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Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ABDUL AZIZ HAMAD AL FARES & SONS CO |
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Registered Office : |
Mina Street, Al Khaldiya Area, P O Box 370,
Dammam 31411 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
11.03.1993 |
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Com. Reg. No.: |
2050022906, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of general foodstuffs |
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No. of Employees : |
75 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name : ABDUL AZIZ HAMAD AL FARES & SONS CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 11th March 1993
Commercial Registration Number : 2050022906, Dammam
Chamber Membership Number : 3942
Issued Capital : SR 300,000
Paid up Capital : SR 300,000
Total Workforce : 75
Activities : Distributors of general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ABDUL AZIZ HAMAD AL
FARES & SONS CO
Registered &
Physical Address
Street : Mina Street
Area : Al Khaldiya Area
PO Box : 370
Town : Dammam 31411
Country : Saudi Arabia
Telephone : (966-3) 8321843
Facsimile : (966-3) 8328332 / 8351066
Email : alfares@alfares.sa
Please note that subject’s
previous address was, King Saud Street, Souq District, Dammam.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dammam.
Branch Office
(s)
Location Description
·
Al Sali
Industrial Area Warehouse
premises
Riyadh
Tel: (966-1) 2701564
Fax: (966-1) 2422634
·
Al Mina
Area Warehouse
premises
Jeddah
Tel: (966-2) 2683799
Fax: (966-2) 2684188
·
Khamis
Mushait Warehouse
premises
Name Position
·
Abdul
Aziz Hamad Al Fares Managing
Partner
·
Khalid
Abdul Aziz Hamad Al Fares Partner
·
Mohamed
Abdul Aziz Hamad Al Fares Partner
·
Ashraf
Abdul Salam Finance
Manager
·
Badie
Kanan Commercial
Manager
·
S Kumar Marketing
Manager
Date of Establishment : 18/09/1413
Hijri (corresponding to 11th March 1993)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050022906,
Dammam
Chamber Member No. : 3942
Issued Capital : SR 300,000
Paid up Capital : SR 300,000
Name of Partner (s)
·
Abdul
Aziz Hamad Al Fares
·
Khalid
Abdul Aziz Hamad Al Fares
·
Mohamed
Abdul Aziz Hamad Al Fares
Activities: Engaged in the import and distribution of general
foodstuffs, specialising in sugar and rice.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 75 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue SR 26,100,000 SR 27,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al
Rajhi Banking & Investment Corporation
PO Box: 176
Dammam 31411
Tel: (966-3) 8328419
Fax: (966-3) 8331882
No complaints
regarding subject’s payments have been reported.
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.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.