MIRA INFORM REPORT

 

 

Report Date :

03.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

MUJALLY AHMAD BAMUJALLY UNITED COMPANY LTD

 

 

Registered Office :

Bamujally Building Al Dahab Street : Balad Area PO Box            112 Jeddah 21411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

22.10.1990

 

 

Com. Reg. No.:

4030073820, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of general foodstuffs, including canned and dried foods, and milk powder, as well as leather goods and fashion accessories

 

 

No. of Employees

168

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

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                                    : MUJALLY AHMAD BAMUJALLY UNITED COMPANY LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Start Date                                             : 1950

Registration Date                                  : 22nd October 1990

Commercial Registration Number           : 4030073820, Jeddah

Chamber Membership Number   : 37158

Issued Capital                                       : SR 4,800,000

Paid up Capital                                     : SR 4,800,000

Total Workforce                         : 168

Activities                                               : Distributors of general foodstuffs.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Osama Khalid Basail, Finance Manager

 

 

COMPANY NAME

 

MUJALLY AHMAD BAMUJALLY UNITED COMPANY LTD

 

 

ADDRESs

 

Registered & Physical Address

 

Building            : Bamujally Building

Street               : Al Dahab Street

Area                 : Balad Area

PO Box                        : 112

Town                : Jeddah 21411

Country : Saudi Arabia

 

Telephone         : (966-2) 6474236 / 6474484 / 6470708 / 6473269

Facsimile          : (966-2) 6480855 / 6483203 / 6473187

Email                : bamujally@mbamujally.com / info@mbamujally.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 39930                                                                                 Distribution depot

Riyadh 11489

Tel: (966-2) 4593636 / 4588003 / 2954848

Fax: (966-2) 4582539 / 4582536 / 2954848

 

·       Buraidah                                                                                          Distribution depot

 

·       Dammam                                                                                         Distribution depot

Tel: (966-3) 8341149 / 8348658

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmad Muhsen Mujally Ahmad Bamujally                                          Chairman

 

·       Abdul Rahman Muhsen Mujally Ahmad Bamujally                               Vice Chairman

 

·       Osama Khalid Basail                                                                         Finance Manager

 

·       Ahmed Al Mansoori                                                                          Commercial Manager

 

·       Mohamed Al Zahrani                                                                         Human Resources Manager

 

·       Yahya Al Haji                                                                                    Purchasing Officer

 

·       Haroon Al Idroos                                                                              Marketing Manager

 

·       Naif Al Mahayawi                                                                              Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1950, however it was registered on 03/04/1411 Hijri

  (corresponding to 22nd October 1990)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030073820, Jeddah

 

Chamber Member No.  : 37158

 

Issued Capital              : SR 4,800,000

 

Paid up Capital            : SR 4,800,000

 

Name of Partner (s)                                                                    Percentage

 

·       Muhsen Mujally Ahmad Bamujally                                             12.50%

 

·       Ahmad Muhsen Mujally Ahmad Bamujally                                   8.34%

 

·       Mohamed Muhsen Mujally Ahmad Bamujally                               8.34%

 

·       Abdullah Muhsen Mujally Ahmad Bamujally                                 8.34%

 

·       Abdul Rahman Muhsen Mujally Ahmad Bamujally                        8.34%

 

·       Waleed Muhsen Mujally Ahmad Bamujally                                   8.34%

 

·       Omar Muhsen Mujally Ahmad Bamujally                                      8.34%

 

·       Hassan Muhsen Mujally Ahmad Bamujally                                   8.34%

 

·       Fatma Hassan Ahmad Bamujally                                                4.16%

 

·       Khadija Muhsen Mujally Ahmad Bamujally                                   4.16%

 

·       Hanan Muhsen Mujally Ahmad Bamujally                                     4.16%

 

·       Fayza Muhsen Mujally Ahmad Bamujally                                     4.16%

 

·       Huda Muhsen Mujally Ahmad Bamujally                                      4.16%

 

·       Alia Muhsen Mujally Ahmad Bamujally                                        4.16%

 

·       Dalal Muhsen Mujally Ahmad Bamujally                                      4.16%

 

 

AFFILIATED COMPANIES

 

·       Mujally Ahmed Bamujally Est

PO Box: 112

Jeddah 21411

Tel: (966-2) 6438266

Fax: (966-2) 6483203

CR No. 4030002707

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including canned and dried foods, and milk powder, as well as leather goods and fashion accessories.

 

Subject also processes dairy products.

 

Import Countries: Lebanon, Oman and Jordan

 

Brand Names: WADI FATMA, ALIYA and GLORIA

 

Operating Trend: Steady

 

Subject has a workforce of 168 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 321,000,000             SR 340,000,000

 

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

 

The above figures were provided by Mr Osama Khalid Basail, Finance Manager

 

 

BANKERS

 

·       Al Rajhi Bank

Akaria Building, 6th Floor, Office No. 629

Olaya Street

PO Box: 28

Riyadh 11411

Tel: (966-1) 4054647 / 4054244

Fax: (966-1) 4044753 / 4052950 / 4037156

 

·       Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-2) 6513333

 

·       Bank Al Jazira

Al Amir Fahad Street

PO Box: 6277

Jeddah 21442

Tel: (966-2) 6670230

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

Fax: (966-2) 6446644

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               April 2000

Credit amount                                       250,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Mujally Ahmad Bamujally United Company Ltd is well established in the local market and enjoys a good reputation for the quality of its products. It specialises in the import and distribution of foodstuff under the brand names of “Wadi Fatma”, “Aliya” and “Gloria”.

 

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.60.23

UK Pound

1

Rs.101.68

Euro

1

Rs.83.46

 

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%)

 

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.