|
|
|
MIRA INFORM REPORT
|
Report No. : |
516488 |
|
Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
OMAR AHMED ABOOD TRADING EST |
|
|
|
|
Registered Office : |
Al Bana Building, Office 80-20, Al Khalidiya Area, PO Box 3051,
Dammam 32231 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
25.08.2013 |
|
|
|
|
Com. Reg. No.: |
2050093810, Dammam |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged in the wholesale and retail of blankets, bedsheets,
bed covers and soft furnishings. |
|
|
|
|
No. of Employees : |
8 |
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 : |
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 (31.12.2017) |
Current Rating (01.04.2018) |
|
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. 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.
|
Source
: CIA |
SUMMARY
Company Name :
OMAR AHMED ABOOD TRADING EST
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
25th August 2013
Commercial Registration Number :
2050093810, Dammam
Membership Number :
182125
Invested Capital : SR 10,000
Total Workforce :
8
Activities :
Wholesalers and retailers of blankets, bedsheets, bed covers and soft
furnishings
Financial Condition :
Fair
Payments :
No Complaints
Person Interviewed :
Mohamed Rihan Abdullatif, Sales Executive
COMPANY
NAME
OMAR AHMED ABOOD TRADING EST
ADDRESS
Registered &
Physical Address
Location : Al Bana
Building, Office 80-20
Area :
Al Khalidiya Area
PO Box :
3051
Town : Dammam 32231
Country : Saudi Arabia
Telephone : (966-13)
8584996
Mobile : (966-56)
9943521 / (966-50) 9238928
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dammam.
KEY
PRINCIPALS
Name Position
Omar Ahmed Abood Proprietor
& General Manager
Mohamed Shaour Sales
Manager
Mohamed Rihan Abdullatif Sales
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 25th
August 2013
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 2050093810,
Dammam
Membership No. : 182125
Invested Capital : SR 10,000
Mr Omar Ahmed Abood is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of blankets, bedsheets, bed covers
and soft furnishings.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 8 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
11,100,000 SR
11,475,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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
Please note that the correct name of the subject is “Omar Ahmed Abood
Trading Est” and not “Omar Ahmed Abood Trading Abdullatif Ahmed Alarfaj and
Partner Co".
Please note that there is a company called “Abdullatif Ahmed Alarfaj and
Brothers Co” which is a separate legal entity, located at PO Box 2531, Al
Khobar 31952, Tel (966-13) 8580404 / 8871100, Fax (966-13) 8580202 / 8823426.
With the commercial registration number 2051010241. It is not related to “Omar
Ahmed Abood Trading Est”.
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 68.15 |
|
|
1 |
INR 90.27 |
|
Euro |
1 |
INR 79.35 |
|
SAR |
1 |
INR 18.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.