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MIRA INFORM REPORT
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Report No. : |
500790 |
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Report Date : |
03.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SAFARI CO LTD |
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Registered Office : |
Khurais Street, P O Box: 7710, Riyadh 11472 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
29.12.1980 |
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Com. Reg. No.: |
1010034600, Riyadh |
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Legal Form : |
Closed
Shareholding Company |
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Line of Business : |
Subject operates
through the following divisions: ·
Operation
and Maintenance Division ·
Construction
Division ·
Health
Care Division ·
Investment
Division ·
Industrial
Division |
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No. of Employees : |
400 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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 2017, the Kingdom incurred a budget deficit estimated at 8.3% of GDP, which was financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has cut capital spending and reduced subsidies on electricity, water, and petroleum products and plans to introduce a value-added tax. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the health care, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.
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Source
: CIA |
SUMMARY
Company Name : SAFARI CO LTD
Country of Origin : Saudi
Arabia
Legal Form :
Closed Shareholding Company
Registration Date : 29th
December 1980
Commercial
Registration Number : 1010034600, Riyadh
Chamber Membership
Number : 15779
Issued Capital : SR 150,000,000
Paid up Capital : SR
150,000,000
Total Workforce :
400
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments :
Regular
COMPANY
NAME
SAFARI CO LTD
ADDRESS
Registered & Physical
Address
Location : Khurais Street
PO Box : 7710
Town : Riyadh 11472
Country : Saudi Arabia
Telephone : (966-11) 2315577 / 2329481
Facsimile : (966-11) 2300010
Mobile : (966-50) 4445714
Email : info@safari.com.sa
Premises
Subject operates
from a small / medium sized / large suite of offices that are rented and
located in the Central Business Area of Riyadh.
Branch Offices
Location Description
· PO Box: 15005 Office
premises
Jeddah 21444
Tel: (966-12) 6857300
Fax: (966-12) 6857339
· PO Box: 8070 Office
premises
Dammam 31482
Tel: (966-13) 8832225
Fax: (966-13) 8832224
KEY
PRINCIPALS
Name Nationality Position
· Saleh Ali Al Saqri Saudi Chairman
·
Saud Saleh Ali Al Saqri Saudi Director
·
Abdullah
Suliman Al Shamasi Saudi Director
· Mohammed Ali Al
Saqri Saudi Director
·
Mohammed
Saleh Al Eid Saudi Director
· Ali Saleh Al
Saqri Saudi Director
· Hammad
Abdulaziz Al Bawardi Saudi Director
LEGAL
FORM & OWNERS
Date of Establishment : 29th
December 1980
Legal Form :
Closed Shareholding Company
Commercial Reg. No. : 1010034600,
Riyadh
Chamber Member No. : 15779
Issued Capital : SR 150,000,000
Paid up Capital : SR 150,000,000
Name of
Shareholder (s) Percentage
· Saleh Ali Al Saqri 90%
· Saud Saleh Ali Al Saqri 10%
OPERATIONS
Activities: Subject operates through the following
divisions:
·
Operation and Maintenance Division
The Operation and Maintenance division is considered one of the basic
sectors of Safari Group. Safari O&M is also the main provider of operation
and maintenance works throughout the Kingdom of Saudi Arabia and the GCC
Region. Since 1993, it has been executing all the Operation & Maintenance
services to King Abdulaziz International Airport in Jeddah, King Fahad
International Airport in Dammam, Princess Nora Bint Abdulrahman University
which is one of the biggest Universities worldwide and King Fahad Medical City
in Riyadh. In addition, many governmental projects such as Ministry of
Interior, and leading private sector companies such as Aramco and Kingdom
Holding Co.
·
Construction Division
Safari witnessed an effective activity in the field of contracts and
minor construction as part of its overall Operation & Maintenance
portfolio. As part of its plan, it has adopted a strategy aiming to enhance its
position in the contracting sector in Saudi Arabia. With this in mind, it has
strengthened its core competencies and formed some major Joint Ventures which
in turn will support projects of various governmental sectors and is now fast
becoming a formidable competitor in the field of construction.
·
Health Care Division
Engaged in the provision of health care services, specialising in
plastic surgery and dermatology.
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Investment Division
In consistence with an ever-expanding investment atmosphere, a booming
market and tremendous growth in real estate investment, Safari Group had to
expand accordingly. The Group invests both in the Kingdom and Globally,
expanding its business nationally and overseas. Domestic investments include
real estate and private equity.
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Industrial Division
Subject is a diversified
supplier of solutions and services to the oil and gas, water, and petrochemical
industries in the Kingdom of Saudi Arabia.
Subject has a
workforce of approximately 400 employees.
FINANCIAL
DATA
Companies
registered in Saudi Arabia are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
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Arab
National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-11) 4029000
Fax: (966-11) 4027747
PAYMENT
HISTORY
Subject’s payments
have been reported to be regular.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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SAR |
1 |
INR 17.34 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.