MIRA INFORM REPORT
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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
JARIR MARKETING
CO |
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Registered Office : |
Jarir Plaza, 3rd
Floor, Olaya Street, Malaz District, P O Box 3196, Riyadh 11471 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 (Consolidated) |
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Year of Establishment : |
1992 |
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Com. Reg. No.: |
1010032264, Riyadh |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Engaged
in the retail and wholesale trading in office and school supplies, children
toys, educational aids, office furniture, engineering equipment, computers and
computer system, sports and scout equipment as well as paper. |
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No of Employees : |
730 (Approximately) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 : JARIR MARKETING CO
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Start Date : 1992
Registration Date : 8th October 2000
Commercial Registration Number : 1010032264, Riyadh
Issued Capital : SR 600,000,000
Paid up Capital : SR 600,000,000
Total Workforce : 730
Activities : Wholesale and retail of stationery products, art and engineering
requisites.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
JARIR MARKETING CO
company
ADDRESS
Registered &
Physical Address
Building : Jarir Plaza, 3rd
Floor
Street : Olaya Street
Area : Malaz District
PO Box : 3196
Town : Riyadh 11471
Country : Saudi Arabia
Telephone : (966-1) 4629394 / 4626000
Facsimile : (966-1) 4629600
Email : purchasing@jarirmarketing.com.sa
Premises
Subject operates
from a large suite of offices, a showroom and storage facilities that are owned
and located in the Central Business Area of Riyadh.
Branch Office (s)
Subject has branches located in Jeddah, Al Khobar, Dammam, Hofuf and
Khamis Mushait.
KEY
PRINCIPALS
Name Position
·
Nasser
Abdul Rahman Al Akeel Managing
Partner
·
Abdul
Karim Abdul Rahman Al Akeel Partner
·
Abdullah
Abdul Rahman Al Akeel Partner
·
Mohamed
Abdul Rahman Al Akeel Partner
·
Abdul
Salem Abdul Rahman Al Akeel Partner
·
Ahmed
Al Jazar Financial
Controller
·
Saleh
Al Imzi Sales
Manager
·
Faisal
Ali Purchasing
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1992, however
subject was registered on 8th October 2000
History : Subject was originally established in 1992
as a Limited Liability Partnership between the
following partners:
1. Eng. Nasser Abdul Rahman Al Akeel
2. Abdul Karim Abdul Rahman Al Akeel
3. Abdullah Abdul Rahman Al Akeel
4. Mohamed Abdul Rahman Al Akeel
5. Abdul Salem Abdul Rahman Al Akeel
However, in October 2000 subject was converted into a Joint Stock
Company, with 40% of the company’s
shares being placed with private individuals and investors.
Legal Form :
Joint Stock Company
Commercial Reg. No. : 1010032264,
Riyadh
Issued Capital : SR 600,000,000
Paid up Capital : SR 600,000,000
Name of Shareholder
(s) Percentage
·
Jarir
Trading Investment Co 9.5%
·
Nasser
Abdul Rahman Al Akeel 9.0%
·
Abdul
Karim Abdul Rahman Al Akeel 9.0%
·
Abdullah
Abdul Rahman Al Akeel 9.0%
·
Mohamed
Abdul Rahman Al Akeel 9.0%
·
Abdul
Salem Abdul Rahman Al Akeel 9.0%
·
Members
of the public & private investors 45.5%
AFFILIATED
COMPANIES
Name Percentage Held
·
Jarir
Bookstore -
Jarir Plaza, 2nd
Floor
Olaya Street
Malaz
PO Box: 3196
Riyadh 11471
Tel: (966-1) 4626000
Fax: (966-1) 4656363
Email: jarir@jarirbookstore.com
·
Jarir
Furniture Office -
Jarir Plaza Building
Olaya Street
PO Box: 3196
Riyadh 11471
Tel: (966-1) 4629600
Fax: (966-1) 4656363
·
Kids
Kingdom Company -
PO Box: 3196
Riyadh 11471
·
United
Company for Office Supplies and Stationeries WLL 100%
Doha
Qatar
·
Jarir
Trading Company LLC 100%
Abu Dhabi
United Arab Emirates
·
United
Bookshop 100%
Abu Dhabi
United Arab Emirates
·
Jarir
Bookstore 100%
Safat
Kuwait
·
Jarir
Egypt Financial Leasing Co SAE 100%
Cairo
Egypt
OPERATIONS
Activities: Engaged in the retail and wholesale trading
in office and school supplies, children toys, educational aids, office
furniture, engineering equipment, computers and computer system, sports and
scout equipment as well as paper.
Import
Countries: Germany, Spain
and the United Kingdom
International
Suppliers:
·
A W
Faber Castell GmbH Germany
·
Elba Germany
·
Inoxcrom Spain
·
Windsor
& Newton United
Kingdom
Brand Names: ROCO and ROYAL FALCON
Operating Trend: Steady
Subject has a workforce
of approximately 730 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR 000’s)
Consolidated
Balance Sheet 31/12/13 31/12/12
Consolidated
Statement of Income
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Arab
National Bank
King Faisal Street
North Morabbaa
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027747
·
Riyad
Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4122243
Fax: (966-1) 4013030
·
Saudi
Investment Bank
PO Box: 3533
Riyadh 11481
Tel: (966-1) 4778433 / 4792851 / 4761580
Fax: (966-1) 4776781 / 4761976
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.60.12 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
-- |
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.