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Report No. : |
302886 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SHEHATA COLDSTORE |
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Registered Office : |
Sharbatly Street, Al Safa District, PO Box 6104, Jeddah 21442 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.10.1997 |
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Com. Reg. No.: |
4030227551 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the import and distribution of general foodstuff and frozen
products, including beef cuts, lamb, mutton, chicken, fish and other frozen
vegetables. |
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No. of Employee : |
60 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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.
|
Source
: CIA |
Company Name :
SHEHATA COLDSTORE
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
17th October 1997
Commercial Registration Number :
4030227551, Jeddah
Chamber Membership Number :
174365
Issued Capital :
SR 500,000
Paid up :
SR 500,000
Total Workforce :
60
Activities :
Distributors of general foodstuff and frozen products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Tariq Ismail, Financial
Controller
SHEHATA COLDSTORE
Registered &
Physical Address
Street : Sharbatly
Street
Area : Al Safa
District
PO Box : 6104
Town : Jeddah 21442
Country : Saudi Arabia
Telephone : (966-12)
6779198 / 6779199
Facsimile : (966-12)
6779195
Mobile : (966-56)
2025100
Email : info@shehatacoldstores.com
/ shehataest@zajil.net
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Jeddah.
Branch Offices
Location Description
Jazira Coldstore, Kilo 2 Cold
storage facilities
Jeddah
Tel: (966-12) 6316770
Fax: (966-12) 6315736
Al Safa District Cold
storage facilities
Jeddah
Tel: (966-12) 6931559
Fax: (966-12) 6931541
Central Vegetable Market Cold
storage facilities
Madinah
Tel: (966-14) 8170411
Fax: (966-14) 8170422
Name Position
Abdullah Hassan Bin Abdullah Shehata Managing
Partner
Hassan Abdullah
Hassan Bin Abdullah Shehata Partner
Murrad Abdullah
Hassan Bin Abdullah Shehata Partner
Hassan Abdullah Shehata General
Manager
Tariq Ismail Financial
Controller
Date of Establishment : 14/06/1418 Hijri
(corresponding to 17th October 1997)
History : Subject began in 1997 as a Sole Proprietorship,
however in 2012 it re-registered as a
Limited Liability Partnership.
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030227551,
Jeddah
Chamber Member No. : 174365
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partners
Abdullah Hassan Bin Abdullah Shehata
Hassan Abdullah
Hassan Bin Abdullah Shehata
Murrad Abdullah
Hassan Bin Abdullah Shehata
Al Jazeera Cold
Jeddah
Al Naeem Coldstore
Jeddah
Activities: Engaged in the import and distribution of general foodstuff and frozen
products, including beef cuts, lamb, mutton, chicken, fish and other frozen
vegetables.
Import Countries: Europe and GCC countries
International
Suppliers:
Damaco Food Dubai
Nawaco Food Dubai
Operating Trend: Steady
Subject has a workforce of 60 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 Sales SR
46,800,000 SR
52,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Tariq Ismail, Financial Controller
Arab National Bank
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-12) 6600272
Fax: (966-12) 6650202
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Shehata Coldstore”
and not “Shehata Cold Stores and Trad”.
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.