MIRA INFORM REPORT

 

 

Report No. :

343731

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED SALEEM AL HARBI EST

 

 

Registered Office :

Makkah Road, Kilo 9, PO Box 40934, Jeddah 21511

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

20.09.1981

 

 

Com. Reg. No.:

4030031667

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

·         Trading Division

·         Contracting Division

 

 

No. of Employees :

107

 

 

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                                    : MOHAMED SALEEM AL HARBI EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 20th September 1981

Commercial Registration Number           : 4030031667, Jeddah

Chamber Membership Number               : 20273

Invested Capital                                    : SR 200,000

Total Workforce                                     : 107

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Ibrahim Abdul Hameed, Financial Controller

 

COMPANY NAME

 

MOHAMED SALEEM AL HARBI EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Makkah Road, Kilo 9

PO Box            : 40934

Town                : Jeddah 21511

Country             : Saudi Arabia

Telephone         : (966-12) 6208533 / 6203013

Facsimile          : (966-12) 6210036

Mobile              : (966-50) 4676062

Email                : eng.aalharbi@yahoo.com / alharbi.est@yahoo.com

 

Premises

 

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

 

Branch Offices

 

Location                                                                                               Description

 

Al Hamdaniah District                                                                            Office premises

Jeddah

Tel: (966-12) 2894404

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Mohamed Saleem Al Harbi                                                                     Proprietor & General Manager

 

Abdulrahman Mohamed Saleem Al Harbi                                                Assistant General Manager

 

Sami Abdul Ghani                                                                                 Financial Manager

 

Ashraf Hegazi                                                                                       Commercial Manager

 

Ibrahim Abdul Hameed                                                                          Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21/11/1401 Hijri (corresponding to 20th September 1981)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030031667, Jeddah

 

Chamber Member No.  : 20273

 

Invested Capital           : SR 200,000

 

Mr Mohamed Saleem Al Harbi is the sole proprietor of the business.

 

 

OPERATIONS

 

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

 

Trading Division

 

Engaged in the import and distribution of building and electrical materials.

 

Contracting Division

 

Engaged as general construction contractors.

 

International Suppliers:

 

Top & Anchor                                        India

Tagaria Iron & Steel Co Ltd                    China

Hedai Raysite Trading Co Ltd                 China

Al Tayar Factory                                    Saudi Arabia

Inara Saudi Co                                      Saudi Arabia

Al Fanar Co                                           Saudi Arabia

Nova Plastic                                         Turkey

Philips UAE                                          United Arab Emirates

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 107 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 132,000,000                         SR 137,300,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Ibrahim Abdul Hameed, Financial Controller

 

 

BANKERS

 

Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-12) 6513333

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

 

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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