MIRA INFORM REPORT

Report No. :	492853
Report Date :	22.02.2018

IDENTIFICATION DETAILS

Name :	WHALE TRADING COMPANY
Registered Office :	Abu Hiyadria Road, Kuwa Area, First Industrial Area, PO Box: 375, Dammam 31441
Country :	Saudi Arabia
Financials (as on) :	31.12.2016
Date of Incorporation :	22.10.1996
Com. Reg. No.:	2050022248, Dammam
Legal Form :	Limited Liability Partnership
Line of Business :	· Subject is engaged in the import and distribution of sea food products such as crab, shrimps and lobsters. · Subject also operates cold storage facilities
No. of Employees :	50

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 (30.09.2017)	Current Rating (31.12.2017)
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 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.

Source : CIA

SUMMARY

Company Name : WHALE TRADING COMPANY

Also Known As : AL HOOT TRADING CO

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Registration Date : 22nd October 1996

Commercial Registration Number : 2050022248, Dammam

Chamber Membership Number : 2281

Issued Capital : SR 1,500,000

Paid up Capital : SR 1,500,000

Total Workforce : 50

Activities : Distributors of sea food products

Financial Condition : Fair

Payments : No complaints

Person Interviewed : Fouad Ibrahim Mohamed Boumarah, Partner

COMPANY NAME

WHALE TRADING COMPANY

ALSO KNOWN AS: AL HOOT TRADING CO

ADDRESS

Registered & Physical Address

Street : Abu Hiyadria Road

Area : Kuwa Area, First Industrial Area

PO Box : 375

Town : Dammam 31441

Country : Saudi Arabia

Telephone : (966-13) 8223850 / 8223858

Facsimile : (966-13) 8221472

Mobile : (966-50) 8208606 / 4806238 / (966-55) 30778653

Email : whale@boumarah.com.sa

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Dammam.

Branch Office (s)

Location Description

· PO Box: 56903 Office & warehouse

Riyadh 11564

Tel: (966-11) 4474427

Fax: (966-11) 4467387

· PO Box: 16503 Office & warehouse

Jeddah 21142

Tel: (966-12) 2751196

Fax: (966-12) 6982760

KEY PRINCIPALS

Name Position

· Abdul Jabbar Ibrahim Mohamed Boumarah Managing Partner

· Fouad Ibrahim Mohamed Boumarah Partner

· Mahin Ayoub Commercial Manager

· Mohamed Jalil Sales Manager

· Abdulaziz Hilali Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 22^nd October 1996

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 2050022248, Dammam

Chamber Member No. : 2281

Issued Capital : SR 1,500,000

Paid up Capital : SR 1,500,000

Name of Partner (s) Percentage

· Abdul Jabbar Ibrahim Mohamed Boumarah 50%

· Fouad Ibrahim Mohamed Boumarah 50%

AFFILIATED COMPANIES

· Saudi American Plant Development Co (Sapad)

PO Box: 1806

Dammam 31441

Tel: (966-13) 8223850 / 8223858

Fax: (966-13) 8221472

Email: sales@sapad.com.sa

· Al Najm Al Awahad Co

PO Box: 1806

Dammam 31441

Tel: (966-13) 8223850 / 8223858

Fax: (966-13) 8221472

· I M Boumarah Sons Company

Dammam

Tel: (966-13) 8260772

· Saudi American Plant Development

Dammam

Tel: (966-13) 8223853

· Fouad Boumarah Establishment

Dammam

Tel: (966-13) 8262940

· Boumarah Nurseries

Dammam

Tel: (966-13) 8179046

OPERATIONS

Activities: Engaged in the import and distribution of sea food products such as crab, shrimps and lobsters.

Subject also operates cold storage facilities.

Import Countries: Bahrain and the United Arab Emirates

International Suppliers:

· World Champion Taiwan

· Pan East United Arab Emirates

Subject has a workforce of 50 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Saudi Riyals (SR)

Year Ending 31/12/16:

Total Sales SR 80,000,000

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

The above figures were provided by Mr Fouad Ibrahim Mohamed Boumarah, Partner

BANKERS

· Al Rajhi Banking & Investment Corporation

King Saud Street

PO Box: 176

Dammam 31411

Tel: (966-13) 8338387 / 8346189

Fax: (966-13) 8323843

· National Commercial Bank

PO Box: 13

Dammam 31411

Tel: (966-13) 8331188

Fax: (966-13) 8336058

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

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.81
UK Pound	1	INR 90.66
Euro	1	INR 79.94
SAR	1	INR 17.34

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

INFORMATION DETAILS

Analysis Done by :	PRA
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.