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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

490299

Report Date :

05.02.2018

 

 

IDENTIFICATION DETAILS

 

Name :

HASSAN AHMED MUZAFFAR TRADING EST

 

 

Registered Office :

Petromin Street, Petromin District, PO Box: 30461, Jeddah 21477

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

07.04.1975

 

 

Com. Reg. No.:

4030008859, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import and distribution of general foodstuffs, including rice and spices.

 

 

No. of Employees :

25

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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 2016, the Kingdom incurred a budget deficit estimated at 13.6% 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. Plans to cut deficits include introducing a value-added tax and reducing subsidies on electricity, water, and petroleum products. 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : HASSAN AHMED MUZAFFAR TRADING EST

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 7th April 1975

Commercial Registration Number           : 4030008859, Jeddah

Membership Number                             : 4562

Invested Capital                                    : SR 100,000

Total Workforce                                                : 25

Activities                                               : Distributors of general foodstuffs

Financial Condition                                : Fair

Payments                                             : No complaints

 

 

 

COMPANY NAME

 

HASSAN AHMED MUZAFFAR TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Petromin Street

Area                 : Petromin District

PO Box                        : 30461

Town                : Jeddah 21477

Country : Saudi Arabia

Telephone         : (966-12) 6365559 / 6377284

Facsimile          : (966-12) 6361284

Mobile              : (966-50) 4632171

Email                : info@hamefoodstuff.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Jeddah.

 

Branch Offices

 

Location                                                                                          Description

 

·       Riyadh                                                                                             Warehouse premises

 

·       Madinah                                                                                           Warehouse premises

 

·       Al Khobar                                                                                         Warehouse premises    

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hassan Ahmed Muzaffar                                                                   Proprietor & General Manager

 

·       Javid Hashim                                                                                   Sales Manager

 

·       Ramadan Akamal                                                                             Accountant

 

·       Mukhtiyar Mohamed                                                                         Financial Controller

 

·       Abdul Raouf Ahmed                                                                         Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25/03/1395 Hijri (corresponding to 7th April 1975)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 4030008859, Jeddah

 

Membership No.           : 4562

 

Invested Capital           : SR 100,000

 

Mr. Hassan Ahmed Muzaffar is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including rice and spices.

 

Import Countries: Europe and India

 

International Suppliers:

 

·       Shree Jagdamba                  India

·       Mahavir Rice                        India

 

Operating Trend: Steady

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/15:              Year Ending 31/12/16:

 

Total Sales                                SR 16,100,000                           SR 17,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-12) 6446644

Fax: (966-12) 6446644

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.08

UK Pound

1

INR 91.34

Euro

1

INR 80.03

SAR

1

INR 17.10

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

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.