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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486918

Report Date :

22.01.2018

 

IDENTIFICATION DETAILS

 

Name :

AL NAFEA FOODS COMPANY

 

 

Registered Office :

West Tower, 46th Floor, Corniche Street, Business Park, 12449, Jeddah 21473

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

2013

 

 

Com. Reg. No.:

4030249210

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

subject is Engaged in the import and distribution of general foodstuffs such as, rice, milk powder, condensed milk, tomato paste, tomato peeled, canned foods like mixed vegetable, tuna, peach and pineapple slices

 

 

No. of Employees :

200

 

 

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

Acceptable Risk

Business dealings permissible with moderate 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

 

 

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AL NAFEA FOODS COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 2013

Commercial Registration Number           : 4030249210, Jeddah

Issued Capital                                       : SR 40,000,000

Paid up Capital                                     : SR 40,000,000

Total Workforce                                                : 200

Activities                                               : Distributors of general foodstuffs

Financial Condition                                : Good

Payments                                             : Regular

 

 

COMPANY NAME

 

 AL NAFEA FOODS COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : West Tower, 46th Floor

Street               : Corniche Street

Area                 : Business Park

 

PO Box                        : 12449

 

Town                : Jeddah 21473

Country : Saudi Arabia

 

Telephone         : (966-12) 5104100

Facsimile          : (966-12) 5104105

Email                : info@alnafea.com

 

Please note that subject’s previous address was, Ali Reda Building, 4th Floor, King Abd Aziz Street, Jeddah.

 

Premises

 

Subject operates from a large suite of offices a warehouse and a production unit that are rented and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Tabuk                                                                                              Rented office & warehouse premises

 

·       Barida                                                                                              Rented office & warehouse premises

 

·       Kora Asha                                                                                        Rented office & warehouse premises

 

·       Madina El Munawara                                                             Rented office & warehouse premises

 

·       Dammam                                                                                         Owned office & warehouse premises

 

·       Jeddah                                                                                            Owned office & warehouse premises

 

·       Riyadh                                                                                             Owned office & warehouse premises

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Yossef Mohamed Nafea                                                                   Chairman

 

·       Abdel Hamed Al Obaid                                                                     General Manager

 

·       Mohamed Hawamda                                                                         Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2013

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 4030249210, Jeddah

 

Issued Capital              : SR 40,000,000

 

Paid up Capital            : SR 40,000,000

 

Name of Shareholders (s)                                          Percentage

 

·       Al Nafea Holding                                                      90%

 

·       Mohamed Saleh Al Nafea and Sons Co                     10%

 

 

AFFILIATED COMPANIES

 

·       Office Designs

 

·       Al Nafea Partitions

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs such as, rice, milk powder, condensed milk, tomato paste, tomato peeled, canned foods like mixed vegetable, tuna, peach and pineapple slices.

 

Import Countries: India, United States of America and Pakistan

 

Clients:

 

·       Carrefour

·       Euromarche

·       Al Jazeerah Shopping Center

·       Tamimi Markets

·       Danube

·       Othaim Markets

·       Panda

 

International Suppliers:

 

·       Rice Land     India

 

Brand Names: ALTAIE, SAFEER, AL JAWAD, SANAM, AL BAKHEERA and ABU BINTEEN

 

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:

 

Total Sale                                             SR 220,000,000

 

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

 

The above figures were provided by Mr Mohamed Hawamda, Finance Manager

 

 

BANKERS

 

·       Al Rajhi Banking & Investment Corporation

Al Mahjar Road

Jeddah

Tel: (966-12) 6377810

 

·       Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-12) 6513333

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 63.72

UK Pound

1

INR 88.64

Euro

1

INR 78.14

SAR

1

INR 17.03

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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.