MIRA INFORM REPORT

 

 

Report No. :

340214

Report Date :

11.09.2015

 

 

NOTE: Correct name of the subject is “MOHAMED ABDULLAH AL JIFRI SONS CO”.

 

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED ABDULLAH AL JIFRI SONS CO

 

 

Registered Office :

Queens Building, 16th Floor  King Abdulaziz Street Al Balad District Jeddah 21431, P O Box: 1424,

 

 

Country :

Saudi Arabia 

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

13.09.1391 Hijri (1st November, 1971)

 

 

Com. Reg. No.:

4030006952, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

• General Trading Division
 Engaged in the import and distribution of general foodstuffs, including canned and frozen foods.

• Stationery Division
 Engaged in the import and distribution of stationery products and office supplies.

• Contracting Division
Engage as real estate developers.

 

 

No. of Employees :

45

 

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

 

 

 

 

Company Name

 

MOHAMED ABDULLAH AL JIFRI SONS CO

 

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

MOHAMED ABDULLAH AL JIFRI SONS CO

2) Registered Address:

Address

:

Queens Building, 16th Floor  King Abdulaziz Street Al Balad District

Town

:

Jeddah 21431

PO Box

:

1424

Phone (s)

:

(966-12) 6440750

Mobile

:

(966-55) 5611550

Facsimile

:

(966-12) 6473651

Email

:

ctc-sa@hotmail.com

Web Address

:

n/a

Country

:

Saudi Arabia

3) Physical Address:

Address

:

Queens Building, 16th Floor  King Abdulaziz Street Al Balad District

PO Box

:

1424

Phone (s)

:

(966-12) 6440750

Country

:

Saudi Arabia

5) Prmises/ Operations:

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Limited Liability Partnership

Date of Registration

:

13/091391 Hijri (1st November 1971)

Commercial Registration Number

:

4030006952, Jeddah

Expiry Date

:

n/a

Issuing Authority

:

n/a

 

 

OTHER MEMBERSHIPS

 

Chamber Member No.

:

2610

 

 

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

 

Fair

Primary Business Activity

:

Subject operates several divisions (see below for details)

Number of Employees

:

45

Capital

:

SR 1,000,000

 

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

SR 1,000,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

SR 1,000,000

 

 

FINANCIAL SUMMARY

 

Financial highlights provided by local sources are given below:

Currency: Saudi Riyals (SR)

    Year Ending 31/12/13:  Total Sales   SR 16,125,000

    Year Ending 31/12/14:  Total Sales   SR 17,000,000

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

 

 

Branch Office/ Warehouse

 

Address

70th Street Jeddah

Phone No

(966-12) 6171276

Fax

(966-12) 6173974 / 6472659

Description

Warehouse premises

 

 

Banks

 

Name

Arab National Bank

Address

Madinah Road PO Box: 9463

PO BOX

 9463

Phone No

(966-12) 6600272

Fax

(966-12) 6650202

 

 

SHAREHOLDERS

 

S. No.

 

Country

No. of Shares

1

Ahmed Bin Mohamed Abdullah Al Jifri

n/a

n/a

2

Baqer Bin Mohamed Abdullah Al Jifri

n/a

n/a

3

Wadie Bin Mohamed Abdullah Al Jifri

n/a

n/a

4

Mohamed Al Ghazali  Abdullah Al Jifri

n/a

n/a

 

 

SENIOR MANAGEMENT

 

S. No.

Name

Designation

1

Ahmed Bin Mohamed Abdullah Al Jifri

Managing Partner

2

Baqer Bin Mohamed Abdullah Al Jifri 

Partner

3

Wadie Bin Mohamed Abdullah Al Jifri

Partner

4

Mohamed Al Ghazali  Abdullah Al Jifri

Partner

5

Feras Abdullah Al Jifri

General Manager

 

 

AFFILIATES

 

1

Company Name

:

Central Trading Corporation

 

CR No

:

4030202336

 

City

:

Jeddah

8)  • Black Gold International Oil FZCO

 

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

COUNTRY

ACTIVITY

Spain

Import

Germany

Import

Japan

Import

 

 

COMPANY DIVISIONS

 

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

• General Trading Division
 Engaged in the import and distribution of general foodstuffs, including canned and frozen foods.

• Stationery Division
 Engaged in the import and distribution of stationery products and office supplies.

• Contracting Division
Engage as real estate developers.

 

 

Brand Names

 

ACTO / MARVY & JOHAN FABER

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Jebel Ali Free Zone Area of Dubai

 

 

Payment

 

No complaints regarding subject’s payments have been reported.

 

 

Investigator's Comments

 

Person Interviewed   : Mohamed Tayyab Ali, Administration Manager

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.66.58

UK Pound

1

Rs.102.29

Euro

1

Rs.74.71

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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.