MIRA INFORM REPORT

 

 

Report Date :

07.05.2013

 

IDENTIFICATION DETAILS

 

Name :

MANSOUR AL MOSAID COMPANY MANSOUR AL MOSAID COMPANY

 

 

Registered Office :

Port Area, P O Box 14804, Jeddah 21434

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

26.09.1978

 

 

Com. Reg. No.:

4030144087, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates several divisions include:-

·         Forwarding and Clearing Division

Trading Division

Contracting Division

 

 

No. of Employees :

150

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

SUMMARY

 

Company Name                                     : MANSOUR AL MOSAID COMPANY

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 26th September 1978

Commercial Registration Number            : 4030144087, Jeddah

Chamber Membership Number                : 96036

Issued Capital                                        : SR 2,000,000

Paid up Capital                                      : SR 2,000,000

Total Workforce                                     : 150

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

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Hafiz Hassan, General Manager

 

COMPANY NAME

 

MANSOUR AL MOSAID COMPANY

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Port Area

PO Box             : 14804

Town                 : Jeddah 21434

Country             : Saudi Arabia

Telephone         : (966-2) 6492862 / 6511532 / 6511293 / 6523150 / 6523162

Facsimile          : (966-2) 6491967 / 6523156

Mobile               : (966-50) 5500550

Email                : info@mmgroup.com.sa / mm@mmgroup.com.sa

 

Premises

Subject operates from a large suite of offices that are rented and located in the Port Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Jeddah Tower Building, 1st Floor, Suite No. 105                                    Office premises

Jeddah

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Sheikh Mansour Al Mosaid Al Sudairy                                                            Managing Partner

·       Hafiz Hassan                                                                                    General Manager

·       Emad Ibrahim Al Majali                                                                      Commercial Manager

·       Abdullatif Hussain Bukhary                                                                Administration Manager

·       Mahmoud Al Baloushi                                                                        Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 24/10/1398 Hijri (corresponding to 26th September 1978)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030144087, Jeddah

 

Chamber Member No. : 96036

 

Issued Capital              : SR 2,000,000

 

Paid up Capital            : SR 2,000,000

 

Name of Partner (s)                                                     

·       Sheikh Mansour Al Mosaid Al Sudairy

·       Members of Sheikh Mansour Al Mosaid Al Sudairy’s family

 

 

AFFILIATED COMPANIES

 

·       Mansour Al Mosaid Trading & Contracting Co

Jeddah

Tel: (966-2) 6511532

 

 

OPERATIONS

 

Activities: Subjects operations are performed through the following divisions:

 

·         Forwarding and Clearing Division

 

Engaged in the provision of freight forwarding and clearing services, warehousing and distribution, packing, crating and transit insurance.

 

·         Trading Division

 

Engaged in the import and distribution of animal feed and grain.

 

·         Contracting Division

 

Engaged as general power and telecommunication contractors.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

Fax: (966-2) 6446644

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.84.03

Euro

1

Rs.70.72

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.