MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AL HOBAIL MEDICAL OFFICE COMPANY LTD

 

 

Registered Office :

Al Fahd Hotel Olaya Street PO Box  61376 Riyadh 11565

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

30.07.1985

 

 

Com. Reg. No.:

1010055488, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the import and distribution of pharmaceuticals, medicines and chemicals

 

 

No. of Employees :

125

 

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

 

Maximum Credit Limits :

US$ 300,000

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

SUMMARY

 

Company Name                                    : AL HOBAIL MEDICAL OFFICE COMPANY LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 30th July 1985

Commercial Registration Number           : 1010055488, Riyadh

Membership Number                             : 3381

Issued Capital                                       : SR 500,000

Paid up Capital                                     : SR 500,000

Total Workforce                         : 125

Activities                                               : Distributors of pharmaceuticals, medicines and chemicals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 300,000

 

 

 

COMPANY NAME

 

AL HOBAIL MEDICAL OFFICE COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Al Fahd Hotel

Street               : Olaya Street

PO Box            : 61376

Town                : Riyadh 11565

Country : Saudi Arabia

 

Telephone         : (966-11) 2066645 / 920006647

Facsimile          : (966-11) 2013330

Mobile              : (966-50) 5555058

Email                : medical@al-hobail.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Riyadh.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdullah Futtaim Al Hobail                                                                Managing Partner

 

·       Osama Abdullah Futtaim Al Hobail                                                    Partner

 

·       Mohamed Abdullah Futtaim Al Hobail                                                            Partner

 

·       Walid Abdullah Futtaim Al Hobail                                                       Partner

 

·       Hessa Abdullah Futtaim Al Hobail                                                      Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th July 1985

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 1010055488, Riyadh

 

Membership No.           : 3381

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Partner (s)

 

·       Abdullah Futtaim Al Hobail

 

·       Osama Abdullah Futtaim Al Hobail

 

·       Mohamed Abdullah Futtaim Al Hobail

 

·       Walid Abdullah Futtaim Al Hobail

 

·       Hessa Abdullah Futtaim Al Hobail

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of pharmaceuticals, medicines and chemicals.

 

Import Countries: Germany

 

International Suppliers:

 

·       Basf Chemicals                    Germany

·       Pharmadrug GmbH               Germany

 

Clients:

 

·         Ministry Of Health

·         Ministry Of Defence and Aviation tender (MODA)

·         National Guard Health Affairs (NGH)

·         King Khalid University Hospital (KKUH)

·         Ministry of Interior Affairs Medical Service

·         King Saud University Hospital

·         Private Polyclinics (Dispensaries)

·         Ministry of Social Affairs

·         Security Force Hospital

·         King Abdullah Medical City In Makah

·        Riyadh Kharj Ministry Hospital

 

Brand Names: REMEDICA, ANTIBIOTICE, SERB, VARIFARMA, MACLEODS, IZOTOP, SK, RADIM and VIRION

                        SERION

 

Operating Trend: Steady

 

Subject has a workforce of 125 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 68,000,000                           SR 70,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab National Bank (ANB)

King Faisal Street

PO Box: 56921

Riyadh 11564

Tel: (966-11) 4029000

Fax: (966-11) 4027747

 

 

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.

 

 

Recommended credit limit

 

Recommended credit limit:                  US$ 300,000

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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