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MIRA INFORM REPORT
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Report No. : |
484809 |
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Report Date : |
11.01.2018 |
IDENTIFICATION DETAILS
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Name : |
DIAMOND
MICROSCOPE EST |
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Registered Office : |
Palm Building, 5th
Floor, Unit No. 58, 3724 King Fahad Road, AI Aziziyah, Jeddah 21577 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
01.03.1989 |
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Com. Reg. No.: |
4030178297,
Jeddah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and
Distribution of Microscopes and Other Laboratory Equipment. |
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No. of Employees : |
19 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 2016, the Kingdom incurred a budget deficit estimated at 13.6% 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. Plans to cut deficits include introducing a value-added tax and reducing subsidies on electricity, water, and petroleum products. 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 : DIAMOND
MICROSCOPE EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 1st
March 1989
Commercial
Registration Number :
4030178297, Jeddah
Invested Capital : SR 20,000
Total Workforce :
19
Activities :
Distributors of microscopes and other laboratory equipment
Financial Condition : Fair
Payments :
No Complaints
Person Interviewed : Dr Mohamed
Jaber Hussain, General Manager
COMPANY
NAME
DIAMOND MICROSCOPE
EST
ADDRESS
Registered & Physical
Address
Location : Palm Building, 5th
Floor, Unit No. 58
Street : 3724 King Fahad Road
Area : AI Aziziyah
Town : Jeddah 21577
Country : Saudi Arabia
Telephone : (966-12) 6786072 / 6898771
Facsimile : (966-12) 6786072 / 6898770
Mobile :
(966-55) 5546667
Email : info@daimondmicropscope.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Jeddah.
KEY
PRINCIPALS
Name Position
· Nasser Fadel Proprietor
· Dr Mohamed Jaber Hussain General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1st
March 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030178297,
Jeddah
Invested Capital
: SR 20,000
Mr Nasser Fadel is
the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
microscopes and other laboratory equipment.
Import
Countries: Italy, Turkey,
Germany and China
International Suppliers:
· Optica Italy
· Biolab Turkey
· Biobest China
·
Witag GmbH Germany
Operating Trend: Steady
Subject has a
workforce of 19 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi Riyals
(SR)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales SR 11,350,000 SR 11,600,000
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
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 63.83 |
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1 |
INR 86.28 |
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Euro |
1 |
INR 76.14 |
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SAR |
1 |
INR 16.99 |
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 : |
NIT |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.