MIRA INFORM REPORT

 

 

Report No. :

356579

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

AL SHAKHS TRADING COMPANY

 

 

Registered Office :

Abu Moosa Al Ansari Street (Cross Mecca Street), P O Box: 193, Sihat 31972

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

11.05.1409 Hijri (Corresponding to 20th December 1988)

 

 

Com. Reg. No.:

2062006385, Sihat

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Wholesale and retail of general foodstuffs, specialising in Thai parboiled rice, Indian basmati and non basmati rice, cashew nuts, sesame seeds, sugar, vegetable cooking oil, sugar, milk powder, oil and ghee.

 

 

No. of Employees :

160

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

 

Source : CIA

SUMMARY

 

Company Name                                    : AL SHAKHS TRADING COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 20th December 1988

Commercial Registration Number           : 2062006385, Sihat

Chamber Membership Number               : 24041

Issued Capital                                       : SR 2,000,000

Paid up Capital                                     : SR 2,000,000

Total Workforce                         : 160

Activities                                               : Wholesale and retail of general foodstuffs.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Thamer Hashim Abdul Reda Al Shakhs, Partner

COMPANY NAME

 

AL SHAKHS TRADING COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Abu Moosa Al Ansari Street (Cross Mecca Street)

 

PO Box            : 193

 

Town                : Sihat 31972

Country : Saudi Arabia

 

Telephone         : (966-13) 8500168 / 8503125

Facsimile          : (966-13) 8561178

Mobile              : (966-50) 5865810

Email                : ashakhs_est@hotmail.com / info@alshakhstrading.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       King Faisal Street                                                                             Rented showroom premises

Dammam

     Tel: (966-13) 8260392

 

·       Jeddah                                                                                            Rented showroom premises

Tel: (966-50) 0128629

 

·       Riyadh                                                                                             Rented showroom premises

Tel: (966-50) 6925786

 

·       Tabuk                                                                                               Rented showroom premises

 

·       Qassim                                                                                            Rented showroom premises

 

·       Arar                                                                                                 Rented showroom premises

 

·       Al Ahsa                                                                                            Rented showroom premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hashim Abdul Reda Al Shakhs                                                          Managing Partner

 

·       Thamer Hashim Abdul Reda Al Shakhs                                              Partner

 

·       Yasser Hashim Abdul Reda Al Shakhs                                               Partner

 

·       Thamer Hashim Abdul Reda Al Shakhs                                              General Manager

 

·       Mohamed Mohamed Wafi                                                                 Sales Manager

 

·       Shehata Al Shahat                                                                            Financial Controller

 

·       Raju Shashrout                                                                                 Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11/05/1409 Hijri (corresponding to 20th December 1988)

 

History                         : Subject started in 1988 as a Sole Proprietorship, however in 2014 it re-registered as a

  Limited Liability Company.

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2062006385, Sihat

 

Chamber Member No.  : 24041

 

Issued Capital              : SR 2,000,000

 

Paid up Capital            : SR 2,000,000

 

Name of Partners

 

·       Hashim Abdul Reda Al Shakhs

 

·       Thamer Hashim Abdul Reda Al Shakhs

 

·       Yasser Hashim Abdul Reda Al Shakhs

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs, specialising in Thai parboiled rice, Indian

     basmati and non basmati rice, cashew nuts, sesame seeds, sugar, vegetable cooking oil, sugar, milk

     powder, oil and ghee.

 

Import Countries: India and Sri Lanka

 

International Suppliers:

 

·       Shiva Shah Ltd                     India

·       Mahavir Rice                        India

·       D D International                   India

·       Ram Dave Rice Mill              India

·       Aroma Rice                          India

 

Brand Names: BUKHARY, ALMIZA, AL DEERA, CRIPTAL, GOLDSTAR, AHLAN and NOOR

 

Operating Trend: Steady

 

Subject has a workforce of 160 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 220,000,000             SR 227,500,000

 

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

 

The above figures were provided by Mr Thamer Hashim Abdul Reda Al Shakhs, Partner

 

 

BANKERS

 

·       Arab National Bank (ANB)

King Street

PO Box: 18

Dammam 31411

Tel: (966-13) 8323440

Fax: (966-13) 8337829

 

·       Riyad Bank

Trade Finance Center

PO Box: 2090

Dammam 21431

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Al Shakhs Trading Company” and not “Al Shaks Trading Co”.

 

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.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

SAR

1

Rs.17.60

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

NIT

 

               


 

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.