MIRA INFORM REPORT

 

 

Report No. :

339895

Report Date :

09.09.2015

 

IDENTIFICATION DETAILS

 

Name :

AMEEN NAJI SULTAN EST

 

 

Registered Office :

Ameen Naji Building, Dhahab Street, Bab Sharif Area, PO Box 17456, Jeddah 21484

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.06.1985

 

 

Com. Reg. No.:

4030050304

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the wholesale and retail of furniture materials and products, bed sheets and covers, throws and carpets.

 

 

No. of Employees :

15

 

 

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 – 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

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                                    : AMEEN NAJI SULTAN EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 10th June 1985

Commercial Registration Number           : 4030050304, Jeddah

Chamber Membership Number               : 2416

Invested Capital                                                : SR 65,000

Total Workforce                         : 15

Activities                                               : Wholesale and retail of furniture materials and products, bed sheets

 and covers, throws and carpets.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Saeed Saif, Accountant

 

COMPANY NAME

 

AMEEN NAJI SULTAN EST

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Ameen Naji Building

Street               : Dhahab Street

Area                 : Bab Sharif Area

PO Box            : 17456

Town                : Jeddah 21484

Country : Saudi Arabia

Telephone         : (966-12) 6477674 / 6478854 / 6481065

Facsimile          : (966-12) 6485329

Email                : amen-sultan@hotmail.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                               Description

 

Al Dhabab Street                                                                                   Rented showroom premises

Jeddah

Tel: (966-12) 6477418

 

Riyadh                                                                                                  Rented showroom premises

Tel: (966-11) 2413302

 

Dammam                                                                                              Rented showroom premises

Tel: (966-13) 8350341

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ameen Naji Abdul Jalil Sultan                                                     Proprietor & General Manager

 

Abdul Qader Saeed Sultan                                                         Sales Manager

 

Mohamed Saeed Saif                                                                Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21/09/1405 Hijri (corresponding to 10th June 1985)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030050304, Jeddah

 

Chamber Member No.  : 2416

 

Invested Capital           : SR 65,000

 

Mr Ameen Naji Abdul Jalil Sultan is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of furniture materials and products, bed sheets and covers, throws and carpets.

 

Import Countries: Italy and China.

 

International Suppliers:

 

Colorzora                      Italy

Romance Blanket          China

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 17,300,000                           SR 17,720,000

 

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

 

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

 

 

BANKERS

 

Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the subject’s correct name is “Ameen Naji Sultan Est” and not “Ameen Nayi Al Sultan Est”.

 

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.66.60

UK Pound

1

Rs.102.30

Euro

1

Rs.74.61

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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