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MIRA INFORM REPORT
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Report No. : |
510391 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
RAYAN ABDULKARIM MUNCHI
EST |
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Registered Office : |
Hassan Siraj Building, 3rd Floor, Door No. 10, Al Dahab Street, Bab Shareef , PO Box – 3077 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
04.04.2007 |
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Com. Reg. No.: |
4030618469 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject Is Engaged in the import and
distribution of kitchenware, cookery products and readymade garments |
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No. of Employees : |
8 |
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. 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.
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Source
: CIA |
SUMMARY
Company Name : RAYAN
ABDULKARIM MUNCHI EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 4th
April 2007
Commercial Registration
Number : 4030618469, Jeddah
Invested Capital :
SR 35,000
Total Workforce :
8
Activities :
Distributors of kitchenware, cookery products and readymade garments
Financial Condition : Fair
Payments : No Complaints
COMPANY
NAME
RAYAN ABDULKARIM MUNCHI EST
ADDRESS
Registered & Physical
Address
Building : Hassan Siraj Building, 3rd
Floor, Door No. 10
Street : Al Dahab Street
Area : Bab Shareef
PO Box :
3077
Town : Jeddah 21741
Country : Saudi Arabia
Telephone : (966-12) 6477401 / 6477273 / 6484903
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
Rayan Abdulkarim Munchi Proprietor
& General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 16/03/1428 Hijri (corresponding to 4th
April 2007)
Legal Form : Sole Proprietorship
Commercial Reg. No. : 4030618469,
Jeddah
Invested Capital : SR 35,000
Mr Rayan Abdulkarim Munchi is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the
import and distribution of kitchenware, cookery products and readymade
garments.
Import Countries: Europe and the
Far East
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 10,200,000 SR 10,345,000
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
Medina 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 68.02 |
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1 |
INR 91.25 |
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Euro |
1 |
INR 80.07 |
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SAR |
1 |
INR 18.23 |
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
·
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
·
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.