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MIRA INFORM REPORT
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Report No. : |
503219 |
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Report Date : |
18.04.2018 |
IDENTIFICATION DETAILS
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Name : |
AL KHAIR TRADING OFFICE CO LTD |
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Registered Office : |
Industrial Area, Phase No. 4, PO Box 1466, Jeddah 21431 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
4030130328, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
General Trading
Division ·
Building Materials
Division ·
Real Estate Division |
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No. of Employees : |
90 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 KHAIR TRADING OFFICE CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Start Date :
1981
Registration Date :
22nd May 2000
Commercial Registration Number : 4030130328, Jeddah
Chamber Membership Number :
227
Issued Capital :
SR 14,500,000
Paid up Capital :
SR 14,500,000
Total Workforce :
90
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
No Complaints
Person Interviewed :
Mostafa Ali, Financial Controller
COMPANY
NAME
AL KHAIR TRADING OFFICE CO LTD
ADDRESS
Registered &
Physical Address
Location : Industrial
Area, Phase No. 4
PO Box :
1466
Town : Jeddah 21431
Country : Saudi Arabia
Telephone : (966-12) 6353399
/ 6422321 / 6432368 / 6355553
Facsimile : (966-12)
6354101
Mobile : (966-50)
5586878
Email : al_basha@yahoo.com
/ alkhair2002@hotmail.com
/ info@alkhairtrd.com
/ bakri66@alkhairtrd.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
Aswaq Al Tameer Area Office
premises
Riyadh
Tel: (966-11) 4383415
KEY
PRINCIPALS
Name Position
Ali Abdul Qader Ba Shanfer Managing
Partner
Saaed Abdul Qader Ba Shanfer Partner
Saleh Abdul Qader Salem Ba Shanfer Partner
Yousef Abdul Qader Salem Ba Shanfer Partner
Ahmed Abdul Qader Salem Ba Shanfer Partner
Ibrahim Abdul Qader Salem Ba Shanfer Partner
Ahmed Ali Bashanfer Assistant
General Manager
Mohamed Al Bana Commercial
Manager
Hamid Mostafa Financial
Manager
Ahmed Ali Sales
Manager
Bakri Idress Administration
Manager
Saeed Ba Duhaither Assistant
Administration Manager
Mostafa Ali Financial
Controller
Adnan Saleh Ba Shanfer Factory
Manager
Abu Baker Babuhair Senior
Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 1981, however
subject was registered on 18/02/1421 Hijri (corresponding to 22nd
May
2000)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030130328,
Jeddah
Chamber Member No. : 227
Issued Capital : SR 14,500,000
Paid up Capital : SR 14,500,000
Name of Partner
(s)
Ali Abdul Qader Ba Shanfer
Saaed Abdul Qader Ba Shanfer
Saleh Abdul Qader Salem Ba Shanfer
Yousef Abdul Qader Salem Ba Shanfer
Ahmed Abdul Qader Salem Ba Shanfer
Ibrahim Abdul Qader Salem Ba Shanfer
Heirs of the late Mohamed Abdul Qader Salem Ba Shanfer
AFFILIATED
COMPANIES
Techno Coat Factory
Jeddah
Al Khair Coffee Factory
Jeddah
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
General Trading Division
Distributors of general foodstuff products, specialising in fish, tea,
dairy products and vegetables.
Building Materials Division
Distributors of general building materials, ironmongery, paint and
timber.
Real Estate Division
Engaged in real estate services and property development.
Import Countries: United States of America, Ethiopia, India, Sri
Lanka and Malaysia
International
Suppliers:
Jamallal India
Basic India India
Pira Coffee Co Ethiopia
Ba Shanfer Coffee Trading Co Ethiopia
Subject has a workforce of 90 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Period
Ending 31/12/17:
Total Sales SR
380,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mostafa Ali,
Financial Controller
BANKERS
National Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-12) 6446644
Fax: (966-12) 6446644
Arab National Bank
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.
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.
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 company is deemed 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 65.61 |
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1 |
INR 94.21 |
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Euro |
1 |
INR 81.32 |
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SAR |
1 |
INR 17.52 |
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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DIV |
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Report Prepared
by : |
TPT |
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
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Promoters
/ Management background
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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.