|
Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL FARIS BUILDING MATERIAL CO LTD |
|
|
|
|
Registered Office : |
Prince Talal Street, Cross |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
03.12.2006 |
|
|
|
|
Com. Reg. No.: |
2051003233, Al Khobar |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Subject is engaged in the wholesale and retail of building materials,
wire, mesh, adhesives and door handles |
|
|
|
|
No. of Employees |
35 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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 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 |
Company Name : AL FARIS BUILDING MATERIAL CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 3rd December 2006
Commercial Registration Number : 2051003233, Al Khobar
Issued Capital : SR 200,000
Paid up Capital : SR 200,000
Total Workforce : 35
Activities : Wholesalers and retailers of building materials, wire, mesh, adhesives and door handles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Sabir Genawi, Financial Controller
AL FARIS BUILDING MATERIAL CO LTD
Location : Prince Talal Street, Cross No. 5
PO Box : 1123
Town : Al Khobar
31952
Country : Saudi Arabia
Telephone : (966-3) 8652206
/ 8645206 / 8986052
Facsimile : (966-3)
8951971
Email : sgenawi@gamil.com
Please note that subject’s previous address was, King Faisal Street,
Cross 3/4, Al Khobar.
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Al Khobar.
Branch Office (s)
Location Description
· King Faisal Street Showroom
premises
Al Khobar 31952
Tel: (966-3)
8661359
· Dammam Showroom
premises
Tel: (966-3)
8384606
Name Position
· Nasser Faris
Al Faris Managing
Partner
· Bader Nasser Faris
Al Faris Partner
· Faris Nasser Al
Faris Administration
Manager
· Mohamed Asif Khan Sales
Manager
· Mohamed Sabir
Genawi Financial
Controller
Date of
Establishment : 13/11/1427 Hijri
(corresponding to 3rd December 2006)
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 2051003233, Al Khobar
Issued Capital : SR 200,000
Paid up Capital : SR 200,000
· Nasser Faris
Al Faris 90%
· Bader Nasser Faris
Al Faris 10%
Activities: Engaged in the wholesale and retail of building materials, wire, mesh,
adhesives and door handles.
Import Countries: Europe and the Far East.
International
Suppliers:
· Alfix France
· Eco Germany
· Al Jaffali Co United Arab Emirates
Operating Trend: Steady
Subject has a workforce of 35 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 Sales SR
17,675,000 SR
19,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Sabir Genawi, Financial
Controller
·
National Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-3)
8949669
Fax: (966-3)
8646474
No complaints regarding subject’s payments have been reported.
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.60.50 |
|
|
1 |
Rs.100.33 |
|
Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIS |
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.