MIRA INFORM REPORT

 

 

Report No. :

323259

Report Date :

27.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ABDULLAH SALIM AL GOTHMI EST

 

 

Registered Office :

Makkah Road, Kilo 2, Bab Makkah, PO Box 367, Jeddah 21411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1956

 

 

Com. Reg. No.:

4030055402

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the wholesale and retail of automotive spare parts.

 

 

No. of Employees :

25

 

 

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, telecommunications, 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                                    : ABDULLAH SALIM AL GOTHMI EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Start Date                                             : 1956

Registration Date                                  : 29th November 1986

Commercial Registration Number           : 4030055402, Jeddah

Membership Number                             : 25824

Invested Capital                                    : SR 1,500,000

Total Workforce                         : 25

Activities                                               : Wholesalers and retailers of automotive spare parts.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Ayman Abdullah Ahmed Al Gothmi, Assistant General Manager

 

COMPANY NAME

 

ABDULLAH SALIM AL GOTHMI EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Makkah Road, Kilo 2

Area                 : Bab Makkah

PO Box                        : 367

Town                : Jeddah 21411

Country : Saudi Arabia

Telephone         : (966-12) 6318636 / 6881289

Facsimile          : (966-12) 6310954

Mobile              : (966-55) 8868899

Email                : a-alguthmi@hotmail.com

 

Premises

 

Subject operates from a small suite of offices and a showroom with storage facilities that are rented and located in the Suburban Business Area of Jeddah.

 

Branch Offices

 

Location                                                                                               Distribution

 

Al Montazah Street                                                                                Rented showroom premises

Old Industrial City

PO Box: 3740

Riyadh 11481

Tel: (966-11) 4468638

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdullah Salim Ahmed Al Gothmi                                               Proprietor & General Manager

 

Ayman Abdullah Ahmed Al Gothmi                                             Assistant General Manager

 

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : Subject's operations date back to 1956, however it was registered on 27/03/1407 Hijri  (corresponding to 29th November 1986)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030055402, Jeddah

 

Membership No.           : 25824

 

Invested Capital           : SR 1,500,000

 

Mr Abdullah Salim Ahmed Al Gothmi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of automotive spare parts.

 

Import Countries: Germany

 

Brand Names: MERCEDES BENZ, BMW, NISSAN, TOYOTA and DATSUN

 

Operating Trend: Steady

 

Subject has a workforce of 25 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 17,225,000                           SR 17,900,000

 

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

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

 

Arab National Bank (ANB)

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                July 2006

Credit amount                                       250,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Euros

 

 

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.63.85

UK Pound

1

Rs.98.38

Euro

1

Rs.69.64

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.