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Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ARABIA COMMERCIAL AGENCY CO LTD (ARCOMA) |
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Registered Office : |
Al Nanaiah Commercial Centre, 1st Floor, Office No. 7/9-18
Madinah Road Baghdadiyah District PO Box 811 Jeddah 21421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
4030083930, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s activities are performed through
the following divisions: ·
Food Division ·
Storage Systems
Division ·
Technical Division ·
Packaging Division ·
Material Handling
Division |
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No. of Employees : |
450 |
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 : |
Good |
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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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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 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 : ARABIA COMMERCIAL AGENCY CO LTD (ARCOMA)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Start Date : 1955
Registration Date : 1992
Commercial Registration Number : 4030083930, Jeddah
Chamber Membership Number : 40393
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Total Workforce : 450
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdullah Murfiq, Human Resources Manager
ARABIA COMMERCIAL AGENCY CO LTD (ARCOMA)
Building : Al Nanaiah
Commercial Centre, 1st Floor, Office No. 7/9-18
Street : Madinah Road
Area : Baghdadiyah
District
PO Box : 811
Town : Jeddah 21421
Country : Saudi Arabia
Telephone : (966-2) 6444212
Facsimile : (966-2)
6448989
Email : info@arcoma.com
Subject operates from a large suite of offices covering an area of 1,000
square metres that are rented and located in the Central Business Area of
Jeddah.
Branch Office (s)
Location Description
· Arcoma Building Owned
showroom & warehouse
Salah Al Deen Street
PO Box: 408
Riyadh 11411
Tel: (966-1)
4771433 / 4772865
Fax: (966-1)
4774847
· Ibn Khaldoun
Street Rented
showroom & warehouse
PO Box: 2341
Dammam 31451
Tel: (966-3)
8271104 / 8271701
Fax: (966-3)
8262305
· Al Seih Street Rented
showroom & warehouse
Madinah
Tel:
(966-4) 8231733
Fax:
(966-4) 8236988
· Othman Bin Affan
Street Rented
showroom & warehouse
PO Box:
686
Yanbu
Tel:
(966-4) 3225624
Fax:
(966-4) 3225486
· Khamis Mushait Rented
showroom & warehouse
Tel: (966-7)
2205138
Fax: (966-7)
2205048
· Al Setten Street Rented
showroom & warehouse
Al Faiziyah District
Buraidah
Qassim
Tel: (966-6) 3841512
Fax: (966-6)
3841512
Name Position
· Omar Abdul Qader
Bajammal Managing
Partner
· Salim Abdul Qader
Bajammal Partner
· Mohamed Omar
Bajammal General
Manager
· Hosam
G. Al Mashoor Manager
– Food Division
· Mohamed
Akbar Manager
– Packaging Division
· Abdullah Murfiq Human
Resources Manager
· Moosa Jadid Finance
Manager
Date of
Establishment : Subject’s
operations date back to 1955, however it was registered in 1992
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 4030083930, Jeddah
Chamber Member No. : 40393
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
· Omar Abdul Qader
Bajammal
· Salim Abdul Qader
Bajammal
· Universal Shelves
Industries Co Ltd (USICO)
Street No. 311
Jeddah Industrial
City, Phase III
PO Box: 10950
Jeddah 21443
Tel: (966-2)
6374483
Fax: (966-2)
6364611
· National Factory
for Polystyrene Packs Co Ltd
Jeddah Industrial
Estate, Phase 1
PO Box: 5398
Jeddah 21422
Tel:
(966-2) 6374387
Fax:
(962-6) 6378964
Email: styrene@styrenpack.com
Activities: Subject’s activities are performed through the following divisions:
·
Food Division
Importers and
distributors of general foodstuff products, including rapeseed oil and vegetable
oils, as well as dairy products, frozen and chilled foodstuff.
·
Storage Systems Division
This division is
engaged in the distribution of storage solutions and racking for industrial and
laboratory uses.
·
Technical Division
This division
offers a wide range of products and services in industrial automation and
control, as well as pneumatic parts designed for compressed air equipment.
The Technical Division also offers design, supply and implementation of automation projects for manufacturing units to ensure optimum production capacities; as well as solve technical problems relating to control technology.
·
Packaging Division
Distributors of
packaging systems and consumables, including strapping machines, shrink
packaging systems, carton sealers, fillers, vacuum packaging systems, conveyor
machinery and metal clips.
·
Material Handling Division
Exclusive distributors in Saudi Arabia for
Crown forklift trucks and related spare parts.
Import Countries: The United Kingdom, Belgium, the Netherlands, Spain,
Germany and the United States of
America.
International Suppliers:
· Textron Fastening
System Ltd United Kingdom
· John L Seaton
& Co Ltd United
Kingdom
· Beko Technologies
GmbH Germany
· Crown Equipment
Corporation United States of
America
Brand Names: BONNY, KLIM, ZERAEI, NABTAH, STRAPEX, ULMA,
ROCHMAN and UNIPACK
Operating Trend: Steady
Subject has a workforce of approximately 450 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
163,000,000 SR 166,500,000
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
Al Balad Branch
King Abdulaziz
Street
PO Box: 5066
Jeddah 21422
Tel: (966-2)
6434777
Fax: (966-2)
6441686
·
Saudi American Bank
Andalous Street
PO Box: 490
Jeddah 21411
Tel: (966-2)
6533555
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
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|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.