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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL MUHAIDIB FOODS CO |
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Registered Office : |
King Faisal Coastal Road, Salman Al Faresi Street, PO Box 9149, Dammam
31411 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.04.2006 |
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Com. Reg. No.: |
2050050746 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of general
foodstuffs, including rice and sugar and fast moving consumer goods. |
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No of Employees : |
650 |
RATING & COMMENTS
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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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Company Name :
AL MUHAIDIB FOODS CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
9th April 2006
Commercial Registration Number :
2050050746, Dammam
Chamber Membership Number :
76276
Issued Capital :
SR 10,000,000
Paid up Capital :
SR 10,000,000
Total Workforce :
650
Activities :
Distributors of general foodstuff and fast moving consumer goods.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Farooq Mujahed, Financial Manager
AL MUHAIDIB FOODS CO
Registered &
Physical Address
Location : King Faisal
Coastal Road, Salman Al Faresi Street
PO Box : 9149
Town : Dammam 31411
Country : Saudi Arabia
Telephone : (966-3) 8455555
/ 8472633
Facsimile : (966-3)
8455553 / 8472263
Email : webadmin@muhaidib-food.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dammam.
Branch Office (s)
Location Description
PO Box: 3325 Showroom
premises
Riyadh 11471
Tel: (966-1) 2443000
Fax: (966-1) 2448777
PO Box: 10092 Showroom
premises
Hail
Tel: (966-6) 5329225
Fax: (966-6) 5332531
PO Box: 5360 Showroom
premises
Qassim
Tel: (966-6) 3220438
Fax: (966-6) 3220820
PO Box: 9149 Showroom
premises
Dammam 31411
Tel: (966-3) 8472633
Fax: (966-3) 8472263
PO Box: 4167 Showroom
premises
Al Ahsa
Tel: (966-3) 5313379
Fax: (966-3) 5313378
PO Box: 1085 Showroom
premises
Hafr El Baten
Tel: (966-4) 7213058
Fax: (966-4) 7213058
PO Box: 700 Showroom
premises
Arar
Tel: (966-4) 6610759
Fax: (966-4) 6623500
PO Box: 16197 Showroom
premises
Jeddah 21464
Tel: (966-2) 6372000
Fax: (966-2) 6095959
PO Box: 16197 Showroom
premises
Makkah
Tel: (966-2) 5317879
Fax: (966-2) 5317901
PO Box: 5531 Showroom
premises
Al Madina Al Munawara
Tel: (966-4) 8425555
Fax: (966-4) 8424810
PO Box: 4657 Showroom
premises
Taif
Tel: (966-2) 7420222
Fax: (966-2) 7463948
PO Box: 1416 Showroom
premises
Tabuk
Tel: (966-4) 4276103
Fax: (966-4) 4276106
PO Box: 1623 Showroom
premises
Khamis Mushait
Tel: (966-7) 3215555
Fax: (966-7) 3222816
Jizan Showroom
premises
Tel: (966-7) 5329225
Fax: (966-7) 5332531
Najran Showroom
premises
Tel: (966-7) 5440149
Fax: (966-7) 5440564
Name Position
Essam Abdul Qader Al Muhaidib Managing
Director
Emad Abdul Qader Al Muhaidib Director
Sulaiman Abdul Qader Al Muhaidib Director
Khaled Farooqi General
Manager
Emad Arar Accounts
Manager
Farooq Mujahed Financial
Manager
Fatima Batouk Marketing
Manager
Date of Establishment : 10/03/1427 Hijri
(corresponding to 9th April 2006)
Legal Form : Limited Liability
Company
Commercial Reg. No. : 2050050746,
Dammam
Chamber Member No. : 76276
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Name of Partner (s)
Essam Abdul Qader Al Muhaidib
Emad Abdul Qader Al Muhaidib
Sulaiman Abdul Qader Al Muhaidib
Subject is a member of the A K Al Muhaidib & Sons Group of
Companies, which comprises the following concerns:
Abdul Kader Al Muhaidib & Sons
Al Akaria Building
King Saud Street
PO Box: 30 & 1023
Dammam 31411
Tel: (966-3) 8322033
Fax: (966-3) 8336082
CR No. 2050009333
Al Muhaidib Land Transport Co.
PO Box: 30
Dammam 31411
Tel: (966-3) 8587587
Fax: (966-3) 8587585
Al Muhaidib Contracting Company
PO Box: 1023
Dammam 31431
Tel: (966-3) 8260345
Fax: (966-3) 8262144
Dewan Trading Group (DTG)
PO Box: 17756
Riyadh 11494
Tel: (966-1) 4038186
Fax: (966-1) 4058829
Al Muhaidib Building Materials
PO Box: 16197
Jeddah 21464
Tel: (966-2) 6372000
Fax: (966-2) 6372288
International Timber
PO Box: 9815
Riyadh 11423
Tel: (966-1) 4484332
Fax: (966-1) 4482317
Al Muhaidib Food Industries Co
PO Box: 9149
Dammam 31413
Tel: (966-3) 8328888
Fax: (966-3) 8336082
Al Muhaidib Grains
PO Box: 2149
Dammam 31413
Tel: (966-3) 8328888
Fax: (966-3) 8311888
Giant Stores
PO Box: 4822
Dammam 31412
Tel: (966-3) 8592525
Fax: (966-3) 8592626
The Marketers
PO Box: 21657
Riyadh 11485
Tel: (966-1) 4881478
Fax: (966-1) 4883952
Forte Industries Company
PO Box: 40225
Riyadh 11499
Tel: (966-1) 2652050
Fax: (966-1) 2650933
Saudi Industrial Paint Company (Sipco)
PO Box: 5795
Dammam 31432
Tel: (966-3) 8578584
Fax: (966-3) 8573780
United Central Supermarket
PO Box: 508
Al Hassa 31982
Tel: (966-3) 5870708
Fax: (966-3) 5877853
Dar Al Marefa Company
PO Box: 119
Al Khobar 31952
Tel: (966-3) 8587777
Fax: (966-3) 8592223
United Wood Products
PO Box: 240
Riyadh 11383
Tel: (966-1) 2650999
Fax: (966-1) 2651108
United Feed Company (UFC)
PO Box: 21
Dammam 31411
Tel: (966-3) 8579018
Fax: (966-3) 8579018
Activities: Engaged in the import and distribution of general foodstuffs, including
rice and sugar and fast moving consumer goods.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of approximately 650 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
760,000,000 SR 800,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Farooq Mujahed, Financial Manager
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Al Muhaidib Foods
Co” and not “Al Muhadib Food Co”.
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.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.