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Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
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Name : |
THE NATIONAL AGRICULTURAL DEVELOPMENT CO (NADEC) |
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Registered Office : |
Moraba’a PO Box 2557 Riyadh 11461 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.06.1981 |
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Com. Reg. No.: |
1010018795, Riyadh |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is engaged in the operation of cow farms, distributors of dairy
and agricultural products, honey production and processing of dates |
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No. of Employees : |
4,600 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 17% 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 5 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 : THE NATIONAL AGRICULTURAL DEVELOPMENT CO (NADEC)
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 1st June 1981
Commercial Registration Number : 1010018795, Riyadh
Chamber Membership Number : 7310
Issued Capital : SR 600,000,000
Paid up Capital : SR 600,000,000
Total Workforce : 4,600
Activities : Operators of cow farms, distributors of dairy and agricultural products,
honey production and processing of dates.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
THE NATIONAL AGRICULTURAL DEVELOPMENT CO (NADEC)
Location : Moraba’a
PO Box : 2557
Town : Riyadh 11461
Country : Saudi Arabia
Telephone : (966-1) 4040000
/ 4043421
Facsimile : (966-1)
4012193 / 4055522
Email : info@nadec.com.sa
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Riyadh.
Name Position
· Sulaiman Abdulaziz
Al Rajhi Chairman
· Mohammed Abdullah
Al Shiha Director
· Samir Ali Kabbani Director
· Fahad Thunayan
Althunayan Director
· Abdulwahab Saleh
Al Rajhi Director
· Abdulaziz
Albabtain Director
· Abdulaziz Alowain General
Manager
· Fahad A Al Shaqha Sales
Manager
· Ahmed Al Shamari Marketing
Manager
· Abdullah Alkanhal Finance
Manager
Date of
Establishment : 1st
June 1981
Legal Form : Joint Stock
Company
Commercial Reg.
No. : 1010018795, Riyadh
Chamber Member No. : 7310
Issued Capital : SR 600,000,000
Paid up Capital : SR 600,000,000
· Public Investment
Fund 20.0%
· Abdullah Abdulaziz
Al Rajhi 8.3%
· Sulaiman Abdulaziz
Al Rajhi 6.5%
· Members of the
general public 65.2%
· Pure Breed Poultry
Co
· National Seed
Manufacturing Co
· United Dairy Farms
Co
· United Co for
Poultry Marketing
· National Hide
Tanning and Manufacturing Co
Activities: Engaged in the operation of cow farms, distributors of dairy and
agricultural products, honey
production and processing of dates.
Subject owns 5 cow farms, containing 25,000 cattle.
Import Countries: Europe and the United States of America.
Operating Trend: Steady
Subject has a workforce of approximately 4,600 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR 000’s)
Balance Sheet
31/12/10
31/12/11 31/12/12
|
Current Assets |
374,142 |
335,926 |
380,967 |
|
Inventory |
311,212 |
312,137 |
319,629 |
|
Investments |
7,728 |
7,728 |
7,728 |
|
Fixed Assets |
1,544,259 |
1,514,271 |
1,683,240 |
|
Other Assets |
137,195 |
171,679 |
220,885 |
|
Total Assets |
2,374,536 |
2,341,741 |
2,612,449 |
|
Current Liabilities |
1,006,864 |
991,010 |
793,096 |
|
Non-Current Liabilities |
395,975 |
287,758 |
736,422 |
|
Other Liabilities |
0 |
0 |
0 |
|
Shareholder's Equity |
971,697 |
1,062,973 |
1,082,931 |
|
Total Liabilities & Shareholder Equity |
2,374,536 |
2,341,741 |
2,612,449 |
Statement of
Income
|
Sales |
1,447,559 |
1,555,656 |
1,727,472 |
|
Sales Cost |
969,150 |
1,007,811 |
1,090,932 |
|
Total Income |
478,409 |
547,845 |
636,540 |
|
Other Revenues |
15,730 |
27,914 |
18,784 |
|
Total Revenues |
494,139 |
575,759 |
655,324 |
|
Admin and Marketing Expenses |
397,344 |
387,184 |
470,238 |
|
Depreciation |
44,833 |
42,275 |
44,073 |
|
Other Expenses |
34,685 |
42,001 |
32,071 |
|
Total Expenses |
476,862 |
471,460 |
546,382 |
|
Net Income Before Zakat |
17,277 |
104,299 |
108,942 |
|
Zakat |
6,815 |
13,023 |
13,284 |
|
Net Income |
10,462 |
91,276 |
95,658 |
Local sources consider subject’s financial condition to be Good.
Please note that figures for the year ending 31st December
2013 were not yet available.
·
National Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1)
4772281
Fax: (966-1)
4730322
·
Arab National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-1)
4029000
Fax: (966-1)
4027747
·
Riyad Bank
Trade Finance Centre
PO Box: 111
Riyadh 11372
No complaints regarding subject’s payments have been reported.
Established in 1981, subject is involved in the operation of cow farms,
distributors of dairy and agricultural products, honey production and
processing of dates.
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.62.50 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
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 |
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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 |
|
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 |
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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 |
-- |
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.