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MIRA INFORM REPORT
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Report No. : |
488999 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
GULF POWER MARINE EST |
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Registered Office : |
King Khaled Street, PO Box: 3892, Al Khobar 31952 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
18.01.2001 |
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Com. Reg. No.: |
2051025435, Al Khobar |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of marine and
offshore products, oil and gas equipment, drilling products, safety and
firefighting equipment and solar technology products |
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No. of Employees : |
15 |
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 : |
Satisfactory |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 : GULF POWER MARINE EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 18th January 2001
Commercial Registration Number : 2051025435, Al Khobar
Membership Number : 47835
Invested Capital : SR 10,000
Total Workforce : 15
Activities : Distributors of marine and offshore products, oil and gas
equipment, drilling products, safety and firefighting equipment and
solar technology products
Financial Condition : Fair
Payments : No complaints
COMPANY
NAME
GULF POWER MARINE EST
ADDRESS
Registered & Physical
Address
Location : King Khaled Street
PO Box :
3892
Town :
Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-13) 8897371
Facsimile : (966-13) 8945809 / 8980154
Email : info@gulfpowermarine.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Al Khobar.
Branch Offices
Location Description
·
Andalus Street Office
premises
Al Ruwais District
Jeddah
Tel: (966-12)
6524794
Fax: (966-12)
6503439
KEY
PRINCIPALS
Name Position
· Abdullah Ali Al Qudaihi Proprietor
& General Manager
·
Abdullah Al Sheikh Assistant
General Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 18th
January 2001
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 2051025435, Al
Khobar
Membership No. :
47835
Invested Capital : SR 10,000
Mr Abdullah Ali Al Qudaihi is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of marine and offshore products,
oil and gas equipment, drilling products, safety and firefighting equipment and
solar technology products.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 15 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
10,800,000 SR
11,175,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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National Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-13)
8949669
Fax: (966-13)
8646474
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.
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 business 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 63.61 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.95 |
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SAR |
1 |
INR 17.04 |
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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NIS |
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Report Prepared
by : |
SYL |
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
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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.