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Report No. : |
326777 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
AL AIDROOS TRADING EST |
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Registered Office : |
Corniche Commercial Centre, 7th Floor, Office No. 744, Al Balad 17855 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 : |
08.10.1987 |
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Com. Reg. No.: |
4030058674 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the wholesale and retail of readymade garments and textiles. |
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No of Employees : |
8 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, telecommuncations, 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.
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Source
: CIA |
Company Name : AL AIDROOS TRADING EST
Also Known As : EUROPA TEX
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 8th October 1987
Commercial Registration Number : 4030058674, Jeddah
Membership Number : 31862
Invested Capital : SR 10,000
Total Workforce : 8
Activities : Wholesalers and retailers of readymade garments and textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Al Yazidi, Commercial Manager
COMPANY NAME: AL AIDROOS TRADING EST
ALSO KNOWN AS: EUROPA TEX
Building : Corniche Commercial Centre, 7th
Floor, Office No. 744
Area : Al Balad
PO Box : 17855
Town : Jeddah 21465
Country : Saudi Arabia
Telephone : (966-12) 6422587
Facsimile : (966-12) 6042699
Mobile : (966-50) 4643806
Email :
Please note that
the correct PO Box number is 17855 and not 20750 which belongs to Al Kadi Commercial Centre.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Jeddah.
Name Position
·
Abu Baker Aidroos Abdul Qader Al Aidroos Proprietor
& General Manager
·
Mohamed Al Yazidi Commercial
Manager
Date of Establishment : 14/02/1408
Hijri (corresponding to 8th October 1987)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030058674,
Jeddah
Membership No. : 31862
Invested Capital
: SR 10,000
Mr Abu Baker Aidroos
Abdul Qader Al Aidroos is the
sole proprietor of the business.
Activities: Engaged in the wholesale and retail of
readymade garments and textiles.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 8 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 6,230,000 SR 6,580,000
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
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-12) 6446644
Fax: (966-12) 6446644
No complaints
regarding subject’s payments have been reported.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs. 63.64 |
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|
1 |
Rs. 100.41 |
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Euro |
1 |
Rs. 71.62 |
INFORMATION DETAILS
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Analysis Done by
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SAN |
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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.