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MIRA INFORM REPORT
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Report No. : |
489156 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AL GHARBIA FARMS POULTRY EST |
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Registered Office : |
Al Shamiya Main Street Asfan
Area PO Box 1597 Jeddah 21441 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
26.05.1996 |
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Com. Reg. No.: |
4030118840 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the operation of poultry farms and
the production of eggs. |
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No. of Employees : |
115 |
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 : AL GHARBIA FARMS POULTRY EST
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 26th May 1996
Commercial Registration Number : 4030118840, Jeddah
Invested Capital : SR 500,000
Total Workforce : 115
Activities : Operators of poultry farms and producers of eggs
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
AL GHARBIA FARMS POULTRY EST
ADDRESS
Registered &
Physical Address
Building : Al Shamiya Main Street
Area : Asfan Area
PO Box :
1597
Town :
Jeddah 21441
Country : Saudi Arabia
Telephone :
(966-12) 2883875 / 6513128
Facsimile : (966-12) 2880512 / 6513128
Email :
westernfarms@hotmail.com
Premises
Subject operates from a large suite of offices that are
rented and located in the Suburban Business Area of Jeddah.
KEY
PRINCIPALS
Name Position
·
Abdulaziz Ali Al Sudais Proprietor
& General Manager
·
Abdulrahman Abdulaziz Ali Al Sudais Assistant
General Manager
· Abdullah Zein Al Abdin Human
Resources Manager
· Ahmed El Sherbini Sales
Executive
LEGAL
FORM & OWNERS
Date
of Establishment :
09/01/1417 Hijri (corresponding to 26th May 1996)
Legal
Form : Sole
Proprietorship
Commercial
Reg. No. : 4030118840, Jeddah
Invested Capital : SR
500,000
Mr Abdulaziz Ali Al Sudais is
the sole proprietor of the business.
AFFILIATED
COMPANIES
· Abdulaziz Ali Al Sudais Trading Est
Al Shamiya Main Street
Asfan Area
Jeddah 21441
OPERATIONS
Activities: Engaged in the operation of poultry
farms and the production of eggs.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 115 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
31,800,000 SR
33,000,000
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
Al
Balad Branch
King
Abdulaziz Street
PO
Box: 5066
Jeddah
21422
Tel:
(966-12) 6434777
Fax:
(966-12) 6441686
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.
According to local sources, subject meets its payment obligations
in a timely manner and 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 64.03 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.73 |
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SAR |
1 |
INR 17.12 |
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
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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.