MIRA INFORM REPORT

 

 

Report No. :

323123

Report Date :

22.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AL ASDAF TRADING EST

 

 

Registered Office :

Jeddah Street 42 Jubail 31951

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

22.12.1993

 

 

Com. Reg. No.:

2055003361, Jubail

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of safety equipment, hand tools and building materials.

 

 

No. of Employee :

60

 

 

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 ASDAF TRADING EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 22nd December 1993

Commercial Registration Number           : 2055003361, Jubail

Chamber Membership Number               : 51035

Invested Capital                                                : SR 1,500,000

Total Workforce                         : 60

Activities                                               : Distributors of safety equipment, hand tools and building materials

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

 

COMPANY NAME

 

AL ASDAF TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Jeddah Street

 

PO Box            : 42

 

Town                : Jubail 31951

Country : Saudi Arabia

 

Telephone         : (966-13) 3623921 / 3620988 / 3623921

Facsimile          : (966-13) 3620984

Email                : alasdaf@al-asdaf.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Al Farzdaq Street                                                                              Office premises

Al Batha District

Riyadh

Tel: (966-11) 4051704

Fax: (966-11) 4025473

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdullah Bin Salman Al Jamaz                                                          Proprietor & General Manager

 

·       Ahmed Al Zamam                                                                             Commercial Manager

 

·       Fath Al Refi                                                                                      Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 22nd December 1993

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 2055003361, Jubail

 

Chamber Member No.  : 51035

 

Invested Capital           : SR 1,500,000

 

Mr Abdullah Bin Salman Al Jamaz is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of safety equipment, hand tools and building materials.

 

Import Countries: China, United States of America, Sweden, France, and Italy

 

International Suppliers:

 

·       Dewalt                                 China

·       Dalloz Safety                       Sweden

·       Steel Grip Inc                       United States of America

·       MAPA Professional              France

·       Mundial                                Italy

·       Boyuan Gloves                     China

 

Operating Trend: Steady

 

Subject has a workforce of 60 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 15,185,000                           SR 17,000,000

 

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

PO Box: 58

Jubail 51951

Tel: (966-13) 3612896

Fax: (966-13) 3611750

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

 

Please note that the correct name of the subject is “Al Asdaf Trading Est” and not “Al Sadaf Trading Est”.

 

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.63.70

UK Pound

1

Rs.98.92

Euro

1

Rs.70.67

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.