MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

OMAR ALI BALSHARAF EST FOR TRADING

 

 

Registered Office :

Kind Fahd Street 31116 Riyadh 11497

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

24.03.1980

 

 

Reg. No.:

1010026803

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

Trading Division, Supermarkets Division, Warehouse Division

 

 

No. of Employees :

1700

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

Regular

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

Saudi Arabia - ECONOMIC OVERVIEW

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about one-fifth 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 80% of budget revenues, 45% 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. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Almost 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while 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. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia''s first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.

                                                                          

Source : CIA

 

SUMMARY

 

Company Name                         : OMAR ALI BALSHARAF EST FOR TRADING

Also Known As                                      : BALSHARAF MARKET

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Start Date                                             : 1978

Registration Date                                   : 24th March 1980

Commercial Registration Number            : 1010026803, Riyadh

Chamber Membership Number                : 11918

Invested Capital                         : SR 5,000,000

Total Workforce                         : 1,700

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Hamdan Al Katheeri, Human Resources Manager

 

 

 

COMPANY NAME

 

OMAR ALI BALSHARAF EST FOR TRADING

 

 

ALSO KNOWN AS

 

BALSHARAF MARKET

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Kind Fahd Street

PO Box             : 31116

Town                 : Riyadh 11497

Country : Saudi Arabia

 

Telephone         : (966-1) 8809999

Facsimile          : (966-1) 4632656

Email                : balsharaf@zajil.net / haaikatheeri@balsharafgroup.com

 

Please note that subject’s previous address was, Balsharaf Building, Al Hejaz Main Street, Otaigah Area, Riyadh.

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Riyadh.

 

Branch Office (s)

 

            Location                                                                                              Description

 

Jeddah                                                                                                  Office and warehouse premises

Tel: (966-2) 6376864

 

Dammam                                                                                              Office and warehouse premises

Tel: (966-3) 8471367

 

Subject also has branch offices and warehouses located in Khamis Mushait, Qassim and Hail.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Omar Ali Obaid Omar Abdullah Balsharaf                                     Proprietor

 

Mohamed Ali Abdullah Balsharaf                                                 General Manager

 

Abdullah Ali Abdullah Balsharaf                                                               Assistant General Manager

 

Fakhri Al Ahmadi                                                                                   Sales Manager

 

Fath Al Rahman Mohamed                                                                     Financial Manager

 

Hussain Ramdan                                                                                   Commercial Manager

 

Hamdan Al Katheeri                                                                               Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1978, however it was registered on 24th March 1980

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 1010026803, Riyadh

 

Chamber Member No. : 11918

 

Invested Capital           : SR 5,000,000

 

Mr Omar Ali Obaid Omar Abdullah Balsharaf is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

Omar Balsharaf Co

Jeddah

 

Balsharaf Trading Stores

Balsharaf Building

Olaya Main Street

PO Box: 3210

Riyadh 11471

Tel: (966-1) 4116818 / 4110345

Fax: (966-1) 4110284

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

Trading Division

 

Engaged in the import and distribution of general foodstuff products, including meat, cereals, fruit, vegetables, spices, nuts, edible oils, cakes, flour and frozen food.

 

Supermarkets Division

 

Operators of twelve 24-hour supermarkets located in Riyadh.

 

Warehouse Division

 

Engaged in the storage and distribution of general foodstuff products.

 

Import Countries: United Kingdom and Turkey

 

Agencies Held :

 

Unilever             United Kingdom

Proctor & Gamble          United Kingdom

Wallace                                    United Kingdom

Timotei                          United Kingdom

Olker                            Turkey

Garsa                           Turkey

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,700 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                SR 430,000,000             SR 450,000,000

 

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

 

 

BANKERS

 

National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-1) 4776450

Fax: (966-1) 4769502

 

Arab National Bank

King Faisal Street

PO Box: 56921

Riyadh 11564

Tel: (966-1) 4029000

Fax: (966-1) 4027747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is considered to be a fair trade risk.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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