MIRA INFORM REPORT

 

 

Report No. :

315646

Report Date :

09.04.2015

 

IDENTIFICATION DETAILS

 

Name :

SAUD BIN ABDUL AZIZ ALSAIF TRADING EST

 

 

Registered Office :

Al Imam Faisal Bin Turki Street, Neighbourhood Khalidiya Towers 350203, Riyadh 11382

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.01.2002

 

 

Com. Reg. No.:

1010172589

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of general merchandise as well as cosmetics, advertising materials, irrigation watering systems and electrical equipment

 

 

No of Employees :

77

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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                                    : SAUD BIN ABDUL AZIZ ALSAIF TRADING EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Start Date                                             : 1979

Registration Date                                  : 1st January 2002

Commercial Registration Number           : 1010172589, Riyadh

Invested Capital                                    : SR 25,000

Authorised Capital                                 : SR 15,594,435

Total Workforce                                     : 77

Activities                                               : Distribution of general merchandise as well as cosmetics, advertising

                                                               materials, irrigation watering systems and electrical equipment

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Rami Bin Saud Bin Abdul Aziz Naser Al Saif, General Manager

 
Company name

 

SAUD BIN ABDUL AZIZ ALSAIF TRADING EST

 

 

company ADDRESS

 

Registered & Physical Address

 

Location           : Al Imam Faisal Bin Turki Street, Neighbourhood Khalidiya Towers

 

PO Box            : 350203

 

Town                : Riyadh 11382

Country             : Saudi Arabia

 

Telephone         : (966-11) 4030500

Facsimile          : (966-11) 4042720

Email                : info@alsaifsaas.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Wadi Khalifa                                                                                     Warehouse premises

El Shefaa Area

Riyadh

 

·       Exit 17                                                                                             Warehouse premises

Riyadh

 

·       Al Wazeer Street                                                                               Office premises

Riyadh

 

·       Tarek Bin Ziad Street                                                                         Office premises

Al Markab District

Riyadh

 

·       King Khaled Street                                                                            Office premises

Al Qazaz District

Dammam

 

·       General Street                                                                                  Office premises

El  Sewedy

Riyadh

 

·       Al Ulaya General                                                                               Office premises

Riyadh

 

·       King Faisal Bin Abdul Aziz Street                                                       Office premises

Hail Al Azizyah

Hail

 

·       South Sudan                                                                                    Office premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saud Bin Abdul Aziz Naser Al Saif                                                     Proprietor

 

·       Rami Bin Saud Bin Abdul Aziz Naser Al Saif                                      General Manager

 

·       Abdul Aziz Bin Abdullah Bin Abdul Aziz Bin Naser Al Saif                   Accounts Manager

 

·       Mohamed Ali Abdel Hamid                                                                Sales Manager

 

·       Ahmed Al Mahi                                                                                 Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1979, however subject was registered on 1st January 2002

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010172589, Riyadh

 

Invested Capital           : SR 25,000

 

Authorised Capital       : SR 15,594,435

 

Mr Saud Bin Abdul Aziz Naser Al Saif is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general merchandise as well as cosmetics, advertising materials, irrigation watering systems and electrical equipment.

 

Import Countries: Italy, Hong Kong, India, China, Pakistan, Taiwan, South Korea and Bulgaria.

 

Local Suppliers:

 

·       Rowad Al Jamal Trading Est

·       Abdulaziz Rajab & Abdullah Silsilah & Co

·       Al Naghei Cosmetics Co

·       Desert Colours Trading Est

 

International Suppliers:

 

·       Star Flex                  South Korea

 

Operating Trend: Steady

 

Subject has a workforce of 77 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                SR 35,000,000                           SR 40,000,000

 

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

 

The above figures were provided by Mr Rami Bin Saud Bin Abdul Aziz Naser Al Saif, General Manager

 

 

BANKERS

 

·       Riyad Bank

King Abdul Aziz Road

PO Box: 22622

Riyadh 11416

Tel: (966-11) 4013030

 

·       National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-11) 4772281

Fax: (966-11) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.32

UK Pound

1

Rs. 92.52

Euro

1

Rs. 67.59

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.