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MIRA INFORM REPORT
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Report No. : |
512265 |
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Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
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Name : |
ADWAA AL KHALIL
FOR CONTRACTING |
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Registered Office : |
Building No. 33,
3rd Floor, Office No. 307, Dabab Street, Hay Al Muraba, P O Box:
28520, Riyadh 11447 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
31.07.2006 |
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Com. Reg. No.: |
1010219886, Riyadh |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Subject is
engaged as general construction contractors, providing infrastructure
and MEP works. |
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No. of Employees : |
60 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. Approximately 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.
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 recently introduced a value-added tax of 5%. 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 : ADWAA AL KHALIL
FOR CONTRACTING
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 31st
July 2006
Commercial
Registration Number : 1010219886,
Riyadh
Membership Number : 169798
Issued Capital : SR
500,000
Paid up Capital : SR
500,000
Total Workforce :
60
Activities :
General construction contractors
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
ADWAA AL KHALIL FOR
CONTRACTING
ADDRESS
Registered & Physical
Address
Building : Building No. 33, 3rd
Floor, Office No. 307
Street : Dabab Street
Area : Hay Al Muraba
PO Box : 28520
Town : Riyadh 11447
Country : Saudi Arabia
Telephone : (966-11) 4090970 / 2296968
Facsimile : (966-11) 4120428
Mobile : (966-50) 3497414
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Riyadh.
KEY
PRINCIPALS
Name Position
·
Motaz Saleh Abu Manaq Managing
Partner
·
Jamal Al Saeed Project
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 31st
July 2006
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010219886,
Riyadh
Membership
No. : 169798
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner (s)
·
Motaz Saleh Abu Manaq
·
Members
of Mr Motaz
Saleh Abu Manaq’s family
OPERATIONS
Activities: Engaged as general construction
contractors, providing infrastructure and MEP works.
Subject has a
workforce of approximately 60 employees.
FINANCIAL
DATA
Companies
registered in Saudi Arabia are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
National
Commercial Bank
Malaz Branch
PO Box: 42536
Tel: (966-11) 4776450
Fax: (966-11) 4769502
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 67.45 |
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1 |
INR 89.79 |
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Euro |
1 |
INR 78.79 |
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SAR |
1 |
INR 17.93 |
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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PRA |
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Report Prepared
by : |
NIT |
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
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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
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Industry
scenario / competitor analysis
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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.