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MIRA INFORM REPORT
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Report No. : |
490295 |
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Report Date : |
15.02.2018 |
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 : |
22.05.2000 |
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Com. Reg. No.: |
4030130328 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in 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 |
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 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 :
Fair
Payments :
No
Complaints
Operating Trend :
Steady
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
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
Operating Trend: Steady
Subject has a workforce of 90 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
28,800,000 SR
29,375,000
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
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 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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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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DIV |
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Report Prepared
by : |
KET |
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
·
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.