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MIRA INFORM REPORT
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Report No. : |
517027 |
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Report Date : |
27.06.2018 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL COLD STORE TRADING COMPANY LIMITED |
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Registered Office : |
Dhahran – Jubail Expressway, Area No. 71 Po Box No.: 983, Dammam 31421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 (Summarized) |
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Date of Incorporation : |
19.08.1424 |
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Com. Reg. No.: |
2050015276 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the operation of supermarkets. |
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No. of Employees : |
1500 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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 : UNIVERSAL COLD STORE TRADING COMPANY LIMITED
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 16th
October 2003
Commercial Registration Number : 2050015276,
Dammam
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Total Workforce : 1,500
Activities :
Operators of supermarkets
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
COMPANY
NAME
UNIVERSAL
COLD STORE TRADING COMPANY LIMITED
ADDRESS
Registered & Physical Address
Location :
Dhahran – Jubail Expressway, Area
No. 71
PO Box : 983
Town :
Dammam 31421
Country :
Saudi Arabia
Telephone :
(966-13) 8425072 / 8432239 /
8426599
Facsimile :
(966-13) 8151898
Mobile : (966-58)
2951272
Email : info@universalcsc.com / universal@universalcsc.com
Premises
Subject
operates from a large suite of offices that are rented and located in the
Suburban Business Area of Dammam.
KEY
PRINCIPALS
Name Position
Mohamed
Sulaiman Al Khalf Managing
Director
Salman
Mohamed Sulaiman Al Khalf Director
Abdulaziz
Mohamed Sulaiman Al Khalf Director
Ahmed
Mohamed Sulaiman Al Khalf Director
Abdullah
Mohamed Sulaiman Al Khalf Director
Ali
Mohamed Sulaiman Al Khalf Director
LEGAL
FORM & OWNERS
Date
of Establishment : 19/08/1424 Hijri (corresponding to 16th October
2003)
Legal
Form : Limited Liability Company
Commercial
Reg. No. : 2050015276, Dammam
Issued
Capital : SR 500,000
Paid
up Capital : SR 500,000
Name of Partner (s)
Mohamed
Sulaiman Al Khalf
Salman
Mohamed Sulaiman Al Khalf
Abdulaziz
Mohamed Sulaiman Al Khalf
Ahmed
Mohamed Sulaiman Al Khalf
Abdullah
Mohamed Sulaiman Al Khalf
Ali
Mohamed Sulaiman Al Khalf
OPERATIONS
Activities: Engaged in the operation
of supermarkets, subject has 80 located throughout Saudi Arabia.
Import
Countries:
Europe and the Far East
Operating
Trend:
Steady
Subject
has a workforce of approximately 1,500empl oyees.
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
Revenue SR
1,400,000,000 SR
1,500,000,000
Local
sources consider subject’s financial condition to be Good.
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.16 |
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1 |
INR 90.47 |
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Euro |
1 |
INR 79.74 |
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SAR |
1 |
INR 18.28 |
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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NIS |
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Report Prepared
by : |
SUJ |
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
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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
·
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.