|
|
|
MIRA INFORM REPORT
|
Report No. : |
516478 |
|
Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
SALEH ABDULLAH BAWARETH EST |
|
|
|
|
Registered Office : |
King Abdulaziz Street, Bab Sharif, PO Box: 19523 & 3555, Jeddah
21445 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
27/01/1407 Hijri (corresponding to 1st October 1986) |
|
|
|
|
Com. Reg. No.: |
4030054695 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Wholesalers and retailers of readymade garments and textiles |
|
|
|
|
No. of Employees : |
12 |
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 :
SALEH ABDULLAH BAWARETH EST
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
1st October 1986
Commercial Registration Number :
4030054695, Jeddah
Chamber Membership Number :
25412
Invested Capital :
SR 75,000
Total Workforce :
12
Activities :
Wholesalers and retailers of readymade garments and textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Fouzi Fouad Zidan, Finance Manager
COMPANY
NAME
SALEH ABDULLAH BAWARETH EST
ADDRESS
Registered & Physical
Address
Street : King
Abdulaziz Street
Area : Bab Sharif
PO Box :
19523 & 3555
Town : Jeddah 21445
Country : Saudi Arabia
Telephone : (966-12)
6270122 / 6479668 / 6478736 / 6270244 (Ext 30)
Facsimile : (966-12)
6471924
Mobile : (966-50) 5685187
/ (966-56) 7643831 / (966-55) 5558999
Email : bawareth@hotmail.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Jeddah.
Branch Offices
Location Description
Mecca Rented
showroom premises
KEY
PRINCIPALS
Name Position
Saleh Abdullah Abdulaziz Bawareth Proprietor
& General Manager
Salem Mohamed Al Azzani Sales
Manager
Fouzi Fouad Zidan Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 27/01/1407 Hijri
(corresponding to 1st October 1986)
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 4030054695,
Jeddah
Chamber Member No. : 25412
Invested Capital : SR 75,000
Mr Saleh Abdullah Abdulaziz Bawareth is the sole proprietor of the
business.
OPERATIONS
Activities: Engaged in the wholesale and retail of readymade garments and textiles.
Import Countries: Europe, China and India
International
Suppliers:
Sho Xing Elitex Textile Co Ltd China
Shazhou Textile Printing, Dying Import &
Export Ltd China
BMS Textile India
Brand Names: MG, ORTAR, JOMANI
and JOFRAIL
Operating Trend: Steady
Subject has a workforce of 12 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
16,000,000 SR
17,000,000
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
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-12) 6446644
Fax: (966-12) 6446644
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
|
SAR |
1 |
INR 18.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
SDA |
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.