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Report No. : |
303839 |
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Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Awkaf Building, Souq Al Jamia 20750 Jeddah 21465 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.10.1980 |
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Com. Reg. No.: |
4030025264 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
SUBJECT IS ENGAGED IN THE
WHOLESALE AND RETAIL OF TEXTILES AND READYMADE GARMENTS. |
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No. of Employee : |
6 |
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
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
Company Name : AL QUADI COMMERCIAL CENTER
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 6th October 1980
Commercial Registration Number : 4030025264, Jeddah
Chamber Membership Number : 7024
Invested Capital : SR 70,000
Total Workforce : 6
Activities : Wholesalers and retailers of textiles and readymade garments
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL QUADI COMMERCIAL
CENTER
Building : Al Awkaf Building
Area : Souq Al Jamia
PO Box : 20750
Town : Jeddah 21465
Country :
Saudi Arabia
Telephone : (966-12) 6449066 / 6431253 / 6458056
Facsimile : (966-12) 6446237
Mobile : (966-50) 5324023 / 30005353
Email : alqadi80@yahoo.com
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Jeddah.
Name Position
·
Abdul
Khaliq Ahmed Abdul Ghani Al Quadi Proprietor
& General Manager
·
Fouad
Abu Hani Sales
Manager
Date of Establishment : 26/11/1400
Hijri (corresponding to 6th October 1980)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030025264,
Jeddah
Chamber Member No. : 7024
Invested Capital
: SR 70,000
Mr Abdul Khaliq Ahmed
Abdul Ghani Al Quadi is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of
textiles and readymade garments.
Import
Countries: India
International Suppliers:
·
S Kumar
Textile India
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BSL India
·
Karaveera India
Operating Trend: Steady
Subject has a
workforce of 6 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 12,130,000 SR 12,600,000
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
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.61 |
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1 |
Rs.93.47 |
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Euro |
1 |
Rs.71.37 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.