MIRA INFORM REPORT      

 

 

Report No. :

328391

Report Date :

29.06.2015

 

 

IDENTIFICATION DETAILS

 

Name :

WALEED HASSAN YASLEM EST

 

 

Registered Office :

Abu Zakaria Street, Atiqa Area, Olaya District, P O Box: 5579, Riyadh 11432

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

29.10.1422 Hijri (Corresponding to 13th January 2002)

 

 

Com. Reg. No.:

1010173050, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesale and Retail of General Foodstuff Products, Cosmetics and Fruit Juice.

 

 

No. of Employees :

55

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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                                    : WALEED HASSAN YASLEM EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 13th January 2002

Commercial Registration Number           : 1010173050, Riyadh

Chamber Membership Number               : 118371

Invested Capital                                                : SR 50,000

Total Workforce                                     : 55

Activities                                               : Wholesale and retail of general foodstuff products, cosmetics and

                                                              fruit juice.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Kashif Mohamed Qati, Finance Manager

 

 

COMPANY NAME

 

WALEED HASSAN YASLEM EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Abu Zakaria Street

Area                 : Atiqa Area, Olaya District

 

PO Box                        : 5579

 

Town                : Riyadh 11432

Country             : Saudi Arabia

 

Telephone         : (966-11) 4588801 / 4588802 / 4588803

Facsimile          : (966-11) 4590473

Email                : info@mezzanfoods.com / meezan111@hotmail.com

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                           Description

 

·       Dammam                                                                                         Office premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Waleed Hassan Yaslem                                                                    Proprietor & General Manager

 

·       Hassan Yaslem Al Jabri                                                                    Assistant General Manager

 

·       Aftikhar Khan                                                                                    Administration Manager

 

·       Abdul Samad Mohamed                                                                   Foodstuff Division Manager

 

·       Aref Siddique                                                                                   Cosmetics Division Manager

 

·       Kashif Mohamed Qati                                                                       Finance Manager

 

·       Abdul Kareem Mohamed Qassem                                                     Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29/10/1422 Hijri (corresponding to 13th January 2002)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010173050, Riyadh

 

Chamber Member No.  : 118371

 

Invested Capital           : SR 50,000

 

Mr Waleed Hassan Yaslem is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Ruwaiha Food Factory

Riyadh

 

·       Loving Commercial House

Riyadh

 

·       Bait Al Ruz

Riyadh

 

·       Red Onion Restaurant

Riyadh

 

·       Rweha Trading Est

Riyadh

 

·       Faisal Hassan Est

Riyadh

 

 

OPERATIONS

 

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

 

·       Foodstuff Division

 

Engaged in the wholesale and retail of general foodstuff products including rice, spices and beverages such as tea and coffee.

 

·       Cosmetics Division

 

     Engaged in the wholesale and retail of beauty products and cosmetics.

 

·       Juice Division

 

Engaged in the distribution of beverages and fruit juices.

 

Import Countries: Indian, Pakistan, Sri Lanka, Thailand and Europe

 

International Suppliers

 

·       Vicco Laboratories Products             India

·       Karnataka                                         India

·       S V Products                                   India

·       Dorcas Ltd                                       India

·       Jyothy Lab                                       India

·       Heinz                                               India

·       Choluyal Pvt Ltd                               India

·       VICCO Lab                                       India

·       Mahveer Rice                                   India

·       United Trading                                  Pakistan

·       International Fragrance                      Pakistan

·       United Company Ltd                         Pakistan

 

Operating Trend: Steady

 

Subject has a workforce of 55 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 14,810,000                           SR 15,270,000

 

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

Sitteen Street

PO Box: 2901

Riyadh 11461

Tel: (966-11) 4794400

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               May 2004

Credit amount                                       72,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

 

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.