MIRA INFORM REPORT

 

 

Report No. :

301945

Report Date :

07.01.2015

 

 

 

IDENTIFICATION DETAILS

 

Name :

KINGDOM TRADE FOR TEXTILE

 

 

Registered Office :

Al Qudds Market, Office No. 359, King Fahad Road, PO Box: 31553 Riyadh 11418

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.08.1408 Hijri (corresponding to 2nd April 1988)

 

 

Com. Reg. No.:

1010068881, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and retail of textiles and readymade garments.

 

 

No. of Employees :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

Company Name                                    : KINGDOM TRADE FOR TEXTILE

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 2nd April 1988

Commercial Registration Number           : 1010068881, Riyadh

Chamber Membership Number               : 18313

Invested Capital                                                : SR 100,000

Total Workforce                                     : 8

Activities                                               : Wholesale and retail of textiles and readymade garments.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdul Hadi, Financial Controller

 

 

 

COMPANY NAME

 

KINGDOM TRADE FOR TEXTILE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Al Qudds Market, Office No. 359

Street               : King Fahad Road

PO Box                        : 31553

Town                : Riyadh 11418

Country             : Saudi Arabia

 

Telephone         : (966-1) 4594163 / 4575806

Facsimile          : (966-1) 4399687

Mobile              : (966-55) 5456935 / 1931430 / (966-50) 7260258

 

Premises

 

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

 

Branch Offices

 

Location                                                                                   Description

 

Al Qudds Market, Office No. 13                                                 Office premises

King Fahad Road

Riyadh

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mohamed Abdulrahman Al Medish                                             Proprietor & General Manager

 

Mahmoud Abdul Aal                                                                  Assistant General Manager

 

Abdul Hadi                                                                                Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15/08/1408 Hijri (corresponding to 2nd April 1988)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010068881, Riyadh

 

Chamber Member No.  : 18313

 

Invested Capital           : SR 100,000

 

Mr Mohamed Abdulrahman Al Medish is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

Mohamed Abdulrahman Al Medish

PO Box: 31553

Riyadh 11418

Mob: (966-55) 5456935

 

 

OPERATIONS

 

Activities:                                 Engaged in the wholesale and retail of textiles and readymade garments.

 

Import Countries:                     India, Indonesia, Thailand, Taiwan and China

 

International Suppliers:

 

Bansawara Textile                      India

BSL Textile                               India

Mayor Textile                            India

Botratex                                    Indonesia

Tijanshaji                                   Thailand

Tafita Taiwan Textile                  Taiwan

Habib Textile                             Taiwan

Wisher Textile                            Taiwan

Zanjolinda                                 China

Linda Textile                              China

 

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 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                SR 13,625,000                           SR 14,100,000

 

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

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-1) 4772281

Fax: (966-1) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.39

UK Pound

1

Rs.96.72

Euro

1

Rs.75.80

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.