MIRA INFORM REPORT

Report No. :	347645
Report Date :	05.11.2015

IDENTIFICATION DETAILS

Name :	AL NOOR ESTABLISHMENT

Registered Office :	Corniche Commercial Centre, 7^th Floor, Office No. 709, King Abdulaziz Street, Al Balad District, 17571, Jeddah 21494

Country :	Saudi Arabia

Financials (as on) :	31.12.2014

Date of Incorporation :	26/10/1407 Hijri (corresponding to 23^rd June 1987)

Legal Form :	Sole Proprietorship

Line of Business :	Subject is engaged in the wholesale and retail of readymade garments and textiles for ladies.

No. of Employees :	8

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Saudi Arabia

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. 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 : AL NOOR ESTABLISHMENT

Country of Origin : Saudi Arabia

Legal Form : Sole Proprietorship

Registration Date : 23^rd June 1987

Commercial Registration Number : 4031004954, Jeddah

Chamber Membership Number : 34954

Invested Capital : SR 120,000

Total Workforce : 8

Activities : Wholesale and retail of readymade garments and textiles for ladies.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Fouad Abdulaziz Abdul Noor, Sales Manager

COMPANY NAME

AL NOOR ESTABLISHMENT

ADDRESS

Registered & Physical Address

Building : Corniche Commercial Centre, 7^th Floor, Office No. 709

Street : King Abdulaziz Street

Area : Al Balad District

PO Box : 17571

Town : Jeddah 21494

Country : Saudi Arabia

Telephone : (966-12) 6428644 / 6429095

Facsimile : (966-12) 6447259

Mobile : (966-50) 5626147 / 4506700

Email : jalil_alnoor@hotmail.com

Premises

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

Branch Offices

Location Description

· Riyadh Showroom premises

Tel: (966-11) 4590823

· Mecca Showroom premises

Tel: (966-12) 5376610

KEY PRINCIPALS

Name Position

· Abdullah Abdul Ghawi Abdul Noor Hatim Proprietor & General Manager

· Abdul Jalil Abdulaziz Commercial Manager

· Fouad Abdulaziz Abdul Noor Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 26/10/1407 Hijri (corresponding to 23^rd June 1987)

Legal Form : Sole Proprietorship

Commercial Reg. No. : 4031004954, Jeddah

Chamber Member No. : 34954

Invested Capital : SR 120,000

Mr Abdullah Abdul Ghawi Abdul Noor Hatim is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the wholesale and retail of readymade garments and textiles for ladies.

Import Countries: India and South Korea

International Suppliers:

· Premier Spg & Wvg Pvt Ltd India

· Sanjay Ltd India

· Lome South Korea

· Namgson South Korea

· Kung Dong South Korea

· Snow South Korea

· Songel Textiles South Korea

Brand Names: AL NOOR

Operating Trend: Steady

Subject has a workforce of 8 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 14,960,000 SR 15,250,000

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

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

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.65.57
UK Pound	1	Rs.101.13
Euro	1	Rs.71.80

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TRU

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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