MIRA INFORM REPORT

 

 

Report No. :

304514

Report Date :

27.01.2015

 

IDENTIFICATION DETAILS

 

Name :

ABOOD AHMED BIN MADI EST

 

 

Registered Office :

Street No. 24 Old Industrial Area 41005 Riyadh 111521

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

25.01.1986

 

 

Com. Reg. No.:

1010072969, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

DISTRIBUTORS OF NISSAN AUTOMOTIVE SPARE PARTS

 

 

No. of Employee :

35

 

 

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                                    : ABOOD AHMED BIN MADI EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 25th January 1986

Commercial Registration Number           : 1010072969, Riyadh

Chamber Membership Number               : 38018

Invested Capital                                    : SR 100,000

Total Workforce                                     : 35

Activities                                               : Distributors of Nissan automotive spare parts.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Amer Bin Madi, Sales Executive

 

COMPANY NAME

 

ABOOD AHMED BIN MADI EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Street No. 24

Area                 : Old Industrial Area

 

PO Box            : 41005

 

Town                : Riyadh 111521

Country             : Saudi Arabia

 

Telephone         : (966-11) 4467638 / 4488571

Facsimile          : (966-11) 4486952

Email                : binnissan@yahoo.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Riyadh.

 

Branch Office (s)

 

     Location                                                                                          Description                                         

 

·       Al Areesh Street                                                                               Rented showroom premises

Riyadh

Tel: (966-11) 2950212

 

·       Dawirah Area                                                                                    Rented showroom premises      

Riyadh

Tel: (966-11) 2043015

 

·       Al Naseem District                                                                            Rented showroom premises

Riyadh

Tel: (966-11) 4717009

 

·       Jeddah                                                                                            Rented showroom premises

Tel: (966-12) 6882448

 

·       Al Qassim                                                                                        Rented showroom premises

Tel: (966-16) 3232054

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abood Ahmed Bin Madi                                                                    Proprietor & General Manager

 

·       Ali Saleh Bin Madi                                                                            Assistant General Manager

 

·       Amer Bin Madi                                                                                  Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th January 1986

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010072969, Riyadh

 

Chamber Member No.  : 38018

 

Invested Capital           : SR 100,000

 

Mr Abood Ahmed Bin Madi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of Nissan automotive spare parts and accessories.

 

Import Countries: Europe and the Far East

 

Agencies Held:

 

·       Nissan         Japan

 

Operating Trend: Steady

 

Subject has a workforce of 35 employees.

 

 

FINANCIAL DATA

 

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 14,825,000                           SR 15,300,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Riyad Bank

King Abdul Aziz Road

PO Box: 22622

Riyadh 11416

Tel: (966-11) 4013030

 

 

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.61.50

UK Pound

1

Rs.92.16

Euro

1

Rs.69.62

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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