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Report No. : |
324339 |
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Report Date : |
04.06.2015 |
IDENTIFICATION DETAILS
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Name : |
AL NAFEA FOODS COMPANY |
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Registered Office : |
Ali Reda Building, 4th Floor, King Abd Aziz Street, PO Box
12449, Jeddah 21473 |
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Country : |
Saudi
Arabia |
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Date of Incorporation : |
2013 |
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Com. Reg. No.: |
4030249210 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs such as,
rice, tomato sauce, milk and tuna. |
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No. of Employees : |
200 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source
: CIA |
Company Name :
AL NAFEA FOODS COMPANY
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
2013
Commercial Registration Number :
4030249210, Jeddah
Issued Capital :
SR 40,000,000
Paid up Capital :
SR 40,000,000
Total Workforce :
200
Activities :
Distributors of general foodstuffs
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Hawamda, Finance Manager
AL NAFEA FOODS COMPANY
Registered &
Physical Address
Building : Ali Reda
Building, 4th Floor
Street : King Abd
Aziz Street
PO Box : 12449
Town : Jeddah 21473
Country : Saudi Arabia
Telephone : (966-12)
6473635
Facsimile : (966-12)
6477621
Email : info@alnafea.com
Please note that the correct PO Box number is 12449 and not 1244.
Premises
Subject operates from a large suite of offices a warehouse and a
production unit that are rented and located in the Central Business Area of
Jeddah.
Branch Office (s)
Location Description
Tabuk Rented
office & warehouse premises
Barida Rented
office & warehouse premises
Kora Asha Rented
office & warehouse premises
Madina El Munawara Rented
office & warehouse premises
Dammam Owned
office & warehouse premises
Jeddah Owned
office & warehouse premises
Riyadh Owned
office & warehouse premises
Name Position
Yossef Mohamed Nafea Chairman
Mohamed Hawamda Finance
Manager
Abdel Hamed Eid Human
Resources Manager
Date of Establishment : 2013
Legal Form : Limited Liability
Company
Commercial Reg. No. : 4030249210,
Jeddah
Issued Capital : SR 40,000,000
Paid up Capital : SR 40,000,000
Name of
Shareholders (s) Percentage
Al Nafea Holding 90%
Mohamed Saleh Al Nafea and Sons Co 10%
Office Designs
Al Nafea Partitions
Activities: Engaged in the import and distribution of general foodstuffs such as,
rice, tomato sauce, milk and tuna.
Import Countries: India, United States of America and Pakistan.
Brand Names: ABO BINTEEN, EL TAIE, EL BAKHBRA and GWAD
Subject has a workforce of approximately 200 employees.
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.
Al Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-12) 6377810
Riyad Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
No complaints regarding subject’s payments have been reported.
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.63.85 |
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|
1 |
Rs.98.12 |
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Euro |
1 |
Rs.71.28 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.