MIRA INFORM REPORT

 

 

Report Date :

31.10.2014

 

IDENTIFICATION DETAILS

 

Name :

SAUDI PAN GULF CO

 

 

Registered Office :

Al Oraifi Tower Corniche Street PO Box 2473Al Khobar 31952

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

22.04.2008

 

 

Com. Reg. No.:

2051037901, Al Khobar

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject’s operations are performed trough the following divisions:

  • Foodstuff Division
  • Frozen Foodstuff Division
  • Bakery Division

 

 

No. of Employees :

145

 

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 – 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                                    : SAUDI PAN GULF CO

Also Known As                                     : SAUDI PAN GULF FOODS LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 22nd April 2008

Commercial Registration Number           : 2051037901, Al Khobar

Chamber Membership Number               : 90111

Issued Capital                                       : SR 40,000,000

Paid up Capital                                     : SR 40,000,000

Total Workforce                                    : 145

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

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Faheem Malik, Chief Financial Officer

 

 

 

 

COMPANY NAME

 

SAUDI PAN GULF CO

 

 

ALSO KNOWN AS

 

SAUDI PAN GULF FOODS LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Al Oraifi Tower

Street               : Corniche Street

PO Box            : 2473

Town                : Al Khobar 31952

Country : Saudi Arabia

 

Telephone         : (966-3) 8670333 (Ext 152, 155, 315) / 8670444

Facsimile          : (966-3) 8673866 / 8962497

Email                : sales@spgfood.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Dammam                                                                                         Cold storage facilities – 5,000 mt sq

 

·       PO Box: 85243                                                                                 Cold storage facilities – 2,500 mt sq

Riyadh 11691

Tel: (966-1) 2012062

Fax: (966-1) 2012183

 

·       PO Box: 16824                                                                                 Cold storage facilities – 3,500 mt sq

Jeddah 21474

Tel: (966-2) 6718188

Fax: (966-2) 6719028

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       R K Rangan                                                                                      General Manager

 

·       Mohamed Reyaz                                                                               Finance Manager

 

·       Tariq Sadaka                                                                                    Sales Manager (FMCG)

 

·       Yazad Thomasya                                                                              Sales Manager (Frozen Products)

 

·       Mohamed Basil                                                                                Sales Manager (Dairy Products)

 

·       Faheem Malik                                                                                   Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16/04/1429 Hijri (corresponding to 22nd April 2008)

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2051037901, Al Khobar

 

Chamber Member No.  : 90111

 

Issued Capital              : SR 40,000,000

 

Paid up Capital            : SR 40,000,000

 

Name of Shareholder (s)                                            Percentage

 

·       Pan Gulf Holding Co Ltd                                                       90%

PO Box: 2473

Al Khobar 31952

Tel: (966-3) 8673338

 

·       Pan Gulf Investment Co                                                        10%

Al Khobar 31952

 

 

AFFILIATED COMPANIES

 

·       Pan Gulf Trading Co (Gulf Steel Works)

PO Box: 2473

Al Khobar 31952

Tel: (966-3) 8670444

Fax: (966-3) 8672497

CR No. 2055003300

 

·       Vita Food Products Co

Al Khobar

 

·       Pan Gulf Welding Solutions

 

·       Pan Gulf Steel

 

·       Pan Gulf Industrial Systems

 

·       Pan Gulf Industrial Fabrication Co

 

·       Pan Gulf Piping System Ltd

 

·       Pan Gulf Valves

 

·       Pan Gulf Technologies Pvt Ltd

 

·       Hamdan Consultancy

 

·       Aker Kaverner Gulf Ltd

 

·       Sunace Gulf

 

·       General Automotive Services

 

·       Al Sanbok Restaurant Trading Co

 

·       Gulf Korea Inspection & Testing

 

 

OPERATIONS

 

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

 

·       Foodstuff Division

 

       Engaged in the import and distribution of general foodstuff products, including rice, bean, pluses, oil, ghee and fast moving consumer goods (FMCG).

 

·       Frozen Foodstuff Division

 

     Engaged in the import and distribution of frozen seafood products.

 

·       Bakery Division

 

Engaged in the import and distribution of bakery products.

 

Import Countries: Europe and GCC countries.

 

Operating Trend: Steady

 

Subject has a workforce of 145 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                            Year Ending 31/03/12:               Year Ending 31/03/13:

 

Consolidated Total Sales                       SR 516,500,000             SR 524,000,000

 

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

 

The above figures were provided by Mr Faheem Malik, Chief Financial Officer. The above figures cover the subject and Vita Food Products Co.

 

 

BANKERS

 

·       Arab National Bank (ANB)

PO Box: 37

Al Khobar 31952

Tel: (966-3) 8948660

Fax: (966-3) 8942752

 

 

PAYMENT HISTORY

 

REGULAR

 

Date of transaction                               April 2012

Credit amount                                       100,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       REGULAR

Currency                                               US$ Dollars

 

 

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.61.46

UK Pound

1

Rs.98.21

Euro

1

Rs.77.45

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.