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Report No. : |
308047 |
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Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
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Correct Name : |
AMER MOHAMMED OMER
BAMASAQ TRADING EST |
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Registered Office : |
Bab Sharif, Al Balad
District, P O Box 18558, Jeddah 21425 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 (Estimated) |
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Date of Incorporation : |
01.01.2000 |
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Com. Reg. No.: |
4030134733, Jeddah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
· Engaged in the import and distribution of Household Furnishings and Carpets. ·
Subject owns and operates 2 vehicles |
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No of Employees : |
04 |
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) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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.
|
Source
: CIA |
Concern Correct Name : AMER MOHAMMED OMER BAMASAQ TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 1st January 2000
Commercial Registration Number : 4030134733, Jeddah
Membership Number : 81527
Invested Capital : SR 200,000
Total Workforce : 4
Activities : Distributors of household furnishings and carpets
Financial Condition : Fair
Payments : No Complaints
AMER MOHAMMED OMER BAMASAQ TRADING EST (Correct name)
Registered &
Physical Address
Location : Bab Sharif, Al Balad District
PO Box : 18558
Town : Jeddah 21425
Country : Saudi Arabia
Telephone : (966-12) 6271514
Facsimile : (966-12) 6432241
Mobile : (966-50) 5619496
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Jeddah.
Branch Offices
Location Distribution
·
Abdel Aziz Street Rented
showroom premises
Al Balad District
Jeddah 21331
Tel: (966-12) 6455258
Fax: (966-12) 6430393
Name Position
·
Amer
Mohammed Bin Omer Salem Bamasaq Proprietor
& General Manager
·
Awad
Mubarak Marketing Manager
·
Mohammed
Saad Accountant
Date of Establishment : 1st
January 2000
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030134733,
Jeddah
Membership No. :
81527
Invested Capital
: SR 200,000
Mr Amer Mohammed
Bin Omer Salem Bamasaq is the sole proprietor of the business.
·
Bamasaq
Trading and Services Concern
Al Mira Bahareth Building, 7th Floor, Office No. 705
Al Dhahab Street
Al Balad District
PO Box: 18558
Jeddah 21425
Tel: (966-12) 6422318 / 6271513 / 6430049
Fax: (966-12) 6449423
CR No. 4030053412
Activities: Engaged in the import and distribution of
household furnishings and carpets.
Subject owns and
operates 2 vehicles.
Import
Countries: China, South Korea
and India.
Local Suppliers:
·
Alsourayia
Mohamed Alsourayia for Furniture
·
Mousa I
Al Kaltham and Sons Trading Co
Operating Trend: Steady
Subject has a
workforce of 4 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 8,200,000 SR 8,375,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-12) 6446644
Fax: (966-12) 6446644
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Amer Mohammed Omer Bamasaq Trading Est” and
not “Ammar Mohammed Omer Bamasaq Trading Est”.
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.62.25 |
|
UK Pound |
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
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 |
-- |
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.