MIRA INFORM REPORT

 

 

Report No. :

307597

Report Date :

18.02.2015

 

IDENTIFICATION DETAILS

 

Name :

TRANSMED LIMITED COMPANY KSA

 

 

Registered Office :

Al Mazaya Towers, 4th Floor, King Saud Street, Al Wazarat District, PO Box 10575, Riyadh 11443

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.08.2013

 

 

Com. Reg. No.:

1010386498

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the wholesale and retail of general foodstuffs and household goods.

 

 

No. of Employees :

75

 

 

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

 

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                                    : TRANSMED LIMITED COMPANY KSA

Trade Name                                          : TRANSMED

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 28th August 2013

Commercial Registration Number           : 1010386498, Riyadh

Issued Capital                                       : SR 30,000,000

Paid up Capital                                     : SR 30,000,000

Total Workforce                                     : 75

Activities                                               : Wholesalers and retailers of general foodstuffs and household goods

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

TRANSMED LIMITED COMPANY KSA

 

TRADE NAME: TRANSMED

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Mazaya Towers, 4th Floor

Street               : King Saud Street

Area                 : Al Wazarat District

PO Box            : 10575

Town                : Riyadh 11443

Country             : Saudi Arabia

Telephone         : (966-11) 2846500

Facsimile          : (966-11) 4641297

Mobile              : (966-50) 7348172

Email                : info@transmed.com / tm.ksa@transmed.com

 

Premises

 

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

 

Branch Offices

 

Subject will soon be opening two branches in Jeddah and Dammam.

 

 

KEY PRINCIPALS

 

Name                                       Nationality                                Position

 

Samer Al Showaf                      Emirati                                      Managing Director

 

Fouad Saied                             -                                               General Manager

 

Sammy Makla                           -                                               Financial Manager

 

Rathath Alaqeel                         -                                               Supply Chain Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 28th August 2013

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 1010386498, Riyadh

 

Issued Capital              : SR 30,000,000

 

Paid up Capital            : SR 30,000,000

 

Name of Partner (s)                                                  Percentage

 

Transmed Overseas Incorporated SA                             75%

United Arab Emirates

 

Samer Al Showaf                                                          25%

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs and household goods.

 

Import Countries: United States of America, Australia and the United Kingdom.

 

International Suppliers:

 

McCain             United Kingdom

Galaxy              United Kingdom

Extra                Australia

Fairy                 United States of America

Proctor & Gamble         United States of America

 

Local Clients:

 

Al Safa Food Company

Aaady Group

 

Brand Names: MCCAINS, FAIRY, PAMPERS, GILETTE, PANTENE, EXTRA, TAMPAX, GALAXY, OLAY,

                         MCCORMICK, AMERICANA, ZEST, VICKS, PEBEYRE, APTAMIL, HELLMANNS AND DOWNY

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                            Year Ending 31/12/14:

 

Total Sales                                            SR 50,000,000

 

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

 

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

 

 

BANKERS

 

Saudi British Bank

Dhabab Street

PO Box: 9084

Riyadh 11413

Tel: (966-11) 4050677

 

 

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 company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.20

UK Pound

1

Rs.96.00

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.