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Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
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Name : |
WHALE TRADING COMPANY |
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Registered Office : |
Abu Hiyadria Road, Kuwa Area, First Industrial Area, PO Box 375, Dammam 31441 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
22.10.1996 |
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Com. Reg. No.: |
2050022248, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of sea
food products such as crab, shrimps and lobsters. |
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No. of Employees : |
49 |
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 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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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 |
Company Name :
WHALE TRADING COMPANY
Also Known As :
AL HOOT TRADING CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
22nd October 1996
Commercial Registration Number :
2050022248, Dammam
Chamber Membership Number : 2281
Issued Capital :
SR 2,000,000
Paid up Capital :
SR 2,000,000
Total Workforce :
49
Activities : Distributors of sea food products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Jalil, Sales Manager
WHALE TRADING
COMPANY
AL HOOT TRADING CO
Registered &
Physical Address
Street : Abu Hiyadria
Road
Area : Kuwa Area,
First Industrial Area
PO Box : 375
Town : Dammam 31441
Country : Saudi Arabia
Telephone : (966-3) 8223850
/ 8223858
Facsimile : (966-3)
8221472
Mobile : (966-50)
8208606 / (966-55) 30778653
Email : whale@boumarah.com.sa
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Industrial Area of Dammam.
Branch Office (s)
Location Description
PO Box: 56903 Office
& warehouse
Riyadh 11564
Tel: (966-1) 4474427
Fax: (966-1) 4467387
PO Box: 16503 Office
& warehouse
Jeddah 21142
Tel: (966-2) 2751196
Fax: (966-2) 6982760
Name Position
Abdul Jabbar Ibrahim Mohamed Boumarah Managing
Partner
Fouad Boumarah Partner
Mahin Ayoub Commercial
Manager
Mohamed Jalil Sales
Manager
Abdulaziz Hilali Financial
Controller
Date of Establishment : 22nd October 1996
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2050022248, Dammam
Chamber Member No. : 2281
Issued Capital : SR 2,000,000
Paid up Capital : SR 2,000,000
Name of Partner
(s)
Abdul Jabbar Ibrahim Mohamed Boumarah
Fouad Boumarah
Saudi American Plant Development Co (Sapad)
PO Box: 1806
Dammam 31441
Tel: (966-3) 8223850 / 8223858
Fax: (966-3) 8221472
Email: sales@sapad.com.sa
Al Najm Al Awahad Co
PO Box: 1806
Dammam 31441
Tel: (966-3) 8223850 / 8223858
Fax: (966-3) 8221472
Activities: Engaged in the import and
distribution of sea food products such as crab, shrimps and lobsters.
Subject
also operates cold storage facilities.
Import Countries: Bahrain and the
United Arab Emirates
Operating Trend: Steady
Subject has a workforce of 49 employees.
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
20,600,000 SR
21,230,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
Al Rajhi Banking & Investment Corporation
King Saud Street
PO Box: 176
Dammam 31411
Tel: (966-3) 8338387 / 8346189
Fax: (966-3) 8323843
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
No complaints regarding subject’s payments have been reported.
Please note that Mr Mohamed Jalil, Sales Manager, refused to divulge any
of the subject’s financial details.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.22 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.