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Report No. : |
323137 |
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Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
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Name : |
AL GANOUB TANNING FACTORY |
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Registered Office : |
Abha – Khamis Mushait Road, Madinat Sultan, PO Box : 1133, Khamis
Mushait 61961 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
04.09.1988 |
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Com. Reg. No.: |
5855007911, Khamis Mushait |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is operators of a tannery, processing and export of finished
leather products |
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No. of Employee : |
190 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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, 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 GANOUB TANNING FACTORY
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
4th September 1988
Commercial Registration Number :
5855007911, Khamis Mushait
Industry Licence Number :
1132/S
Invested Capital : SR 50,000
Total Workforce :
190
Activities :
Operators of a tannery
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sayed Mohamed, Financial Controller
AL GANOUB TANNING
FACTORY
Street : Abha –
Khamis Mushait Road
Area : Madinat
Sultan
PO Box :
1133
Town : Khamis
Mushait 61961
Country : Saudi Arabia
Telephone : (966-17)
2271497 / 2274444 / 2271005 / 2273437
Facsimile : (966-17)
2274537 / 2271537
Mobile : (966-50)
3069563 / 2656131
Email : alganoub_tannery@yahoo.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Khamis Mushait.
Name Position
· Mohamed Rashid Al Jarbu Proprietor
· Mahmoud Zohdi General
Manager
· Hakeem Ali Commercial
Manager
· Sayed Mohamed Financial
Controller
Date of
Establishment : 22/01/1409 Hijri
(corresponding to 4th September 1988)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 5855007911, Khamis Mushait
Industry Licence
No. : 1132/S
Invested Capital : SR 50,000
Mr Mohamed Rashid Al Jarbu is the sole
proprietor of the business.
Activities: Operators of a tannery, processing and export of finished leather
products.
Import Countries: India and Pakistan
Operating Trend: Steady
Subject has a workforce of approximately 190 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
83,900,000 SR
90,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sayed Mohamed,
Financial Controller
·
National Commercial Bank
PO Box: 12
Abha
Tel: (966-17)
2241912
Fax: (966-17) 2243916
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
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|
1 |
Rs.99.67 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
ASH |
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.