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Report No. : |
304981 |
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Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
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Name : |
ABDULLAH AL SAGAAF STORES |
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Registered Office : |
Sanie Street, Al Balad Bab Mekkah District, PO Box 853, Jeddah 21421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
December 1979 |
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Com. Reg. No.: |
4030027052 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale and retail of readymade garments, textiles
and related accessories. Subject owns and operates 3 vehicles. |
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No. of Employee : |
10 |
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) |
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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 :
ABDULLAH AL SAGAAF STORES
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
December 1979
Commercial Registration Number :
4030027052
Invested Capital :
SR 10,000,000
Total Workforce :
10
Activities :
Wholesalers and retailers of readymade garments and textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
ABDULLAH AL SAGAAF STORES
Registered &
Physical Address
Street : Sanie Street
Area : Al Balad Bab
Mekkah District
PO Box : 853
Town : Jeddah 21421
Country : Saudi Arabia
Telephone : (966-12) 6423578
/ 6519531
Facsimile : (966-12)
6437547
Premises
Subject operates from a small suite of offices, a warehouse and a
showroom that are rented and located in the Central Business Area of Jeddah.
Name Position
Abdullah Omer Al Sagaaf Proprietor
Khaled Abdullah Omer Al Sagaaf General
Manager
Date of Establishment : December 1979
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 4030027052
Invested Capital : SR 10,000,000
Mr Abdullah Omer Al Sagaaf is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of readymade garments, textiles and
related accessories. Subject owns and operates 3 vehicles.
Import Countries: China, Germany, Indonesia and Korea
Local Suppliers:
Al Amoudi Fabrics Store
Al Kilany Establishment
Middle East Establishment
Operating Trend: Steady
Subject has a workforce of 10 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
14,175,000 SR
15,000,000
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
Saudi American Bank
Andalous Street
PO Box: 490
Jeddah 21411
Tel: (966-12) 6533555
Al Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-12) 6377810
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Abdullah Al Sagaaf
Stores” and not “Abdullah Omar Assaggal Stores”.
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.61.41 |
|
|
1 |
Rs.93.18 |
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Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.