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MIRA INFORM REPORT
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Report No. : |
496421 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ABDUL WAHAB MULLA
FOR TRADING EST |
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Registered Office : |
Al Bukhariya Street,
Al Hindawiya District, Bab El Sharif, P O Box: 6240, Jeddah 21442 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Year of Establishment : |
1974 |
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Com. Reg. No.: |
4030011035,
Jeddah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
General Trading Division Engaged in the wholesale and retail of readymade garments, carpets and
rugs. ·
Toy Division Engaged in the wholesale and retail of toys and novelties. |
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No. of Employees : |
25 |
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. 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 : ABDUL WAHAB
MULLA FOR TRADING EST
Country of Origin : Saudi
Arabia
Legal Form :
Sole Proprietorship
Registration Date : 1974
Commercial
Registration Number :
4030011035, Jeddah
Chamber Membership
Number : 2202
Invested Capital : SR
3,500,000
Total Workforce :
25
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
ABDUL WAHAB MULLA
FOR TRADING EST
ADDRESS
Registered & Physical
Address
Street : Al Bukhariya Street
Area : Al Hindawiya District, Bab El
Sharif
PO Box : 6240
Town : Jeddah 21442
Country : Saudi Arabia
Telephone : (966-12) 6432781 / 6472241 / 6436817
Facsimile : (966-12) 6436817 / 6480261
Mobile : (966-50) 1378179
Email : mulla_gsa@yahoo.com / mulla@saudi.net.sa / mullacarpet@yahoo.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 Office
(s)
Location Description
·
Al
Balad Area Rented
showroom & warehouse
Jeddah
Tel: (966-12) 6446242
Fax: (966-12) 6436817
KEY
PRINCIPALS
Name Position
·
Abdul
Wahab Mulla Mamour Proprietor
& General Manager
·
Kamal
Abdul Wahab Mulla Mamour Assistant
General Manager
·
Nematullah
Jan Commercial
Manager
·
Ahmed
Jan Mohideen Sales
Manager
·
Mohamed
Mojeeb Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 1974
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 4030011035,
Jeddah
Chamber Member No. : 2202
Invested Capital
: SR 3,500,000
Mr Abdul Wahab
Mulla Mamour is the sole proprietor of the business.
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
·
General Trading Division
Engaged in the wholesale and retail of ready made garments, carpets and
rugs.
·
Toy Division
Engaged in the wholesale and retail of toys and novelties.
Import
Countries: Belgium, United
Kingdom, Turkey, Bahrain, India and China.
International
Suppliers:
·
Marqiues Belgium
·
Contes Belgium
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Royal Turkey
· Atlantic Turkey
· Qabalan Turkey
· Bakhara Rug Belgium
· Debos Belgium
Operating Trend: Steady
Subject has a
workforce of 25 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 19,550,000 SR 20,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-12) 6600272
Fax: (966-12) 6650202
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Al
Rajhi Banking & Investment Corporation
King Abdulaziz Street
PO Box: 605
Jeddah 21421
Tel: (966-12) 6447790 / 6447676
Fax: (966-12) 6434022
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National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
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 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.09 |
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SAR |
1 |
INR 17.29 |
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 : |
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.