|
Report Date : |
26.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL KHAIR TRADING OFFICE CO LTD |
|
|
|
|
Registered Office : |
Industrial Area, Phase No. 4 PO Box 1466 Jeddah 21431 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1981 |
|
|
|
|
Com. Reg. No.: |
4030130328, Jeddah |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Subject operates several divisions like General Trading Division, Building Materials Division, Real Estate
Division |
|
|
|
|
No. of Employees : |
84 |
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 : |
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 – 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 17% 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. Over 5 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 2005. 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 : AL KHAIR TRADING OFFICE CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Start Date : 1981
Registration Date : 22nd May 2000
Commercial Registration Number : 4030130328, Jeddah
Chamber Membership Number : 227
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Total Workforce : 84
Activities : Subject operates several divisions (see below for details).
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Al Hai Mostafa, Financial Controller
AL KHAIR TRADING OFFICE CO LTD
Location : Industrial
Area, Phase No. 4
PO Box : 1466
Town : Jeddah 21431
Country : Saudi Arabia
Telephone : (966-2) 6353399
/ 6422321 / 6432368
Facsimile : (966-2) 6354101
Email : al_basha@yahoo.com
/ alkhair2002@hotmail.com
Subject operates from a medium sized suite of offices that are rented and
located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
· Aswaq Al Tameer
Area Office
premises
Riyadh
Tel: (966-1)
4383415
Name Position
· Mohamed Abdul
Qader Ba Shanfer Managing
Partner
· Ali Abdul Qader Ba
Shanfer Partner
· Saaed Abdul Qader
Ba Shanfer Partner
· Ahmed Ali
Bashanfer Assistant
General Manager
· Mohamed Al Bana Commercial
Manager
· Hamid Mostafa Financial
Manager
· Ahmed Ali Sales
Manager
· Bakri Idress Administration
Manager
· Saeed Ba Duhaither Assistant
Administration Manager
· Al Hai Mostafa Financial
Controller
Date of
Establishment : 1981, however
subject was registered on 18/02/1421 Hijri (corresponding to 22nd
May 2000)
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 4030130328, Jeddah
Chamber Member No. : 227
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
· Mohamed Abdul Qader
Ba Shanfer
· Ali Abdul Qader Ba
Shanfer
· Saaed Abdul Qader
Ba Shanfer
· Techno Coat
Factory
Jeddah
· Al Khair Coffee
Factory
Jeddah
Activities: Subject’s operations are performed through the following divisions:
·
General Trading Division
Distributors of
general foodstuff products, specialising in dairy products and vegetables.
·
Building Materials Division
Distributors of
general building materials, ironmongery, paint and timber.
·
Real Estate Division
Engaged in real estate services and property
development.
Import Countries: United States of America, India and South-East
Asia.
Operating Trend: Steady
Subject has a workforce of 84 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 Sales SR
23,550,000 SR
25,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Commercial Bank
King Abdul Aziz
Street
PO Box: 3555
Jeddah 21481
Tel: (966-2)
6446644
Fax: (966-2) 6446644
·
Arab National Bank
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
No complaints regarding subject’s payments have been reported.
Established in 1981, subject is owned and managed by members of the Ba
Shanfer family who are well respected in the local business community.
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 |
Rs.54.17 |
|
|
1 |
Rs.82.98 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.