3decades

MIRA INFORM REPORT

Report No. :	515794
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	AL NOOR ESTABLISHMENT

Registered Office :	Corniche Commercial Centre, 7^th Floor, Office No. 709, King Abdulaziz Street, Al Balad District, P O Box: 17571, Jeddah 21494

Country :	Saudi Arabia

Financials (as on) :	31.12.2017

Date of Incorporation :	26.10.1407 Hijri (Corresponding to 23.06.1987)

Com. Reg. No.:	4031004954, Jeddah

Legal Form :	Sole Proprietorship

Line of Business :	Wholesale and Retail of Readymade Garments and Textiles for Ladies.

No. of Employees :	8

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

Saudi Arabia

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
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. Approximately 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.

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 recently introduced a value-added tax of 5%. 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.

Source : CIA

SUMMARY

Company Name : AL NOOR ESTABLISHMENT

Country of Origin : Saudi Arabia

Legal Form : Sole Proprietorship

Registration Date : 23^rd June 1987

Commercial Registration Number : 4031004954, Jeddah

Chamber Membership Number : 34954

Invested Capital : SR 120,000

Total Workforce : 8

Activities : Wholesale and retail of readymade garments and textiles for ladies

Financial Condition : Fair

Payments : No Complaints

Operating Trend : Steady

Person Interviewed : Fouad Abdulaziz Abdul Noor, Sales Manager

COMPANY NAME

AL NOOR ESTABLISHMENT

ADDRESS

Registered & Physical Address

Building : Corniche Commercial Centre, 7^th Floor, Office No. 709

Street : King Abdulaziz Street

Area : Al Balad District

PO Box : 17571

Town : Jeddah 21494

Country : Saudi Arabia

Telephone : (966-12) 6428644 / 6429095 / 6724464

Facsimile : (966-12) 6447259

Mobile : (966-50) 5626147 / 4506700

Email : jalil_alnoor@hotmail.com

Premises

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

Branch Offices

Location Description

· Riyadh Showroom premises

Tel: (966-11) 4590823

· Mecca Showroom premises

Tel: (966-12) 5376610

KEY PRINCIPALS

Name Position

· Abdullah Abdul Ghawi Abdul Noor Hatim Proprietor & General Manager

· Mowafaq Abdullah Abdul Ghawi Abdul Noor Hatim Assistant General Manager

· Abdul Jalil Abdulaziz Commercial Manager

· Fouad Abdulaziz Abdul Noor Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 26/10/1407 Hijri (corresponding to 23^rd June 1987)

Legal Form : Sole Proprietorship

Commercial Reg. No. : 4031004954, Jeddah

Chamber Member No. : 34954

Invested Capital : SR 120,000

Mr Abdullah Abdul Ghawi Abdul Noor Hatim is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the wholesale and retail of readymade garments and textiles for ladies.

Import Countries: India and South Korea

International Suppliers:

· Premier Spg & Wvg Pvt Ltd India

· Sanjay Ltd India

· Aakanksha Overseas India

· Boojen International India

· Saffron Textile India

· Essar Textile India

· Bangon Textile India

· Lome South Korea

· Namgson South Korea

· Kung Dong South Korea

· Snow South Korea

· Songel Textiles South Korea

· Daewoo Textile South Korea

Brand Names: AL NOOR

Operating Trend: Steady

Subject has a workforce of 8 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 14,500,000

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

The above figures were provided by Fouad Abdulaziz Abdul Noor, Sales Manager

BANKERS

· National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the correct name of the subject is “Al Noor Establishment” and not “Mu Assisah Al Nur Llaqmshh (Al Noor Est)”.

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.

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	INR 68.20
UK Pound	1	INR 89.58
Euro	1	INR 78.79
SAR	1	INR 18.09

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
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

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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