MIRA INFORM REPORT

Report No. :	499326
Report Date :	30.03.2018

IDENTIFICATION DETAILS

Name :	AHMED OTHMAN ABU BAKER AL AMOUDI TRADING CO LTD
Registered Office :	Tahlia Street, Al Rawadah District, P O Box: 53615, Jeddah 21593
Country :	Saudi Arabia
Financials (as on) :	31.12.2017
Date of Incorporation :	17.11.1421 Hijri (Corresponding to 11.02.2001)
Com. Reg. No.:	4030132776, Jeddah
Legal Form :	Limited Partnership
Line of Business :	Wholesale and Retail of Building Materials and Sanitaryware Products.
No. of Employees :	25

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 (30.09.2017)	Current Rating (31.12.2017)
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. 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.

Source : CIA

SUMMARY

Company Name : AHMED OTHMAN ABU BAKER AL AMOUDI TRADING CO LTD

Country of Origin : Saudi Arabia

Legal Form : Limited Partnership

Registration Date : 11^th February 2001

Commercial Registration Number : 4030132776, Jeddah

Chamber Membership Number : 81650

Issued Capital : SR 1,000,000

Paid up Capital : SR 1,000,000

Total Workforce : 25

Activities : Wholesale and retail of building materials and sanitaryware products

Financial Condition : Good

Payments : No Complaints

Operating Trend : Steady

COMPANY NAME

AHMED OTHMAN ABU BAKER AL AMOUDI TRADING CO LTD

ADDRESS

Registered & Physical Address

Street : Tahlia Street

Area : Al Rawadah District

PO Box : 53615

Town : Jeddah 21593

Country : Saudi Arabia

Telephone : (966-12) 6648426 / 6641444 / 6294388

Facsimile : (966-12) 6641444 / 6641292

Mobile : (966-50) 2437131

Email : info@al-abubaker.com / ceo@al-abubaker.com

Premises

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Jeddah.

KEY PRINCIPALS

Name Position

· Ahmed Othman Abu Baker Al Amoudi Managing Partner

· Othman Ahmed Othman Al Amoudi Partner

· Abdullah Ahmed Othman Al Amoudi Partner

· Mohamed Al Amoudi General Manager

· Majid Abdul Malik Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 17/11/1421 Hijri (corresponding to 11^th February 2001)

Legal Form : Limited Partnership

Commercial Reg. No. : 4030132776, Jeddah

Chamber Member No. : 81650

Issued Capital : SR 1,000,000

Paid up Capital : SR 1,000,000

Name of Partner (s)

· Ahmed Othman Abu Baker Al Amoudi

· Othman Ahmed Othman Al Amoudi

· Abdullah Ahmed Othman Al Amoudi

AFFILIATED COMPANIES

· Marei Ben Mahfouz & Ahmed Al Amoudi Co

Jewellery Centre

Tahlia Street

PO Box: 1642

Jeddah 21441

Tel: (966-12) 6641444

Fax: (966-12) 6641292

· Ratinjat Saudia Co Ltd

Al Shihaifa Street

Industrial City, Phase III

PO Box: 1642

Jeddah 21441

Tel: (966-12) 6361274

Fax: (966-12) 6362483

· Red Sea Paint Factory

Al Shihaifa Street

Industrial City, Phase III

PO Box: 1642

Jeddah 21441

Tel: (966-12) 6361271 / 6379824 / 6200581

Fax: (966-12) 6362483

· Herberts Powder Coatings Saudi Company Ltd

Industrial Estate, Phase No. 4

PO Box: 23819

Jeddah 21436

Tel: (966-12) 6362255

Fax: (966-12) 6362610

· Saudi Resin Company

PO Box: 34698

Jeddah 21478

Tel: (966-12) 6361274

Fax: (966-12) 6362483

· Jotun Paints Saudi Arabia

Al Shihaifa Street

Industrial City, Phase III

PO Box: 1642

Jeddah 21441

Tel: (966-12) 6361274

Fax: (966-12) 6362483

· Professional Chemicals & Industrial Equipment Co

Vision Capital Building (Al Amoudi Building)

Tahlia Street

PO Box: 53615

Jeddah 21593

Tel: (966-12) 6688460

Fax: (966-12) 6688465 / 6641292

· Ahmed Othman Al Amoudi Trading & Industry Est

PO Box: 53615

Jeddah 21593

Tel: (966-12) 6648426 / 6641444

Fax: (966-12) 6641444

OPERATIONS

Activities: Engaged in the wholesale and retail of building materials and sanitaryware products.

Import Countries: Italy and Spain

International Suppliers:

· Bogati Italy

· Halcyon Spain

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 76,500,000 SR 78,150,000

Local sources consider subject’s financial condition to be Good.

The above financial figures are based on estimations by our local sources.

BANKERS

· Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the correct name of the subject is “Ahmed Othman Abu Baker Al Amoudi Trading Co Ltd” and not “Ahmed Othman Al Abu Baker Al Amoudi”.

Please note that we were unable to contact the subject directly during our investigation.

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.

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 65.04
UK Pound	1	INR 92.28
Euro	1	INR 80.62
SAR	1	INR 17.39

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	NIT

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)

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