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MIRA INFORM REPORT
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Report No. : |
497192 |
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Report Date : |
14.03.2018 |
IDENTIFICATION DETAILS
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Name : |
DEL MONTE SAUDI ARABIA FOOD CO LTD |
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Registered Office : |
Al Khomrah Industrial Area, PO Box 20621, Jeddah
21465, Saudi Arabia |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
03.06.2003 |
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Com. Reg. No.: |
4030161424 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the
import and distribution of canned fruit |
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No. of Employees : |
400 |
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+ |
Low Risk |
Business dealings permissible with low
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 (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. Over 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, which generally lacks the education and technical skills the private sector needs.
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 plans to introduce a value-added tax. 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 :
DEL MONTE SAUDI ARABIA FOOD CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
3rd June 2003
Commercial Registration Number :
4030161424, Jeddah
Chamber Membership Number :
88887
Issued Capital :
SR 500,000
Paid up Capital :
SR 500,000
Total Workforce :
400
Activities :
Distributors of canned fruit
Financial Condition :
Good
Payments :
Regular
Person Interviewed :
Mohamed Yafoufi, General Manager
COMPANY
NAME
DEL MONTE SAUDI ARABIA FOOD CO
LTD
ADDRESS
Registered & Physical Address
Location : Al Khomrah Industrial Area
PO Box :
20621
Town : Jeddah 21465
Country : Saudi Arabia
Telephone : (966-12)
6170000
Facsimile : (966-12)
6173333
Mobile : (966-53) 5001288
/ (966-55) 1188274 / (966-50) 5338262
Email : mohamedyafoufi@freshdelmonte.com
/ iasaad@freshdelmonte.com
Premises
Subject operates from a large suite of offices and a warehouse that are
rented and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
PO Box: 40023 Warehouse
premises
Riyadh
Tel: (966-11) 4761400 / 2655465
Fax: (966-11) 2654767 / 2651540
KEY
PRINCIPALS
Name Position
Mohamed Yafoufi General
Manager
Iyad Asaad Marketing
Manager
Mohamed Abbas Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 03/04/1424 Hijri
(corresponding to 3rd June 2003)
Legal Form : Limited Liability
Company
Commercial Reg. No. : 4030161424, Jeddah
Chamber Member No. : 88887
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Shareholder (s) Percentage
Del Monte Inc 60%
United States of America
A K Al Muhaideb & Sons 40%
Saudi Arabia
OPERATIONS
Activities: Engaged in the import and distribution of canned fruit.
Import Countries: France, Spain, India, South Africa and the United
States of America
International
Suppliers:
IG International India
South African Fruit Promoter South Africa
Celimax Spain
Safir Fruit Spain
Harmony France
Chelan Group United States of
America
Fresh Connection United States of America
Brand Names: DEL MONTE
Subject has a workforce of approximately 400 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/16:
Total Sales US$ 130,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohamed Yafoufi, General Manager
BANKERS
National Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
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 64.96 |
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1 |
INR 90.23 |
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Euro |
1 |
INR 80.09 |
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SAR |
1 |
INR 17.28 |
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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DIV |
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Report Prepared
by : |
KET |
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
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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.