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MIRA INFORM REPORT
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Report No. : |
486899 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FRENCH LEATHER FACTORY |
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Registered Office : |
Al Kharj Old Road, Exit No. 11, PO Box 355405,
Riyadh 11383 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
29.09.2002 |
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Com. Reg. No.: |
1010181008, Riyadh |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the processing of leather and animal hides and
skins. |
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No. of Employees : |
40 |
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 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 :
FRENCH LEATHER FACTORY
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
29th September 2002
Commercial Registration Number :
1010181008, Riyadh
Chamber Membership Number :
127197
Invested Capital :
SR 500,000
Total Workforce :
40
Activities :
Processors of leather and animal hides and skins
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Roland Atiq, Proprietor & General Manager
COMPANY
NAME
FRENCH LEATHER FACTORY
ADDRESS
Registered &
Physical Address
Location : Al Kharj Old Road, Exit No. 11
PO Box :
355405
Town : Riyadh 11383
Country : Saudi Arabia
Telephone : (966-11) 8124669 / 8124668 / 8124667 / 2650306 / 2651591 / 2241481
Facsimile : (966-11) 2651590 / 8124662 / 2241483
Mobile : (966-50) 5647961 / 665960 / (966-55) 8183346
Email : mail@safraco.net
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Riyadh.
KEY
PRINCIPALS
Name Nationality Position
Roland Atiq Syrian Proprietor
& General Manager
Jan Roland Atiq Syrian Assistant
General Manager
Fadel Roland Atiq Syrian Sales Manager
Hussain Al Zaim - Administration
Manager
Honsi El Haji - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 23/07/1423 Hijri
(corresponding to 29th September 2002)
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 1010181008,
Riyadh
Chamber Member No. : 127197
Invested Capital : SR 500,000
Mr Roland Atiq is the sole proprietor of the business.
AFFILIATED
COMPANIES
Safi Universal Factory
PO Box: 355405
Riyadh 11383
Tel: (966-11) 2651564
Fax: (966-11) 2651590
Saudi French Co for Chemical Industry Ltd
Riyadh
OPERATIONS
Activities: Engaged in the processing of leather and animal hides and skins.
Import Countries: India
Clients:
K H Leather India
Bhartia International Ltd India
Tata Leather India
Subject has a workforce of 40 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
16,000,000 SR
17,825,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were provided by Mr Roland Atiq, Proprietor & General Manager
BANKERS
Arab National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-11) 4029000
Fax: (966-11) 4027747
Inma Bank
Main Branch
Riyadh
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 63.89 |
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1 |
INR 88.60 |
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Euro |
1 |
INR 78.12 |
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SAR |
1 |
INR 17.02 |
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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NIS |
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Report Prepared
by : |
TPT |
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
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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.