MIRA INFORM REPORT

 

 

Report No. :

335417

Report Date :

11.08.2015

 

IDENTIFICATION DETAILS

 

Name :

JOAL MUHAMMAD MAYMOON SPICES PACKAGING EST

 

 

Registered Office :

Plot No. 227/ 228, Al Cornich, Janubi, P O Box: 22244, Jeddah 21495

 

 

Country :

Saudi Arabia    

 

 

Date of Incorporation :

03.02.2003

 

 

Com. Reg. No.:

4030141634, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import, packaging and distribution of spices.

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

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                                    : JOAL MUHAMMAD MAYMOON SPICES PACKAGING EST

Also Known As                                     : GULMOHAMMAD MEMON SPICE FACTORY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 3rd February 2003

Commercial Registration Number           : 4030141634, Jeddah

Invested Capital                                    : SR 10,000

Total Workforce                                    : 25

Activities                                               : Packaging and distribution of spices.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

JOAL MUHAMMAD MAYMOON SPICES PACKAGING EST

 

 

ALSO KNOWN AS

 

GULMOHAMMAD MEMON SPICE FACTORY

 

 

ADDRESS

 

Registered Address

 

Location           : Plot No. 227 / 228, Al Cornich, Janubi

 

PO Box            : 22244

 

Town                : Jeddah 21495

Country             : Saudi Arabia

 

Physical Address

 

Street               : King Faisal Street

Area                 : Hay Al Khumra

 

PO Box            : 22244

 

Town                : Jeddah 21495

Country             : Saudi Arabia

 

Telephone         : (966-12) 6368888 / 6527940

Facsimile          : (966-12) 6368222

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                 Position

 

·       Gul Mohammad Memon                    Pakistani                                   Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd February 2003

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030141634, Jeddah

 

Invested Capital           : SR 10,000

 

Mr Gul Mohammad Memon is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import, packaging and distribution of spices.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-12) 6446644

Fax: (966-12) 6446644

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that we were unable to make direct contact with the subject during the course of this investigation.

 

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.63.76

UK Pound

1

Rs.98.76

Euro

1

Rs.69.80

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

 

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.