MIRA INFORM REPORT

 

 

Report No. :

307059

Report Date :

12.02.2015

 

IDENTIFICATION DETAILS

 

Correct Name :

AL MUHANNAD FOR MEDICAL & LABORATORY EQUIPMENT EST

 

 

Registered Office :

Khalid Bin Al Waleed Street, Al Sharafiah District, Al Khumrah Industrial Area, P O Box 136882, Jeddah 21313

 

 

Country :

Saudi Arabia  

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.11.2008

 

 

Com. Reg. No.:

4030183979, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of Medical Equipment, Machinery and Laboratory Instrumentation

 

[We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

 

 

No of Employees :

30

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia's economic development.

 

Source : CIA

 

SUMMARY

 

Concern Name                                      : AL MUHANNAD FOR MEDICAL & LABORATORY EQUIPMENT EST

Trading As                                            : AL MUHANNAD MEDICAL CO (MM)

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 10th November 2008

Commercial Registration Number           : 4030183979, Jeddah

Chamber Membership Number               : 133120

Invested Capital                                    : SR 25,000

Total Workforce                                     : 30

Activities                                               : Distributors of medical equipment, machinery and laboratory

                                                              instrumentation.

Financial Condition                                : Fair

Payments                                             : No Complaints 

Operating Trend                                    : Steady

Person Interviewed                                : Alaa Ayash, Financial Controller

 

CONCERN NAME

 

AL MUHANNAD FOR MEDICAL & LABORATORY EQUIPMENT EST

 

 

TRADING AS

 

AL MUHANNAD MEDICAL CO (MM)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Khalid Bin Al Waleed Street

Area                 : Al Sharafiah District, Al Khumrah Industrial Area

PO Box            : 136882

Town                : Jeddah 21313

Country             : Saudi Arabia

Telephone         : (966-12) 6573255 / 6577185 / 6141753

Facsimile          : (966-12) 6512799

Email                : info@almohanadmed.com

 

Please note that the correct PO Box number is 136882 and not 13688.

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Al Maseef Area                                                                                 Office premises

Riyadh

Tel: (966-11) 4560928

Fax: (966-11) 4568465

 

·       Jeddah                                                                                            Warehouse premises

CR No. 4030165412

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Abdulaziz Mohamed Al Yamani                                                         Proprietor & General Manager

·       Alaa Ayash                                                                                       Financial Controller

 

·       Ibrahim Ghazawi                                                                               Commercial Manager

·       Omar Mabrook                                                                                 Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12/11/1429 Hijri (corresponding to 10th November 2008)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030183979, Jeddah

 

Chamber Member No.  : 133120

 

Invested Capital           : SR 25,000

 

Mr. Abdulaziz Mohamed Al Yamani is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of medical equipment, machinery and laboratory instrumentation.

 

Import Countries: United States of America, France, China, South Korea, Germany, Italy, Turkey, Finland and

                 Jordan.

 

Agencies Held:

 

·       Hanoff                                 Jordan

·       Diamond Diagnostic             Jordan

·       Dynex                                  United States of America

·       Orphe                                  France

·       LG Life Sciences                  Korea

·       ANI Biotec                            Finland

·       CTK Biotech                         United States of America

·       Analyticon                            Germany

·       GP Getein                            China

·       Biolog                                  United States of America          

·       Biobase                               China

·       Intec Co                               China

·       Radim                                  Italy

·       Bioanalyse                           Turkey

    

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                            Year Ending 31/12/14:

 

Total Revenue                                       SR 20,000,000

 

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

 

The above figures were provided by Mr Alaa Ayash, Financial Controller

 

 

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

 

Please note that the correct name of the subject is “Al Muhannad For Medical & Laboratory Equipment Est” and not “Al Mohannad For Medical Establishment”. Please also note that the commercial registration number 4030165412 belongs to one of the subject’s branches the main commercial registration number for the concern is 4030183979.

 

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.62.15

UK Pound

1

Rs.94.72

Euro

1

Rs.70.33

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.