MIRA INFORM REPORT

 

 

Report No. :

335261

Report Date :

10.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ABDULRAHMAN IBN MADI TRADING EST

 

 

Registered Office :

Old Makkah Road, Kilo 11/12 18428, Jeddah 21415 3449, Jeddah 21471 Jeddah

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

29.12.1998

 

 

Com. Reg. No.:

4030126082, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of ceramics, sanitary ware products and marble.

 

 

No. of Employee :

22

 

 

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 – 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                                    : ABDULRAHMAN IBN MADI TRADING EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 29th December 1998

Commercial Registration Number           : 4030126082, Jeddah

Chamber Membership Number               : 70789

Invested Capital                                    : SR 125,000

Total Workforce                                                : 22

Activities                                               : Distributors of ceramics, sanitary ware products and marble.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

ABDULRAHMAN IBN MADI TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Old Makkah Road, Kilo 11/12

 

PO Box                        : 18428, Jeddah 21415

  3449, Jeddah 21471

 

Town                : Jeddah

Country : Saudi Arabia

 

Telephone         : (966-12) 6206061 / 6206066 / 6876365 / 6080369 / 6081622 / 6896561 / 6876365 / 6377426

Facsimile          : (966-12) 6873170 / 6081652 / 6081825

Mobile              : (966-50) 5610242 / 5617234

Email                : info@ibnmadi.com / binmadi@ibnmadi.com / ibnmadi2003@gmail.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Old Makkah Road, Kilo 4/5                                                               Warehouse premises

Jeddah

Tel: (966-12) 6896561

       Fax: (966-12) 6873170

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulrahman Omar Bin Abdullah Bin Madi Awad Bin Madi                  Proprietor & General Manager

 

·       Hassan Saleh                                                                                   Financial Manager        

 

·       Abdul Hakim Al Saadi                                                                       Commercial Manager

 

·       Samir Ahmed                                                                                   Accountant

 

·       Abdul Hakim A Saadi                                                                        Sales Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 10/09/1419 Hijri (corresponding to 29th December 1998)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030126082, Jeddah

 

Chamber Member No.  : 70789

 

Invested Capital           : SR 125,000

 

Mr Abdulrahman Omar Bin Abdullah Bin Madi Awad Bin Madi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       National Sharq Factory

Jeddah

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of ceramics, sanitary ware products and marble.

 

Import Countries: Italy

 

International Suppliers:

 

·         Tognati                   Italy

 

Operating Trend: Steady

 

Subject has a workforce of 22 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 11,825,000                           SR 12,200,000

 

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

 

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

 

 

BANKERS

 

·       Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.81

UK Pound

1

Rs.98.92

Euro

1

Rs.69.66

 

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

ANK

 

 

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.