MIRA INFORM REPORT

 

 

Report No. :

355430

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MANAR AL OMRAN COMPANY FOR TRADING AND INDUSTRY

 

 

Registered Office :

Old Makkah Road, Kilo 8, PO Box 46217, Jeddah 21532

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

1983

 

 

Com. Reg. No.:

4030177499

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the distribution, supply and rental of scaffolding material and timber.

 

 

No. of Employees :

120

 

 

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                                    : MANAR AL OMRAN COMPANY FOR TRADING AND INDUSTRY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 1983

Commercial Registration Number           : 4030177499, Jeddah

Issued Capital                                       : SR 500,000

Paid up Capital                                     : SR 500,000

Total Workforce                         : 120

Activities                                               : Distribution, supply and rental of scaffolding material and timber

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

MANAR AL OMRAN COMPANY FOR TRADING AND INDUSTRY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Old Makkah Road, Kilo 8

PO Box            : 46217

Town                : Jeddah 21532

Country : Saudi Arabia

Telephone         : (966-12) 6579618 / 6200613 / 6244450 / 6204582

Facsimile          : (966-12) 6579617 / 6207194 / 2622250

Email                : info@manar.com.sa

 

Premises

 

Subject operates from a medium sized suite of offices and warehousing that are owned and located in the Suburban Business Area of Jeddah.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Salem Bin  Hendi Al Harbi                                                          Managing Partner

 

Sulaim Salem Bin Hendi Al Harbi                                                Partner

 

Abdulrahman Akram                                                                  Human Resources Manager

 

Ayman Shehata                                                             Commercial Manager

 

Feras Al Akhras                                                                         Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1983

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030177499, Jeddah

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Partner (s)

 

Salem Bin  Hendi Al Harbi

 

Sulaim Salem Bin Hendi Al Harbi

 

 

AFFILIATED COMPANIES

 

Bin Hendi Factory

PO Box: 46217

Jeddah 21532

Tel: (966-12) 6204582

Fax: (966-12) 6207194

CR No. 4030128459

Mem No. 74038

 

 

OPERATIONS

 

Activities: Engaged in the distribution, supply and rental of scaffolding material and timber.

 

Subject has worked on behalf of a number of prestigious clients such as Saudi Aramco, Hilton Hotel in Makkah, Saudi Electricity Company, Arabian Cement Co and the King Abdul Aziz University at Jeddah.

 

Import Countries: Canada and the United States of America

 

Subject has a workforce of approximately 120 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

National Commercial Bank

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

 

Al Rajhi Banking & Investment Corporation

Palestine Street

PO Box: 4514

Jeddah

Tel: (966-12) 6724554

Fax: (966-12) 6723805

 

Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-12) 6513333

 

 

PAYMENT HISTORY

 

No Complaints

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Manar Al Omran Company for Trading and Industry” and not “Manar Al Omarn Co / Manar Al Omarn Group”.

 

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

SR

1

Rs.17.60

 

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

 

 

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%)

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.