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MIRA INFORM REPORT
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Report No. : |
489950 |
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Report Date : |
07.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MAHA AHMED AL
JUFFALI TRADING EST |
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Registered Office : |
Street No. 414,
Road 412, Industrial Area, Phase IV, P O Box: 13416 & 30167, Jeddah 21493 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
19.01.1413 Hijri
(Corresponding to 19.07.1992) |
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Com. Reg. No.: |
4030040999,
Jeddah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject’s operations
are performed through the following divisions: · Maj Food Distribution Systems Engaged in the import and distribution of general foodstuff and
consumable products. · Saudi Chewing Gum Factory Engaged in the production of chewing gum and sweets. |
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No. of Employees : |
200 |
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 : |
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 : MAHA AHMED
AL JUFFALI TRADING EST
Also Known As : MAJ FOOD DISTRIBUTION SYSTEMS
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 19th
July 1992
Commercial
Registration Number :
4030040999, Jeddah
Membership Number : 1727
Invested Capital : SR
3,000,000
Total Workforce :
200
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
MAHA AHMED AL
JUFFALI TRADING EST
ALSO
KNOWN AS
MAJ FOOD
DISTRIBUTION SYSTEMS
ADDRESS
Registered & Physical
Address
Street : Street No. 414, Road 412
Area : Industrial Area, Phase IV
PO Box : 13416 & 30167
Town : Jeddah 21493
Country : Saudi Arabia
Telephone : (966-12) 6366608
Facsimile : (966-12) 6366869 / 6366675
Mobile : (966-50) 0319961
Email : samirabid@gandour.com / nasir@gandour.com
Premises
Subject operates
from a large suite of offices, a warehouse and a factory that are owned and
located in the Industrial Area of Jeddah.
Branch Office
(s)
Location Description
·
Riyadh Distribution
Centre
·
Dammam Distribution
Centre
KEY
PRINCIPALS
Name Nationality Position
· Mrs Maha Ahmed
Al Juffali Saudi Proprietor
· Ali Rafiq Mohamed
Gandour Lebanese General
Manager
·
Ahmed
Al Zahrani - Commercial
Manager
·
Mohamed Kaizer - Finance
Manager
·
Nasir
Ibrahim - Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 19/01/1413 Hijri
(Corresponding to 19th July 1992)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030040999,
Jeddah
Membership
No. : 1727
Invested Capital
: SR 3,000,000
Mrs Maha Ahmed Al
Juffali is the sole proprietor of the business.
AFFILIATED
COMPANIES
·
Al
Jazira Food Processing Co
Industrial Area, Phase No. 4
PO Box: 13416
Jeddah 21493
Saudi Arabia
Tel: (966-12) 6374083 / 6378556 / 6366608
Fax: (966-12) 6374852
CR No. 4030051531
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Maj Food Distribution Systems
Engaged in the import and
distribution of general foodstuff and consumable products.
· Saudi Chewing Gum Factory
Engaged in the production of
chewing gum and sweets.
Import Countries: United States of America, Netherlands,
Germany and the Far East
International
Suppliers:
· International Printing Co Saudi Arabia
· Saudi Modern Packaging Co Saudi Arabia
· Givaudan International Netherlands
Operating Trend: Steady
Subject has a
workforce of approximately 200 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 59,200,000 SR 60,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Al Bank
Al Saudi Al Hollandi
King Abdulaziz Street
PO Box: 67
Jeddah
Tel: (966-12) 6446849
·
Arab
National Bank (ANB)
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.
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 64.27 |
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1 |
INR 89.72 |
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Euro |
1 |
INR 79.52 |
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SAR |
1 |
INR 17.09 |
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 : |
NIT |
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.