MIRA INFORM REPORT

 

 

Report Date :

05.08.2014

 

IDENTIFICATION DETAILS

 

Name :

FAYEZ MOHAMED AL RASHED CO LTD

 

 

Registered Office :

Petromin Street, Al Nujoom Roundabout, 19301 & 52389, Jeddah 21481

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.10.2004

 

 

Com. Reg. No.:

4030151982

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the wholesale and retail of general foodstuff, seeds, spices and beans

 

 

No of Employees :

55

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

SUMMARY

 

Company Name                                     : FAYEZ MOHAMED AL RASHED CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 19th October 2004

Commercial Registration Number            : 4030151982, Jeddah

Chamber Membership Number                : 102211

Issued Capital                                        : SR 200,000

Paid Up Capital                                      : SR 200,000

Total Workforce                                     : 55

Activities                                               : Wholesale and retail of general foodstuff, seeds, spices and beans.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Bander Akarin, Assistant General Manager

 

 
COMPANY NAME

 

FAYEZ MOHAMED AL RASHED CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

 

Location            : Petromin Street, Al Nujoom Roundabout

 

PO Box             : 19301 & 52389

 

Town                 : Jeddah 21481

Country             : Saudi Arabia

 

Telephone         : (966-2) 6363455 / 2310191

Facsimile          : (966-2) 6363425

Mobile               : (966-50) 4795657

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Fayez Mohamed Al Rashed                                                               Managing Partner

 

·       Nasser Fayez Mohamed Al Rashed                                                    Partner

 

·       Mohamed Akarin                                                                               General Manager

 

·       Bander Akarin                                                                                   Assistant General Manager

 

·       Mohamed Abdulrahman                                                                     Sales Manager

 

·       Shafiq Nazir                                                                                      Finance Manager

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 05/09/1425 Hijri (corresponding to 19th October 2004)

 

History                         : Subject began in 2004 as a Sole Proprietorship, however in 2012 it changed legal form   and became a Limited Liability Partnership.

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030151982, Jeddah

 

Chamber Member No. : 102211

 

Issued Capital              : SR 200,000

 

Paid Up Capital           : SR 200,000

 

Name of Partner (s)                                                 Percentage

 

·       Fayez Mohamed Al Rashed                                       75%

 

·       Nasser Fayez Mohamed Al Rashed                            25%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuff, seeds, spices and beans.

 

Import Countries: India and Malaysia

 

International Suppliers:

 

·       Asia Food                 India

·       MAS Enterprise        India

·       Mahes Agri               India

 

Operating Trend: Steady

 

Subject has a workforce of 55 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                SR 204,500,000             SR 210,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Bander Akarin, Assistant General Manager

 

 

BANKERS

 

·       National Commercial Bank

PO Box: 3555

     Jeddah 21481

     Tel: (966-2) 6493333

     Acc No. 41347148000209

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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. 61.01

UK Pound

1

Rs. 102.69

Euro

1

Rs. 81.90

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.