MIRA INFORM REPORT

 

 

Report No. :

320676

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

DURAR MASAGH TRADING EST

 

 

Registered Office :

Prince Salman Street (Al Madina Al Munawara Road), P O Box: 18033, Riyadh 11415

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.12.2005

 

 

Com. Reg. No.:

1010215108, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Import, Fabrication and Distribution of Scaffolding Materials and Metal Frame Works.

 

 

No. of Employees :

20

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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, 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.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : DURAR MASAGH TRADING EST

Also Known As                                     : DURAR MASAGH SCAFFOLDING EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 28th December 2005

Commercial Registration Number           : 1010215108, Riyadh

Membership Number                             : 162382

Invested Capital                                    : SR 2,000,000

Total Workforce                                     : 20

Activities                                               : Fabrication and distribution of scaffolding materials and metal

                                                              frame works.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Sameullah Makawa, Sales Manager

 

COMPANY NAME

 

DURAR MASAGH TRADING EST

 

 

ALSO KNOWN AS

 

DURAR MASAGH SCAFFOLDING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Prince Salman Street (Al Madina Al Munawara Road)

 

PO Box            : 18033

 

Town                : Riyadh 11415

Country             : Saudi Arabia

 

Telephone         : (966-11) 4713334 / 2706421

Facsimile          : (966-11) 2706421

Mobile              : (966-55) 5513905 / (966-50) 3850873 / (966-53) 5756244

Email                : info@dmscaffolding.com / support@dmscaffolding.com

 

Please note that Al Bader Industrial Area is the old address of the subject’s factory.

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Riyadh.

 

Branch Offices

 

Location                                                                                               Distribution

 

·       Al Kharj Road                                                                                   Factory premises

Riyadh

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Shaleh Kade Al Otaibi                                                                       Proprietor & General Manager

 

·       Sameullah Makawa                                                                           Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th December 2005

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010215108, Riyadh

 

Membership No.           : 162382

 

Invested Capital           : SR 2,000,000

 

Mr Shaleh Kade Al Otaibi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import, fabrication and distribution of scaffolding materials and metal frame works.

 

Import Countries: Europe and the Fat East.

 

Operating Trend: Steady

 

Subject has a workforce of 20 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 Sales                    SR 20,655,000                           SR 21,400,000

 

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

 

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

 

 

BANKERS

 

·       National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-11) 4776450

Fax: (966-11) 4769502

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.52

UK Pound

1

Rs.95.96

Euro

1

Rs.70.54

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

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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