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MIRA
INFORM REPORT
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Report No. : |
502816 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AL QARYAN GROUP FOR TRADING INDUSTRY & CONTRACTING |
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Registered Office : |
Dammam Khobar Highway, Abu
Hadriyah Road, Plot No. 71 Dallah
Industrial Area PO Box - 3703 Dammam 31481 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
14.05.2000 |
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Com. Reg. No.: |
2050036333 |
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Legal Form : |
Saudi Closed Joint Stock Company |
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Line of Business : |
Subject is engaged in the processing and export of scrap
metal (both ferrous and non ferrous), including cable recycling and metal
recycling. |
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No. of Employees : |
530 |
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 : AL QARYAN GROUP FOR TRADING INDUSTRY & CONTRACTING
Country of Origin : Saudi Arabia
Legal Form : Saudi Closed Joint Stock Company
Registration Date : 14th May 2000
Commercial Registration Number : 2050036333, Dammam
Chamber Membership Number : 23703
Issued Capital : SR 70,000,000
Paid up Capital : SR 70,000,000
Total Workforce : 530
Activities : Processing and export of scrap metal
Financial Condition : Good
Payments : Regular
Operating Trend : Steady
Person Interviewed : Afroz Ahmed, Finance Manager
COMPANY NAME
AL QARYAN GROUP FOR TRADING INDUSTRY & CONTRACTING
ADDRESS
Registered & Physical Address
Location : Dammam
Khobar Highway, Abu Hadriyah Road, Plot
No. 71
Area : Dallah Industrial Area
PO Box :
3703
Town :
Dammam 31481
Country :
Saudi Arabia
Telephone :
(966-13) 8226969
Facsimile :
(966-13) 8223939
Mobile :
(966-50) 3500068 / 3534000 / 0610866
Email :
info@alqaryan.com / alhabshi@alqaryan.com / afroz@alqaryan.com
/
s.banihani@alqaryan.com m.mutairi@alqaryan.com
Premises
Subject operates from a large suite of offices and a
warehouse that are rented and located in the Industrial Area of Dammam.
Branch Offices
Location Description
· Uthman
Bin Affan Street Office
premises
PO
Box: 6622
Dammam
Subject also has branch offices located
in Nabiyah, Jubail, Riyadh, Abqaiq, Yanbu, Alkhafgi, Alhafoof, Hafer Albatin
and Buraidah.
KEY PRINCIPALS
Name Position
· Mohamed
Qaryan Fahid Al Qahtani Managing
Director
· Hamoud
Qaryan Al Qahtani Director
· Fahid
Qaryan Al Qahtani Director
· Abdul
Rahman Fahd Al Qaryan Director
· Sofiyan Banihani Operations
Manager
· Mohamed Al Mutairi Human
Resources Manager
· Afroz Ahmed Finance
Manager
· Javid Ahmed Hussain Commercial
Manager
· Omar Al Habshi Public
Relations Manager
· Mukhtar Hindi Senior
Accountant
LEGAL FORM & OWNERS
Date
of Establishment :
11/02/1421 Hijri (corresponding to 14th May 2000)
History :
Subject was previously called “Mohamed Qaryan Al Qahtani And Partners Group For
Trading Industry & Contracting”. However in January 2012
it changed its name to “Al
Qaryan Group For Trading Industry & Contracting”. Subject became a
Saudi Closed
Joint Stock Company in August 2015.
Legal
Form : Saudi Closed Joint Stock Company
Commercial
Reg. No. :
2050036333, Dammam
Chamber
Member No. : 23703
Issued Capital : SR
70,000,000
Paid up Capital : SR
70,000,000
Name
of Shareholder (s)
· Mohamed
Qaryan Fahid Al Qahtani
· Hamoud
Qaryan Al Qahtani
· Fahid
Qaryan Al Qahtani
· Abdul
Rahman Fahd Al Qaryan
AFFILIATED COMPANIES
· Al
Qaryan Steel Company
Industrial
Area
PO
Box: 2718 & 3703
Dammam
21481
Tel:
(966-13) 8226969
Fax:
(966-13) 8223939
· Fahid Qaryan Al Qahtani Est
Dammam
· Metals
Recycling Company
· National
Metal Recycling Company
· Eastern
Pallet Factory
· Steel
& Alloys Company Limited
· Jana
Marine Services
OPERATIONS
Activities: Engaged in the processing and export
of scrap metal (both ferrous and non ferrous), including cable
recycling and metal recycling.
Subject is also engaged in the wholesale
and retail of machinery, hardware, tools and batteries.
Import Countries: Europe and GCC countries
Suppliers:
·
Rajdani Refinery
Pvt Ltd India
·
Abora Metals United
Arab Emirates
·
Sharif Metals United
Arab Emirates
·
Sapphire
Marble & Building Materials LLC United
Arab Emirates
Operating Trend: Steady
Subject has a workforce of approximately 530 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given
below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales SR
1,600,000,000 SR
1,685,000,000
Local sources consider subject’s financial condition to be
Good.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
National Commercial Bank
PO
Box: 13
Dammam
31411
Tel:
(966-13) 8331188
Fax: (966-13) 8336058
·
Saudi British Bank
PO
Box: 1618
Dammam
31411
Tel:
(966-13) 8331553
PAYMENT HISTORY
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 65.13 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 80.59 |
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SAR |
1 |
INR 17.44 |
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 : |
TRU |
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
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.