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Report Date : |
29.04.2014 |
DENTIFICATION DETAILS
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Name : |
AL REEF ESTABLISHMENT FOR SUPPLY & IMPORT |
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Registered Office : |
Al Kharj Road, Industrial Area, P O Box 3476,
Riyadh 11471 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
05.03.1973 |
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Com. Reg. No.: |
1010006597, Riyadh |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
wholesaler and retailer of general foodstuff
products, including nuts, seeds, coffee, olive oil, seafood products and
fresh fruits. |
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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 |
|
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
Saudi Arabia ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government
controls over major economic activities. It possesses about 16% 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 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 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 |
Concern Name : AL REEF ESTABLISHMENT FOR SUPPLY & IMPORT
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 5th March 1973
Commercial Registration Number : 1010006597, Riyadh
Chamber Membership Number : 1986
Invested Capital : SR 1,000,000
Total Workforce : 75
Activities : Wholesale and retail of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Dr Sultan Misfer Faraj Saleh Al Ghamdi, Assistant General Manager
AL REEF
ESTABLISHMENT FOR SUPPLY & IMPORT
Registered &
Physical Address
Street : Al Kharj Road
Area : Industrial Area
PO Box : 3476
Town : Riyadh 11471
Country : Saudi Arabia
Telephone : (966-11) 2659560 / 4110822
Facsimile : (966-11) 2659561 / 4110355
Mobile : (966-50) 8258316
Email : alreef@alreef.org
Premises
Subject operates
from a medium sized suite of offices and a retail outlet that are rented and
located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
·
Mustadawat
Area Rented
showroom premises
Jeddah
Tel: (966-2) 6271705 / 6271704
Fax: (966-2) 6271703
·
Souq Al
Tijjar Rented
showroom premises
Dammam
Tel: (966-3) 8572121
Fax: (966-3) 8470674
·
Building
No. 4127, Unit No. 1 Rented showroom premises
Road No. 1137
Riyadh
Subject also has retail outlets located in Hail, Qassim, Arar, Madinah,
Buraidah, Khamis Mushait and Tabuk.
Name Position
·
Misfer
Faraj Saleh Al Ghamdi Proprietor
& General Manager
·
Dr Sultan Misfer
Faraj Saleh Al Ghamdi Assistant
General Manager
·
Salman
Misfer Faraj Saleh Al Ghamdi Commercial
Manager
·
Hassan Ibrahim Sales
Manager – Riyadh
·
Yousef Khalifa Sales
Manager – Jeddah
·
Atiya Hamiyda Finance
Manager
Date of Establishment : 29/01/1393 Hijri
(corresponding to 5th March 1973)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1010006597,
Riyadh
Chamber Member No. : 1986
Invested Capital
: SR 1,000,000
Mr Misfer Faraj Al
Ghamdi is the sole proprietor of the business.
·
Arabian Spanish Food Industries Co (ASFICO)
3rd Industrial Area
Riyadh
Tel:
(966-1) 2659560
Activities: Engaged in the wholesale and retail of
general foodstuff products, including nuts, seeds, coffee, olive oil, seafood
products and fresh fruits.
Import
Countries: Spain, Greece,
Turkey, Lebanon, Syria, India, Thailand, Australia and the United States of
America.
International
Suppliers:
·
Oliva Spain
·
Lubna Food Spain
·
Fadiya Food Spain
·
Great
Leaf United
States of America
·
California
Gardens United
States of America
·
Greenwheat
Freekeh Pty Ltd Australia
Brand Names: ALISA, CHTOURA GARDEN, ATLAS, RF, ALREEF,
CAMEL and MILO
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 31/12/12: Year Ending
31/12/13:
Total Revenue SR 56,550,000 SR 57,385,000
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
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-11) 4776450
Fax:
(966-11) 4769502
·
Arab
National Bank
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-11) 4029000
Fax:
(966-11) 4027747
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 180
days 90 days 90 days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars Canadian
Dollars Canadian Dollars
Established in
1973, subject is involved in the wholesale and retail of general foodstuff
products, including nuts, seeds, coffee, olive oil and seafood products and
deals with a number of reputable international suppliers.
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 business
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.