MIRA INFORM REPORT

 

 

Report No. :

304712

Report Date :

28.01.2015

 

IDENTIFICATION DETAILS

 

Name :

AL BASMA AL OULA TRADING AND CONTRACTING CO

 

 

Registered Office :

Saihat Road Al Khalidiyah District 14877 Dammam 31434

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

31.07.2002

 

 

Com. Reg. No.:

2050040927, Khobar

 

 

Legal Form :

Limited Liability Partnership

 

 

LINE OF BUSINESS :

SUBJECT’S OPERATIONS ARE PERFORMED THROUGH THE FOLLOWING DIVISIONS:

 

·       MANUFACTURING DIVISION

ENGAGED IN THE MANUFACTURE OF STEEL AND ALUMINIUM PRODUCTS.

 

·       IT DIVISION

ENGAGED IN THE PROVISION OF IT SOLUTIONS AND SERVICES.

 

·       FOODSTUFFS DIVISION

ENGAGED IN THE IMPORT AND DISTRIBUTION OF GENERAL FOODSTUFF PRODUCTS.

 

·       TRADING DIVISION

ENGAGED IN THE IMPORT AND DISTRIBUTION OF BUILDING MATERIALS AND CONSTRUCTION EQUIPMENT.

 

·       CONSTRUCTION & REAL ESTATE DIVISION

ENGAGED AS GENERAL CONSTRUCTION CONTRACTORS AND PROVIDERS OF REAL ESTATE SERVICES.

 

 

No. of Employee :

80

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                    : AL BASMA AL OULA TRADING AND CONTRACTING CO

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 31st July 2002

Commercial Registration Number           : 2050040927, Khobar

Chamber Membership Number               : 80939

Issued Capital                                       : SR 150,000

Paid up Capital                                     : SR 150,000

Total Workforce                         : 80

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

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

 

 

 

 

COMPANY NAME

 

AL BASMA AL OULA TRADING AND CONTRACTING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Saihat Road

Area                 : Al Khalidiyah District

 

PO Box            : 14877

 

Town                : Dammam 31434

Country : Saudi Arabia

 

Telephone         : (966-13) 8509333 / 8375053 / 8504590

Facsimile          : (966-13) 8509333 / 8504580 / 8394193

Mobile              : (966-50) 8286000

Email                : info@albasmatrading.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description     

 

·       Dammam, Outlet 1                                                                            Office & showroom premises

Tel: (966-13) 8504590

 

·       Dammam, Outlet 2                                                                            Office & showroom premises

Tel: (966-13) 8371438

 

·       Dammam, Outlet 3                                                                            Office & showroom premises

Tel: (966-13) 8373102

 

·       Al Khobar                                                                                         Office & showroom premises

Tel: (966-13) 8990248

 

·       Al Ahsa                                                                                            Office & showroom premises

Tel: (966-13) 5922343

 

·       Riyadh                                                                                             Office & showroom premises

Tel: (966-11) 2712648

 

·       Hafr Al Batein                                                                                   Office & showroom premises

Tel: (966-13) 7201306

 

·       Jeddah                                                                                            Office & showroom premises

Tel: (966-12) 6130783

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Matar Al Ghamdi                                                               Managing Partner

 

·       Saqar Mohamed Matar Al Ghamdi                                                     Partner

 

·       Fathiya Abdullah Al Ghamdi                                                              Partner

 

·       Ramesh Budhiya                                                                              Accountant

 

·       Mohamed Sudhair                                                                            Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21/05/1423 Hijri (corresponding to 31st July 2002)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 2050040927, Khobar

 

Chamber Member No.  : 80939

 

Issued Capital              : SR 150,000

 

Paid up Capital            : SR 150,000

 

Name of Partner (s)                                                       

 

·       Mohamed Matar Al Ghamdi                                                              

 

·       Saqar Mohamed Matar Al Ghamdi                                                    

 

·       Fathiya Abdullah Al Ghamdi

 

 

AFFILIATED COMPANIES

 

·       Al Fahma Coldstore Branch of Al Basma Al Oula Trading & Contracting Co

Dammam

 

 

OPERATIONS

 

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

 

·       Manufacturing Division

 

     Engaged in the manufacture of steel and aluminium products.

 

·       IT Division

 

     Engaged in the provision of IT solutions and services.

 

·       Foodstuffs Division

 

     Engaged in the import and distribution of general foodstuff products.

 

·       Trading Division

 

     Engaged in the import and distribution of building materials and construction equipment.

 

·       Construction & Real Estate Division

 

Engaged as general construction contractors and providers of real estate services.

 

Import Countries: India, Turkey and China

 

Principal Suppliers:

 

·         Ashoka International                        India

·         Vegas Industries                             India

·         Alba Kalip                                       Turkey

·         Shaheenlar Ferforge                        Turkey

·         Hebei Ornamental                            China

·         Al Fozan Building Material Co          Saudi Arabia

·         Al Muhaidib Building Material Co      Saudi Arabia

·         Al Faris Trading Co                          Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of 80 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 21,000,000                           SR 26,300,000

 

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

 

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

 

 

BANKERS

 

·       Arab National Bank (ANB)

King Street

PO Box: 18

Dammam 31411

Tel: (966-13) 8323440

Fax: (966-13) 8337829

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and 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.92.77

Euro

1

Rs.69.03

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.