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MIRA INFORM REPORT
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Report No. : |
482938.2 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL WESSAM CO FOR OUTSTANDING UMRAH AND
SERVICES |
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Registered Office : |
Office No. 6/7, 7th Floor, Al Raseifah Populated Commercial Centre,
Makkah |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
2013 |
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Com. Reg. No.: |
4030146432, Makkah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the Provision of Umrah Travel Services. |
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No. of Employees : |
35 |
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 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.
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Source
: CIA |
SUMMARY
Company Name :
AL WESSAM CO FOR OUTSTANDING UMRAH AND SERVICES
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
2013
Commercial Registration Number :
4030146432, Makkah
Issued Capital :
SR 250,000
Paid up Capital :
SR 250,000
Total Workforce :
35
Activities :
Providers of Umrah travel services
Financial Condition :
Fair
Payments :
No Complaints
Operating Trend :
Steady
Person Interviewed :
Mohamed Al Barashi, Administration Manager
COMPANY
NAME
AL WESSAM CO FOR OUTSTANDING UMRAH AND
SERVICES
ADDRESS
Registered &
Physical Address
Location : Office No.
6/7, 7th Floor, Al Raseifah Populated Commercial Centre
Town : Makkah
Country : Saudi Arabia
Telephone : (966-12)
5405225 / 6670882
Facsimile :
(966-12) 5376446 / 6610980
Mobile :
(966-55) 5615152 / (966-50) 4613142
Email :
alwessam-sa144@hotmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Makkah.
KEY
PRINCIPALS
Name Position
Mohamed Ameen Bin Ahmed Hussain Makki Managing
Director
Tala Mohamed Ameen Bin Ahmed Hussain Makki Director
Salin Mohamed Ameen Bin Ahmed Hussain Makki Director
Mohamed Al Barashi Administration
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1424 Hijri
(corresponding to 2013)
Legal Form : Limited Liability
Company
Commercial Reg. No. : 4030146432, Makkah
Issued Capital : SR 250,000
Paid up Capital : SR 250,000
Name of
Shareholder (s)
Mohamed Ameen Bin Ahmed Hussain Makki
Tala Mohamed Ameen Bin Ahmed Hussain Makki
Salin Mohamed Ameen Bin Ahmed Hussain Makki
OPERATIONS
Activities: Engaged in the provision of Umrah travel services.
Operating Trend: Steady
Subject has a workforce of 35 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
12,850,000 SR
13,410,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Saudi American Bank (SAMBA)
Makkah
IBAN No. SA324 00 00 00 00 00 0 72271132
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 63.74 |
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1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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SAR |
1 |
INR 16.95 |
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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VIV |
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Report Prepared
by : |
TPT |
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
·
Promoters
/ Management background
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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.