|
|
|
MIRA INFORM REPORT
|
Report No. : |
483608 |
|
Report Date : |
01.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAYAR FOODS COMPANY LTD |
|
|
|
|
Formerly Known As : |
AL MUHAIDIB FOODS CO |
|
|
|
|
Registered Office : |
PO Box 9149, Dammam 31413 8495, Dammam 32221 Al Muhaidib Building 3640
King Faisal Road, Salman Al Faresi Street Khalidiyah, Al Janubiyah Dammam |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2016 |
|
|
|
|
Date of Incorporation : |
18.01.1959 |
|
|
|
|
Com. Reg. No.: |
2050050746 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in the import and distribution of general foodstuffs,
including rice and sugar and fast moving consumer goods. Subject owns and
operates approximately 200 vehicles. |
|
|
|
|
No. of Employees : |
540 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 :
MAYAR FOODS COMPANY LTD
Previously Known As :
AL MUHAIDIB FOODS CO
Country of Origin :
Saudi Arabia
Legal Form :
Joint Stock Company
Registration Date :
18th January 1959
Commercial Registration Number :
2050050746, Dammam
Tax Number :
399950105
Chamber Membership Number :
76276
Issued Capital :
SR 10,000,000
Paid up Capital :
SR 10,000,000
Total Workforce :
540
Activities :
Distributors of general foodstuff and fast moving consumer goods
Financial Condition : Good
Payments :
Regular
Operating Trend :
Steady
Person Interviewed :
Amer Satar, Financial Manager
COMPANY
NAME
COMPANY NAME: MAYAR FOODS COMPANY LTD
PREVIOUSLY KNOWN
AS:
AL MUHAIDIB FOODS CO
ADDRESS
Registered & Physical Address
Building : Al Muhaidib
Building
Street : 3640 King
Faisal Road, Salman Al Faresi Street
Area : Khalidiyah,
Al Janubiyah
PO Box :
9149, Dammam 31413
8495, Dammam 32221
Town : Dammam
Country : Saudi Arabia
Telephone : (966-13)
8455555 / 8472633
Facsimile : (966-13)
8455553 / 8472263
Email : webadmin@muhaidib-food.com
/ info@mayar.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dammam.
Branch Office (s)
Location Description
PO Box: 3325 Showroom
premises
Riyadh 11471
Tel: (966-11) 2443000
Fax: (966-11) 2448777
PO Box: 10092 Showroom
premises
Hail
Tel: (966-16) 5329225
Fax: (966-16) 5332531
PO Box: 5360 Showroom
premises
Qassim
Tel: (966-16) 3220438
Fax: (966-16) 3220820
PO Box: 9149 Showroom
premises
Dammam 31411
Tel: (966-13) 8472633
Fax: (966-13) 8472263
PO Box: 4167 Showroom
premises
Al Ahsa
Tel: (966-13) 5313379
Fax: (966-13) 5313378
PO Box: 1085 Showroom
premises
Hafr El Baten
Tel: (966-14) 7213058
Fax: (966-14) 7213058
PO Box: 700 Showroom
premises
Arar
Tel: (966-14) 6610759
Fax: (966-14) 6623500
PO Box: 16197 Showroom
premises
Jeddah 21464
Tel: (966-12) 6372000
Fax: (966-12) 6095959
PO Box: 16197 Showroom
premises
Makkah
Tel: (966-12) 5317879
Fax: (966-12) 5317901
PO Box: 5531 Showroom
premises
Al Madina Al Munawara
Tel: (966-14) 8425555
Fax: (966-14) 8424810
PO Box: 4657 Showroom
premises
Taif
Tel: (966-12) 7420222
Fax: (966-12) 7463948
PO Box: 1416 Showroom
premises
Tabuk
Tel: (966-14) 4276103
Fax: (966-14) 4276106
PO Box: 1623 Showroom
premises
Khamis Mushait
Tel: (966-17) 3215555
Fax: (966-17) 3222816
Jizan Showroom
premises
Tel: (966-17) 5329225
Fax: (966-17) 5332531
Najran Showroom
premises
Tel: (966-17) 5440149
Fax: (966-17) 5440564
KEY
PRINCIPALS
Name Position
Essam Abdul Qader Al Muhaidib Managing
Director
Emad Abdul Qader Al Muhaidib Director
Sulaiman Abdul Qader Al Muhaidib Director
Khaled Farooqi General
Manager
Emad Arar Accounts
Manager
Amer Satar Financial
Manager
Fatima Batouk Marketing
Manager
Khaled El Mazrou Human
Resources Manager
Ahmed Al Muhaidib Export
Manager
Farouk Mgahed Accountant
LEGAL
FORM & OWNERS
Date of Establishment : 18th
January 1959
Legal Form : Joint Stock
Company
Commercial Reg. No. : 2050050746,
Dammam
Tax No. : 399950105
Chamber Member No. : 76276
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Name of Partner (s) Percentage
Essam Abdul Qader Al Muhaidib 33%
Emad Abdul Qader Al Muhaidib 33%
Sulaiman Abdul Qader Al
Muhaidib 33%
Unnamed Shareholder 1%
AFFILIATED
COMPANIES
Subject is a member of the A K Al Muhaidib & Sons Group of
Companies, which comprises the following concerns:
Abdul Kader Al Muhaidib & Sons
Al Akaria Building
King Saud Street
PO Box: 30 & 1023
Dammam 31411
Tel: (966-13) 8322033
Fax: (966-13) 8336082
CR No. 2050009333
Al Muhaidib Land Transport Co.
PO Box: 30
Dammam 31411
Tel: (966-13) 8587587
Fax: (966-13) 8587585
Al Muhaidib Contracting Company
PO Box: 1023
Dammam 31431
Tel: (966-13) 8260345
Fax: (966-13) 8262144
Dewan Trading Group (DTG)
PO Box: 17756
Riyadh 11494
Tel: (966-11) 4038186
Fax: (966-11) 4058829
Al Muhaidib Building Materials
PO Box: 16197
Jeddah 21464
Tel: (966-12) 6372000
Fax: (966-12) 6372288
International Timber
PO Box: 9815
Riyadh 11423
Tel: (966-11) 4484332
Fax: (966-11) 4482317
Al Muhaidib Food Industries Co
PO Box: 9149
Dammam 31413
Tel: (966-13) 8328888
Fax: (966-13) 8336082
Al Muhaidib Grains
PO Box: 2149
Dammam 31413
Tel: (966-13) 8328888
Fax: (966-13) 8311888
Giant Stores
PO Box: 4822
Dammam 31412
Tel: (966-13) 8592525
Fax: (966-13) 8592626
The Marketers
PO Box: 21657
Riyadh 11485
Tel: (966-11) 4881478
Fax: (966-11) 4883952
Forte Industries Company
PO Box: 40225
Riyadh 11499
Tel: (966-1) 2652050
Fax: (966-1) 2650933
Saudi Industrial Paint Company (Sipco)
PO Box: 5795
Dammam 31432
Tel: (966-13) 8578584
Fax: (966-13) 8573780
United Central Supermarket
PO Box: 508
Al Hassa 31982
Tel: (966-13) 5870708
Fax: (966-13) 5877853
Dar Al Marefa Company
PO Box: 119
Al Khobar 31952
Tel: (966-13) 8587777
Fax: (966-13) 8592223
United Wood Products
PO Box: 240
Riyadh 11383
Tel: (966-11) 2650999
Fax: (966-11) 2651108
United Feed Company (UFC)
PO Box: 21
Dammam 31411
Tel: (966-13) 8579018
Fax: (966-13) 8579018
OPERATIONS
Activities: Engaged in the import and distribution of general foodstuffs, including
rice and sugar and fast moving consumer goods. Subject owns and operates
approximately 200 vehicles.
Import Countries: India, Pakistan, Egypt, United States of America
and GCC countries
Local Suppliers:
United Sugar Company
Local Clients:
Carrefour
Al Othaim Mall
International
Clients:
SunRice Austria
Elyosr for Import and Export Egypt
Universal International Bahrain
Inter Rice Jordan
Export Countries: Jordan, Egypt,
Austria and Bahrain
Brand Names: PUNJABI
AL-MUHAIDIB, AL-WALIMAH and WHITE SWAN RICE
Operating Trend: Steady
Subject has a workforce of approximately 540 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/14: Year Ending
31/12/15: Year Ending
31/12/16:
Total Sales SR 900,000,000 SR 965,000,000 SR 970,000,000
Fixed Assets SR 30,000,000 -
-
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Amer Satar, Financial Manager
BANKERS
Al Bank Al Saudi Al Fransi
PO Box: 754
Dammam
Tel: (966-13) 8985760
Al Bank Al Saudi Al Hollandi
Dhahran Street
PO Box: 70
Dammam
Tel: (966-13) 8323212
Saudi American Bank (Samba Financial Group)
Corniche Street
PO Box: 3113
Al Khobar
Tel: (966-13) 8658252
Fax: (966-13) 8658277
PAYMENT
HISTORY
Regular
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.93 |
|
|
1 |
INR 86.06 |
|
Euro |
1 |
INR 76.39 |
|
SAR |
1 |
INR 17.04 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.