ajab Hadi Hussein Al Abdullah                                       Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th December 2014

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010510241, Riyadh

 

Chamber Member No.  : 112383

 

Invested Capital           : SR 35,000

 

Mr Ajab Hadi Hussein Al Abdullah is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials, sanitary ware, pipes, fittings, safety equipment and related requisites.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 3 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

Arab National Bank (ANB)

King Faisal Street

PO Box: 56921

Riyadh 11564

Tel: (966-11) 4029000

Fax: (966-11) 4027747

 

 

PAYMENT HISTORY

 

Unknown

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.93

UK Pound

1

Rs.99.82

Euro

1

Rs.70.05

 

 

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%)

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