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Report No. : |
349254 |
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Report Date : |
16.11.2015 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST
PLASTIC INDUSTRIES CO |
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Registered Office : |
Industrial City, Phase 5 54432 Jeddah 21514 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
16.06.1998 |
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Com. Reg. No.: |
4030133428, Jeddah |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Subject is engaged in the manufacture of plastic materials and plastic
display units for supermarkets and shops. Also recycles plastic raw materials. |
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No. of Employee : |
50 |
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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 : MIDDLE
EAST PLASTIC INDUSTRIES CO
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 16th
June 1998
Commercial
Registration Number : 4030133428,
Jeddah
Chamber Membership
Number : 48292
Issued Capital : SR
5,000,000
Paid up Capital : SR
5,000,000
Total Workforce : 50
Activities :
Manufacture
of plastic materials and plastic display units
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Saifi,
Financial Controller
MIDDLE EAST PLASTIC INDUSTRIES CO
Location : Industrial City, Phase 5
PO Box : 54432
Town : Jeddah 21514
Country : Saudi Arabia
Telephone : (966-12) 6081926
Facsimile : (966-12) 6081927
Mobile : (966-53) 0809519
Email : info@me-pi.com
/ msaifi@me-pi.com
Subject operates
from a medium sized suite of offices and a factory that are owned and located in
the Industrial Area of Jeddah.
Branch Office
(s)
Location Description
·
Al
Selai Industrial City Office
& warehouse premises
PO Box: 22970
Riyadh 11416
Tel: (966-11) 2447174
Name Position
·
Mohamed Hamadah Mutawalli Managing
Partner
·
Mrs Latifah Hamadah Mutawalli Partner
·
Ahmed Qussad General
Manager
·
Mohamed
Massad Production
Manager
·
Ahmed Taher Finance
Manager
·
Mohamed
Saifi Financial
Controller
·
Sarwar
Khan Sales Executive
Date of Establishment : 16th
June 1998
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030133428,
Jeddah
Chamber Member No. : 48292
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
·
Mohamed Hamadah Mutawalli
·
Mrs Latifah Hamadah Mutawalli
·
Mohamed Ali Abdul Qader Hafiz Co
Jeddah
Activities: Engaged in the manufacture of plastic
materials and plastic display units for supermarkets and shops.
Subject
also recycles plastic raw
materials.
Import
Countries: Germany and
Japan
Local Suppliers:
·
SABIC Saudi Arabia
·
Petro
Rabigh Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 50 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 52,835,000 SR 55,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed Saifi, Financial Controller
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
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.66.14 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.71.26 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
ANK |
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.