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MIRA INFORM REPORT
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Report No. : |
499584 |
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Report Date : |
30.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SUPPORT SERVICES
COMPANY LIMITED |
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Registered Office : |
Al Yasmeen District,
North Riyadh, P O Box: 41801 & 16069, Riyadh 11491 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
13.11.1980 |
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Com. Reg. No.: |
1010034316,
Riyadh |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subjects
operations are performed through the following divisions: ·
Catering
& Food Service Engaged in the provision of catering services ·
Hospital
Catering Engaged in
the provision of catering services to hospitals and medical centres ·
Camps
& Compounds Services Engaged in
the provision of camp and compound services such as housekeeping and
maintenance ·
Camp
Design, Construction & Management Engaged in the
provision of camp design, construction and management services |
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No. of Employees : |
4,000 |
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 (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 : SUPPORT
SERVICES COMPANY LIMITED
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 13th
November 1980
Commercial
Registration Number :
1010034316, Riyadh
Chamber Member
Number : 15041
Issued Capital : SR
1,000,000
Paid up Capital : SR
1,000,000
Total Workforce :
4,000
Activities :
Subject operates several division (see below for details)
Financial Condition : Good
Payments :
Regular
Person Interviewed : Raed Shabat,
Financial Controller
COMPANY
NAME
SUPPORT SERVICES
COMPANY LIMITED
ADDRESS
Registered & Physical
Address
Location : Al Yasmeen District, North Riyadh
PO Box : 41801 & 16069
Town : Riyadh 11491
Country : Saudi Arabia
Telephone : (966-11) 2293377
Facsimile : (966-11) 2293366
Mobile : (966-50) 5475289
Email : inforuh@sscsau.com
Premises
Subject operates
from a large sized suite of offices that are rented and located in the Central
Business Area of Riyadh.
Branch Office
(s)
Location Description
·
Jeddah Office
premises
Tel: (966-12) 2069944
·
Dammam Office
premises
Tel: (966-13) 8061022
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Amman Office
premises
Jordan
Tel: (962-6) 5777301
KEY
PRINCIPALS
Name Nationality Position
·
Shaher
Ahmed Al Tabba Saudi Managing
Director
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Ahmed
Shaher Ahmed Al Tabba Saudi Director
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Asem
Toukan - General
Manager
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Maher
Khoury - Deputy
General Manager
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Sayed
Ahmed - Accounts
Manager
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Raed
Shabat - Financial
Controller
LEGAL
FORM & OWNERS
Date of Establishment : 13th
November 1980
Legal Form :
Limited Liability Company
Commercial Reg. No. : 1010034316,
Riyadh
Chamber
Member No. : 15041
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Name of Partner (s) Percentage
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Shaher
Ahmed Al Tabba 90%
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Ahmed
Shaher Ahmed Al Tabba 10%
OPERATIONS
Activities: Subjects operations are performed through
the following divisions:
·
Catering
& Food Service
Engaged in the provision of catering services
·
Hospital
Catering
Engaged in the provision of catering services to
hospitals and medical centres
·
Camps
& Compounds Services
Engaged in the provision of camp and compound
services such as housekeeping and maintenance
·
Camp
Design, Construction & Management
Engaged in the provision of camp design, construction and management
services
Subject is ISO 22000 accredited
Import
Countries: Europe and the
Far East
Subject has a
workforce of approximately 4,000 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year Ending
31/12/17:
Total Sales SR 380,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Raed Shabat, Financial Controller
BANKERS
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Al
Rajhi Banking & Investment Corporation
PO Box: 28
Riyadh 11411
Tel: (966-11) 4054647 / 4054244
Fax: (966-11) 4044753 / 4052950
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 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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SAR |
1 |
INR 17.38 |
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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VAR |
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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.