MIRA INFORM REPORT

 

 

Report No. :

356607

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

AL EHTIMAM GARMENT EST

 

 

Registered Office :

King Fahd Street Aswaq Al Jaounbia Area 5659  Jeddah 21482

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

27.03.1996

 

 

Com. Reg. No.:

4030118068, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import and distribution of textiles and readymade garments, including shawls.

 

 

No. of Employee :

8

 

 

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, telecommunications, 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                                    : AL EHTIMAM GARMENT EST

Also Known As                                     : AL EHTIMAM FOR READYMADE GARMENTS

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 27th March 1996

Commercial Registration Number           : 4030118068, Jeddah

Chamber Membership Number               : 60784

Invested Capital                                    : SR 60,000

Total Workforce                                     : 8

Activities                                               : Distributors of textiles and readymade garments

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

AL EHTIMAM GARMENT EST

 

 

ALSO KNOWN AS

 

AL EHTIMAM FOR READYMADE GARMENTS

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : King Fahd Street

Area                 : Aswaq Al Jaounbia Area

 

PO Box            : 5659

 

Town                : Jeddah 21482

Country             : Saudi Arabia

 

Telephone         : (966-12) 6473380 / 6472582

Facsimile          : (966-12) 6479062

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Radha Gharbi Rahda Al Hamd Al Mejyashi                                         Proprietor & General Manager

 

·       Khalid Gharbi Rahda Al Hamd Al Mejyashi                                         Assistant General Manager

 

·       Miraj Ahmed                                                                                     Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 08/11/1416 Hijri (corresponding to 27th March 1996)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030118068, Jeddah

 

Chamber Member No.  : 60784

 

Invested Capital           : SR 60,000

 

Mr Radha Gharbi Rahda Al Hamd Al Mejyashi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of textiles and readymade garments, including shawls.

 

Import Countries: India

 

International Suppliers:

 

·       Haji Wali Mohamed & Sons               India

 

Operating Trend: Steady

 

Subject has a workforce of 8 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 11,675,000                           SR 11,900,000

 

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

 

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

 

 

BANKERS

 

·       National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

Riyal

1

Rs.17.58

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.