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Report No. : |
338610 |
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Report Date : |
28.08.2015 |
IDENTIFICATION DETAILS
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Name : |
AL GANOUB TANNING
FACTORY |
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Registered Office : |
Abha – Khamis
Mushait Road, Madinat Sultan, P O Box: 1133, Khamis Mushait 61961 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.09.1988 |
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Com. Reg. No.: |
5855007911, Khamis
Mushait |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operators
of a tannery, processing and export of finished leather products. |
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No. of Employees : |
190 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Saudi Arabia |
A2 |
A2 |
|
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, 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 |
Company Name : AL GANOUB
TANNING FACTORY
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 4th
September 1988
Commercial Registration
Number : 5855007911, Khamis
Mushait
Industry Licence
Number : 1132/S
Invested Capital : SR 50,000
Total Workforce : 190
Activities :
Operators of a tannery
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sayed Mohamed, Financial Controller
AL GANOUB TANNING
FACTORY
Street : Abha – Khamis Mushait Road
Area : Madinat Sultan
PO Box : 1133
Town : Khamis Mushait 61961
Country : Saudi Arabia
Telephone : (966-17) 2271497 / 2274444 / 2271005
/ 2273437
Facsimile : (966-17) 2274537 / 2271537
Mobile : (966-50) 3069563 / 2656131
Email : alganoub_tannery@yahoo.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Khamis Mushait.
Name Position
·
Mohamed
Rashid Al Jarbu Proprietor
·
Mahmoud
Zohdi General
Manager
·
Hakeem
Ali Commercial
Manager
·
Sayed
Mohamed Financial
Controller
Date of Establishment : 22/01/1409
Hijri (corresponding to 4th September 1988)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 5855007911,
Khamis Mushait
Industry Licence No. : 1132/S
Invested Capital
: SR 50,000
Mr Mohamed Rashid Al Jarbu is the sole proprietor of the business.
Activities: Operators of a tannery, processing and
export of finished leather products.
Import
Countries: India and
Pakistan
Operating Trend: Steady
Subject has a
workforce of approximately 190 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 83,900,000 SR 90,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Sayed
Mohamed, Financial Controller
·
National
Commercial Bank
PO Box: 12
Abha
Tel: (966-17) 2241912
Fax:
(966-17) 2243916
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.66.06 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.74.97 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.