MIRA INFORM REPORT
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Report No. : |
332766 |
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Report Date : |
22.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ASSAGGAFF TRADING COMPANY LTD |
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Registered Office : |
East to Express Highway, Palestine Street, PO Box 3385,
Jeddah 21471 |
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Country : |
Saudi
Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
08.04.1975 |
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Com. Reg. No.: |
4030008934 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Sanitary Ware Division ·
Auto Spare Parts
Division |
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No. of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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, telecommuncations, 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 :
ASSAGGAFF TRADING COMPANY LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
8th April 1975
Commercial Registration Number :
4030008934, Jeddah
Chamber Membership Number :
7498
Issued Capital :
SR 500,000
Paid up Capital :
SR 500,000
Total Workforce :
45
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hassan Ali Assaggaff, Administration Manager
COMPANY
NAME
ASSAGGAFF TRADING COMPANY LTD
ADDRESS
Registered &
Physical Address
Location : East to Express Highway, Palestine Street
PO Box : 3385
Town : Jeddah 21471
Country : Saudi Arabia
Telephone : (966-12) 2500989 / 2500624
Facsimile : (966-12) 2500971 / 2500960
Email : industrial@assaggaff.com
/ info@assaggaff.com
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
Al Amir Majed Street Office
premises
Jeddah
Tel: (966-12) 6761574 / 6294847
Fax: (966-12) 6708173 / 6294995
Al Amir Salman Street Office
premises
Riyadh
Tel: (966-11) 2411848
Subject also has branch offices located in Tabuk, Sakaka, Madinah, Hail,
Buraidah, Hafr Al Baten, Dammam, Jizan and Khamis Mushait.
KEY
PRINCIPALS
Name Position
Amal Alwai Abdullah Assaggaff Managing
Partner
Sara Abdullah Alwai Assaggaff Partner
Taha Omar Al Kaff Sales
Manager – Auto Spare Parts Division
Ahmed Aqeel Assaggaff Sales Manager – Sanitary Division
Abdulmoniem Mohamed Ismail Financial
Controller
Hassan Ali Assaggaff Administration
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 27/03/1395 Hijri
(corresponding to 8th April 1975)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030008934, Jeddah
Chamber Member No. : 7498
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner
(s)
Amal Alwai Abdullah Assaggaff
Sara Abdullah Alwai Assaggaff
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
Sanitary Ware Division
Engaged in the import and distribution of
sanitary ware products, building materials and tools.
Auto Spare Parts Division
Engaged in the import and distribution
of Japanese automobile spare parts and related accessories.
Import Countries: Japan, China, Italy, Germany and India.
Agencies Held:
SMC Corporation Japan
Brand Names: DOLPHY, KOONEE,
PRIMO, ATLAS FILTRI, LA TORRE, MOLLER, COCCON, RECO GROUP, MAIOLO, CALFLEX, B METERS,
MALODA, CEON and RUX
Operating Trend: Steady
Subject has a workforce of 45 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
22,450,000 SR
23,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
National Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-12) 6446644
Fax: (966-12) 6446644
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Assaggaff Trading
Company Ltd” and not “Al Saggaf 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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.