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Report No. : |
307459 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SMART PACKAGING
FACTORY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2014 (Estimated) |
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Year of Establishments : |
2011 |
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Com. Reg. No.: |
4030233968, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
manufacture of food packaging materials, including Films, pouches, labels,
lids and bags or bowls |
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No of Employees : |
32 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Saudi Arabia |
A2 |
A2 |
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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, 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.
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Source
: CIA |
Concern Name : SMART PACKAGING FACTORY
Also Known As : SMART PACK
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Start Date : 2011
Registration Date : 17th September 2012
Commercial Registration Number : 4030233968, Jeddah
Invested Capital : SR 1,000,000
Total Workforce : 32
Activities : Manufacturers of food packaging materials
Financial Condition : Fair
Payments : No Complaints
SMART PACKAGING FACTORY
SMART PACK
Registered &
Physical Address
Location : Jeddah Industrial City, Phase 5
PO Box : 7991 & 16720
Town : Jeddah 21474
Country : Saudi Arabia
Telephone : (966-12) 6080252 / 6080501
Facsimile : (966-12) 6081568
Email : info@smartpack.com.sa
Premises
Subject operates
from a suite of offices and a factory covering 3,000 square metres that are
rented and located in the Industrial Area of Jeddah.
Name Position
·
Saad
Ahmed Al Ghamdi Proprietor
·
Emad
Saad Ahmed El Ghamdi General
Manager
·
Ahmed
Shaib Finance
Manager
·
Tony
Paliyal Purchasing
Manager
Date of Establishment : Subject was
established in 2011, however it was registered on 17th September
2012.
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030233968,
Jeddah
Invested Capital
: SR 1,000,000
Mr Saad Ahmed Al
Ghamdi is the sole proprietor of the business.
·
Emad
Saad El Ghamdi Est
CR No. 4030161941
·
Emad Saad
El Ghamdi for Contracting Est
CR No. 5801010326
Activities: Engaged in the manufacture of food
packaging materials, including films, pouches, labels, lids and bags or bowls
Production Capacity: 250 tonnes per month.
Import
Countries: Germany and
Italy
International
Suppliers:
·
Bobft Germany
·
Nordenmeccanica Italy
Clients:
·
Al
Rashidi Group
·
Al
Hamoudi Group
Export Countries: GCC countries.
Operating Trend: Steady
Subject has a
workforce of 32 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 Revenue SR 7,000,000 SR 14,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
·
National
Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-12) 6446644
Fax: (966-12) 6446644
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
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UK Pound |
1 |
Rs.94.72 |
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Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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.