MIRA INFORM REPORT

 

 

Report No. :

324335

Report Date :

02.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SAEED AHMAD ALMAHROOS & SONS COMPANY

 

 

Registered Office :

Prince Naif Street, Unit 8, Al Mohamadiya District, Seihat, PO Box 354 & 5279, Dammam 31411

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

26.07.1992

 

 

Com. Reg. No.:

2050023677

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products. Subject also operates 5 supermarkets located in Dammam, Qatif and Al Ahsa.

 

 

No. of Employees :

570

 

 

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, 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                                    : SAEED AHMAD ALMAHROOS & SONS COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 26th July 1992

Commercial Registration Number           : 2050023677, Dammam

Chamber Membership Number               : 3964

Issued Capital                                       : SR 3,500,000

Paid up Capital                                     : SR 3,500,000

Total Workforce                                     : 570

Activities                                               : Import and distribution of general foodstuff products. Subject also

   operates

                                                              5 supermarkets.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Riyad Ali Abu Khater, Marketing Manager

 

COMPANY NAME

 

SAEED AHMAD ALMAHROOS & SONS COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Prince Naif Street, Unit 8

Area                 : Al Mohamadiya District, Seihat

PO Box            : 354 & 5279

Town                : Dammam 31411

Country             : Saudi Arabia

Telephone         : (966-3) 8837558 / 8392923 / 8376655 / 8375588 / 8375599 / 8380213

Facsimile          : (966-3) 8290712 / 8376622

Email                : mahroos@al-mahroos.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Dammam.

 

Branch Office (s)

 

Subject operates branches located in Riyadh, Jeddah, Qassim, Khamis Mushait and Arar.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdulaziz Saeed Ahmed Al Mahroos                                          Managing Partner

 

Khalid Saeed Ahmed Al Mahroos                                               Partner

 

Badr Saeed Ahmed Al Mahroos                                                 Partner

 

Riyad Ali Abu Khater                                                                 Marketing Manager

 

Mohamed Tayseer                                                                     Financial Controller

 

Najeeb Al Yousef                                                                      Human Resources Manager

 

Hassan Al Attas                                                                        Accountant

 

Ali Hamza Al Khabaz                                                                 Administration Manager

LEGAL FORM & OWNERS

 

Date of Establishment  : 26/01/1413 Hijri (corresponding to 26th July 1992)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 2050023677, Dammam

 

Chamber Member No.  : 3964

 

Issued Capital              : SR 3,500,000

 

Paid up Capital            : SR 3,500,000

 

Name of Partner (s)

 

Abdulaziz Saeed Ahmed Al Mahroos

 

Khalid Saeed Ahmed Al Mahroos

 

Badr Saeed Ahmed Al Mahroos

 

 

AFFILIATED COMPANIES

 

Mazaya Food Trading

Qatif

Tel: (966-13) 8543197

Fax: (966-13) 8543268

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products. Subject also operates 5 supermarkets located in Dammam, Qatif and Al Ahsa.

 

Import Countries: United States of America, Germany, India and Spain.

 

International Suppliers:

 

Hochwald                                  Germany

Melso                                       Spain

Orlando Grape Leaf                   United States of America

 

Brand Names: TANDY, BAB AL KHAIR, ORLANDA and SHARMINAR

 

Subject has a workforce of approximately 570 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

PO Box: 13

Dammam 31411

Tel: (966-13) 8331188

Fax: (966-13) 8336058

 

Saudi British Bank

PO Box: 1618

Dammam 31411

Tel: (966-13) 8331553

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.61

UK Pound

1

Rs.97.27

Euro

1

Rs.69.63

 

 

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.