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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ABDUL AZIZ HAMAD AL FARES & SONS CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.03.1993 |
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Com. Reg. No.: |
2050022906, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of general foodstuffs. |
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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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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.
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Source
: CIA |
Company Name :
ABDUL AZIZ HAMAD AL FARES & SONS CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
11th March 1993
Commercial Registration Number :
2050022906, Dammam
Chamber Membership Number :
3942
Issued Capital :
SR 300,000
Paid up Capital :
SR 300,000
Total Workforce :
75
Activities :
Distributors of general foodstuffs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rebal Radi, Commercial
Manager
ABDUL AZIZ HAMAD AL FARES & SONS CO
Registered &
Physical Address
Street : Mina Street
Area : Al Khaldiya Area
PO Box : 370
Town : Dammam 31411
Country : Saudi Arabia
Telephone : (966-13)
8321843 / 8332029
Facsimile : (966-13)
8328332 / 8351066
Email : alfares@alfares.sa
/ rebal@alfares.sa
Please note that subject’s previous address was, King Saud Street, Souq District, Dammam.
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Dammam.
Branch Office (s)
Location Description
Al Sali Industrial Area Warehouse
premises
Riyadh
Tel: (966-11) 2701564
Fax: (966-11) 2422634
Al Mina Area Warehouse
premises
Jeddah
Tel: (966-12) 2683799
Fax: (966-12) 2684188
Khamis Mushait Warehouse
premises
Tel: (966-17) 2799353
Name Position
Abdul Aziz Hamad Al
Fares Managing
Partner
Khalid Abdul Aziz Hamad Al Fares Partner
Mohamed Abdul Aziz Hamad
Al Fares Partner
Ashraf Abdul Salam Finance
Manager
Rebal Radi Commercial
Manager
S Kumar Marketing
Manager
Date of Establishment : 18/09/1413 Hijri (corresponding to 11th March 1993)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2050022906, Dammam
Chamber Member No. : 3942
Issued Capital : SR 300,000
Paid up Capital : SR 300,000
Name of Partner (s)
Abdul Aziz Hamad Al
Fares
Khalid Abdul Aziz Hamad Al Fares
Mohamed Abdul Aziz Hamad
Al Fares
Activities: Engaged in the import and
distribution of general foodstuffs, specialising in
sugar and rice.
Import Countries: Europe
and India.
International
Suppliers:
Lakshmi Rice India
Aeroplane Co India
Brand Names: AL FARES INDIAN
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 Sales SR
27,000,000 SR
27,850,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Al Rajhi Banking & Investment Corporation
PO Box: 176
Dammam 31411
Tel: (966-13) 8328419
Fax: (966-13) 8331882
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.87 |
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1 |
Rs.96.83 |
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Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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 |
-- |
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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.