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Report No. : |
346445 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ABDULLAH ALI
SADEQ & BROTHERS |
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Registered Office : |
Nazel Street, Tareeq Kurban, P O Box: 1577, Al Madinah |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.05.1413 Hijri
(Corresponding to 1st November 1992) |
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Com. Reg. No.: |
4650018455, Al
Madinah |
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Legal Form : |
General Partnership |
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Line of Business : |
Import and
Distribution of Carpets, Rugs, Blankets, Duvets and Other Household Linens. |
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No. of Employees : |
15 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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.
|
Source
: CIA |
Company Name : ABDULLAH
ALI SADEQ & BROTHERS
Country of Origin : Saudi
Arabia
Legal Form :
General Partnership
Registration Date : 1st
November 1992
Commercial
Registration Number :
4650018455, Al Madinah
Chamber Membership
Number : 13510
Partners Capital : SR
500,000
Total Workforce : 15
Activities :
Import and distribution of carpets, rugs, blankets, duvets and other
household linens
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdullah Ali Sadeq Attiya Kheder, Managing Partner
ABDULLAH ALI SADEQ
& BROTHERS
Street : Nazel Street
Area : Tareeq Kurban
PO Box : 1577
Town :
Al Madinah
Country : Saudi Arabia
Telephone : (966-14) 8224208 / 8261033 / 8361033
Facsimile : (966-14) 8268806 / 8228806 / 8338806
Mobile : (966-50) 5308330 / 5302930
Email : atlas_arabian@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Al Madinah.
Branch Office
(s)
Location Description
·
Airport
Road Rented
showroom premises
Madinah
Tel: (966-14) 8423562
Name Position
·
Abdullah Ali Sadeq Attiya Kheder Managing
Partner
·
Mohamed Ali Sadeq Attiya Kheder Partner
·
Khalid Mahmoud Sales
Manager
·
Nabil
Goma Accountant
Date of Establishment : 06/05/1413
Hijri (corresponding to 1st November 1992)
Legal Form :
General Partnership
Commercial Reg. No. : 4650018455,
Al Madinah
Chamber Member No. : 13510
Partners Capital : SR 500,000
·
Abdullah Ali Sadeq Attiya Kheder
·
Mohamed Ali Sadeq Attiya Kheder
Activities: Engaged in the import and distribution of
carpets, rugs, blankets, duvets and other household linens.
Import
Countries: Turkey and Iran
Principal
Suppliers:
·
Kabalan Carpet Turkey
·
Atlantic Turkey
·
Balat Textile Turkey
·
Al Haya Carpets Saudi
Arabia
·
Al Abdullatif Carpet Saudi
Arabia
Operating Trend: Steady
Subject has a
workforce of 15 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 19,800,000 SR 20,125,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank Al
Jazira
Al Madinah
Tel: (966-14) 8451111
Fax:
(966-14) 8451953
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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-- |
NB |
New Business |
-- |
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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.