MIRA INFORM REPORT

 

 

Report No. :

320910

Report Date :

08.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AL MEHBAAJ EL SHAMYH TRADING COMPANY

 

 

Registered Office :

Musa Bin Naseer Alakaria Alolaia, 3rd Floor, Office No. 311, PO Box 250400, Riyadh 11391

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.08.2008

 

 

Com. Reg. No.:

1010254943

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Engaged in the wholesale and retail of coffee, tea, nuts and related snack items.

 

 

No. of Employees :

100

 

 

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                                    : AL MEHBAAJ EL SHAMYH TRADING COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Joint Stock Company

Registration Date                                  : 13th August 2008

Commercial Registration Number           : 1010254943, Riyadh

Chamber Membership Number               : 32037

Issued Capital                                       : SR 200,000

Paid up Capital                                     : SR 200,000

Total Workforce                                     : 100

Activities                                               : Wholesalers and retailers of coffee, tea, nuts and related snack items.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

AL MEHBAAJ EL SHAMYH TRADING COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Musa Bin Naseer Alakaria Alolaia, 3rd Floor, Office No. 311

PO Box            : 250400

Town                : Riyadh 11391

Country             : Saudi Arabia

Telephone         : (966-11) 4351800 / 4603368

Facsimile          : (966-11) 4351800

Email                : info@almehbaaj.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                               Description

 

Al Khobar                                                                                             Office premises

 

Yanbu                                                                                                   Office premises

 

 

KEY PRINCIPALS

 

Name                                                                           Position

 

Adnan Maher Adnan Al Lahham                                      Chairman

 

Nasser Abdul Hadi Mukeen Al Mukeen                            Director

 

Hamed Hamad Suleiman Al Humaidi                               Director

           

Samy Atteya                                                                 Finance Manager

 

Mohamed Marwany                                                       Human Resources Manager

 

Ayman Abdullah                                                            Assistant Administrative Officer

 

Mohamed El Dosary                                                      Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th August 2008

 

Legal Form                  : Joint Stock Company

 

Commercial Reg. No.   : 1010254943, Riyadh

 

Chamber Member No.  : 32037

 

Issued Capital              : SR 200,000

 

Paid up Capital            : SR 200,000

 

Name of Shareholder (s)                                              

 

Nasser Abdul Hadi Mukeen Al Mukeen               

 

Hamed Hamad Suleiman Al Humaidi

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of coffee, tea, nuts and related snack items.

 

Import Countries: Oman, Bahrain and the United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of 100 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 24,800,000                           SR 26,125,000

 

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 Faisal Street

PO Box: 56921

Riyadh 11564

Tel: (966-11) 4029000

Fax: (966-11) 4027747

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Al Mehbaaj El Shamyh Trading Company” and not “Al Mehbaaj Trading Company”.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.88

UK Pound

1

Rs.97.21

Euro

1

Rs.72.51

 

 

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%)

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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.