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MIRA
INFORM REPORT
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Report No. : |
511989 |
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Report Date : |
29.05.2018 |
IDENTIFICATION DETAILS
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Name : |
RAZAZ AL REMAL TRADING EST |
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Registered Office : |
Al Wazir Street,
beside Taj Gate No. 3, PO Box : 4381, Riyadh
11491 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
15.12.2014 |
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Com. Reg. No.: |
1010380113 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject is engaged
in the import and distribution of readymade garments and textiles |
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No. of Employees : |
6 |
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 : RAZAZ AL REMAL TRADING EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 15th December 2014
Commercial Registration Number : 1010380113, Riyadh
Chamber Membership Number : 98990
Invested Capital : SR 25,000
Total Workforce : 6
Activities : Distributors of readymade garments and textiles
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
Person Interviewed : Rashid Abdulaziz Al Obaid, Proprietor & General Manager
COMPANY NAME
RAZAZ AL REMAL TRADING EST
ADDRESS
Registered & Physical Address
Location : Al Wazir
Street, beside Taj Gate No. 3
PO Box :
4381
Town : Riyadh 11491
Country : Saudi Arabia
Telephone : (966-11) 4132663
Facsimile : (966-11) 4026420
Mobile : (966-55)
5277031 / 5282357
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Riyadh.
KEY PRINCIPALS
Name Position
·
Rashid Abdulaziz Al
Obaid Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 15th
December 2014
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1010380113, Riyadh
Chamber Member No. : 98990
Invested Capital : SR 25,000
Mr Rashid Abdulaziz Al Obaid is the sole proprietor
of the business.
OPERATIONS
Activities: Engaged in the import and distribution of readymade garments and
textiles.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 6 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
9,480,000 SR
9,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Arab National Bank (ANB)
King Faisal Street
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 “Razaz Al Remal Trading Est” and not “Razaz Al Trading Est (Riyadh)”.
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 67.44 |
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1 |
INR 89.89 |
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Euro |
1 |
INR 79.00 |
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SAR |
1 |
INR 18.09 |
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 : |
SYL |
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.