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MIRA INFORM REPORT
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Report No. : |
494501 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
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Name : |
RIYADH MODERN FACTORY FOR LEATHER INDUSTRY |
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Registered Office : |
Villa No. 15, Al Sitteen Street, Al Malaz District, PO Box 8903,
Riyadh 11492 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
01.02.1986 |
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Com. Reg. No.: |
1010061852, Riyadh |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the processing of sheep leather and hides. |
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No. of Employees : |
475 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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 2017, the Kingdom incurred a budget deficit estimated at 8.3% of GDP, which was financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has cut capital spending and reduced subsidies on electricity, water, and petroleum products and plans to introduce a value-added tax. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the health care, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.
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Source
: CIA |
SUMMARY
Company Name :
RIYADH MODERN FACTORY FOR LEATHER INDUSTRY
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
1st February 1986
Commercial Registration Number :
1010061852, Riyadh
Chamber Membership Number :
3612
Invested Capital :
SR 3,175,000
Total Workforce :
475
Activities :
Processing of sheep leather and hides
Financial Condition :
Undetermined
Payments :
No Complaints
Person Interviewed :
Bander Homoud Abdul Rahman Al Hazimi, Assistant General Manager
COMPANY
NAME
RIYADH MODERN FACTORY FOR LEATHER INDUSTRY
ADDRESS
Registered &
Physical Address
Building : Villa No. 15
Street : Al Sitteen
Street
Area : Al Malaz
District
PO Box :
8903
Town : Riyadh 11492
Country : Saudi Arabia
Telephone : (966-11) 4764621
/ 4788293 / 4122412
Facsimile : (966-11)
4774448
Mobile : (966-50)
5418348 / (966-54) 4994433
Email : rmfli@hotmail.com
Premises
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
2nd Industrial Area Owned
factory premises
Al Ojaimi Industrial Area
Riyadh
Tel: (966-50) 5418347
KEY
PRINCIPALS
Name Position
Homoud Abdul Rahman Al Hazimi Proprietor
& General Manager
Bander Homoud Abdul Rahman Al Hazimi Assistant
General Manager
Yahya Ali Abdo Rabo Production
Manager
Yousef Mansour Financial
Controller
Khaldi Abdulaziz Chief
Financial Officer
Adel Yousef Administrative
Officer
LEGAL FORM &
OWNERS
Date of Establishment : 22/05/1406 Hijri
(corresponding to 1st February 1986)
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 1010061852,
Riyadh
Chamber Member No. : 3612
Invested Capital : SR 3,175,000
Mr Homoud Abdul Rahman Al Hazimi is the sole proprietor of the business.
AFFILIATED
COMPANIES
Al Hazimi Trading Est
PO Box: 8903
Riyadh 11492
CR No. 1010006574
OPERATIONS
Activities: Engaged in the processing of sheep leather and hides.
Clients include Tata International, India.
Import Countries: India, Pakistan, Sudan, Belgium, United Kingdom,
Ethiopia and Somalia
Export Countries: Pakistan, Spain
and the United States of America
Subject has a workforce of approximately 475 employees.
FINANCIAL
DATA
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
Arab National Bank (ANB)
King Faisal Street
North Morabbaa
PO Box: 56921
Riyadh 11564
Tel: (966-11) 4029000
Fax: (966-11) 4027747
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Riyadh Modern
Factory For Leather Industry” and not “Riyadh Modern Factory For Leather And
Industries”.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.66 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.70 |
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SAR |
1 |
INR 17.30 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.