MIRA INFORM REPORT

 

 

Report Date :

05.03.2014

 

IDENTIFICATION DETAILS

 

Name :

AHMED OTHMAN ABU BAKER AL AMOUDI TRADING CO LTD

 

 

Registered Office :

Tahlia Street, Al Rawadah District, PO Box : 53615, Jeddah 21593

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.02.2001

 

 

Com. Reg. No.:

4030132776, Jeddah

 

 

Legal Form :

Limited Partnership

 

 

Line of Business :

Subject is engaged in the wholesale and retail of building materials and sanitary ware.

 

 

No. of Employees :

25

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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                                     : AHMED OTHMAN ABU BAKER AL AMOUDI TRADING CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Partnership

Registration Date                                   : 11th February 2001

Commercial Registration Number            : 4030132776, Jeddah

Chamber Membership Number                : 81650

Issued Capital                                        : SR 1,000,000

Paid up Capital                                      : SR 1,000,000

Total Workforce                                     : 25

Activities                                               : Wholesale and retail of building materials and sanitary ware.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Majid Abdul Malik, Finance Manager

 

 

 

COMPANY NAME

 

 AHMED OTHMAN ABU BAKER AL AMOUDI TRADING CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Tahlia Street

Area                 : Al Rawadah District

PO Box             : 53615

Town                 : Jeddah 21593

Country             : Saudi Arabia

 

Telephone         : (966-2) 6648426 / 6641444

Facsimile          : (966-2) 6641444 / 6641292

Mobile               : (966-50) 2437131

Email                : info@al-abubaker.com / ceo@al-abubaker.com

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Ahmed Othman Abu Baker Al Amoudi                                                     Managing Partner

 

Othman Ahmed Othman Al Amoudi                                                         Partner

 

Abdullah Ahmed Othman Al Amoudi                                                        Partner

 

Mohamed Al Amoudi                                                                              General Manager

 

Majid Abdul Malik                                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           17/11/1421 Hijri (corresponding to 11th February 2001)

 

Legal Form      :                       Limited Partnership

 

Commercial Reg. No.  :           4030132776, Jeddah

 

Chamber Member No. :           81650

 

Issued Capital              :           SR 1,000,000

 

Paid up Capital            :           SR 1,000,000

 

Name of Partner (s)

 

Ahmed Othman Abu Baker Al Amoudi

 

Othman Ahmed Othman Al Amoudi

 

Abdullah Ahmed Othman Al Amoudi

 

 

AFFILIATED COMPANIES

 

Marei Ben Mahfouz & Ahmed Al Amoudi Co

Jewellery Centre

Tahlia Street

PO Box: 1642

Jeddah 21441

Tel: (966-2) 6641444

Fax: (966-2) 6641292

 

Ratinjat Saudia Co Ltd

Al Shihaifa Street

Industrial City, Phase III

PO Box: 1642

Jeddah 21441

Tel: (966-2) 6361274

Fax: (966-2) 6362483

 

Red Sea Paint Factory

Al Shihaifa Street

Industrial City, Phase III

PO Box: 1642

Jeddah 21441

Tel: (966-2) 6361271 / 6379824 / 6200581

Fax: (966-2) 6362483

 

Herberts Powder Coatings Saudi Company Ltd

Industrial Estate, Phase No. 4

PO Box: 23819

Jeddah 21436

Tel: (966-2) 6362255

Fax: (966-2) 6362610

 

Saudi Resin Company

PO Box: 34698

Jeddah 21478

Tel: (966-2) 6361274

Fax: (966-2) 6362483

 

Jotun Paints Saudi Arabia

Al Shihaifa Street

Industrial City, Phase III

PO Box: 1642

Jeddah 21441

Tel: (966-2) 6361274

Fax: (966-2) 6362483

 

Professional Chemicals & Industrial Equipment Co

Vision Capital Building (Al Amoudi Building)

Tahlia Street

PO Box: 53615

Jeddah 21593

Tel: (966-2) 6688460

Fax: (966-2) 6688465 / 6641292

 

Ahmed Othman Al Amoudi Trading & Industry Est

PO Box: 53615

Jeddah 21593

Tel: (966-2) 6648426 / 6641444

Fax: (966-2) 6641444

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of building materials and sanitary ware.

 

Import Countries:         Italy and Spain.

 

International Suppliers:

 

Bogati                           Italy

Halcyon                        Spain

 

Operating Trend:         Steady

 

Subject has a workforce of 25 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 67,500,000                           SR 70,000,000

 

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

 

The above figures were provided by Mr Majid Abdul Malik, Finance Manager

 

 

BANKERS

 

Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-2) 6600272

Fax: (966-2) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.90

UK Pound

1

Rs.103.26

Euro

1

Rs.85.14

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.