MIRA INFORM REPORT

 

 

Report Date :

17.10.2014

 

IDENTIFICATION DETAILS

 

Name :

BAMASAQ TRADING AND SERVICES COMPANY

 

 

Registered Office :

Al Mira Bahareth Building, 7th Floor, Office No. 705 Al Dhahab Street Al Balad District PO Box 18858 Jeddah 21425

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.04.1986

 

 

Com. Reg. No.:

4030053412, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

  • Textile Division
  • Stationery Division
  • Foodstuff Division
  • Perfumes Division

 

 

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 – 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

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                                    : BAMASAQ TRADING AND SERVICES COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 15th April 1986

Commercial Registration Number           : 4030053412, Jeddah

Membership Number                             : 25432

Issued Capital                                       : SR 900,000

Paid up Capital                                     : SR 900,000

Total Workforce                                    : 25

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sayed Mohamed Saleh Bamasaq, Finance Manager

 

 

 

 

COMPANY NAME

 

BAMASAQ TRADING AND SERVICES COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Al Mira Bahareth Building, 7th Floor, Office No. 705

Street               : Al Dhahab Street

Area                 : Al Balad District

PO Box            : 18858

Town                : Jeddah 21425

Country : Saudi Arabia

 

Telephone         : (966-12) 6422318 / 6271513 / 6430049

Facsimile          : (966-12) 6449423

Mobile              : (966-50) 4462619

Email                : bamasaq@zajil.net / bamasaqtsco@hotmail.com / arafatstationeryjeddah@gmail.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       70th Street                                                                                         Rented showroom premises

Jeddah

     Tel: (966-12) 6192280 / 6754290

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ali Mohamed Saleh Bamasaq                                                            Managing Partner

 

·       Abdulaziz Mohamed Saleh Bamasaq                                                 Partner

 

·       Faisal Mohamed Saleh Bamasaq                                                       Partner

 

·       Hesham Bamasaq                                                                            General Manager

 

·       Abdullah Al Amoudi                                                                          Commercial Manager – Food Division

 

·       Yasser Saeed Bamasaq                                                                    Commercial Manager

 

·       Sayed Mohamed Saleh Bamasaq                                                      Finance Manager

 

·       Javid Jaber                                                                                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 06/08/1406 Hijri (corresponding to 15th April 1986)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030053412, Jeddah

 

Chamber Member No.  : 25432

 

Issued Capital              : SR 900,000

 

Paid up Capital            : SR 900,000

 

Name of Partner (s)

 

·       Ali Mohamed Saleh Bamasaq

 

·       Abdulaziz Mohamed Saleh Bamasaq

 

·       Faisal Mohamed Saleh Bamasaq

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Textile Division

 

     Wholesalers and retailers of blankets and household textiles.

 

·       Stationery Division

 

     Wholesalers and retailers of stationery items.

 

·       Foodstuff Division

 

Distributers of rice.

 

·       Perfumes Division

 

Engaged in the wholesale and distribution of perfumes and beauty products.

 

Import Countries: India, Singapore, Pakistan and France.

 

International Suppliers:

 

·         Shree Jagdampa Rice                                 India

·         Mahant Overseas                                        India

·         Pornchand Rice                                           India

·         RAM Kumar Textile Co Pvt Ltd                     India

·         Muskan Overseas Rice Co Pvt Ltd               India

·         Grace Fabric Manufacturing Co Ltd              Pakistan

·         Canson                                                       France

·         Calique                                                       France

 

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 12,800,000                           SR 13,345,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab National Bank (ANB)

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

 

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.61.48

UK Pound

1

Rs.98.24

Euro

1

Rs.78.66

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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%)

 

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