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MIRA INFORM REPORT
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Report No. : |
506567 |
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Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AHMED OBAID AL MADANI FOR COMMERCIAL SERVICE |
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Registered Office : |
Mohammed Bin Mana Street, Al Awali
Neighbourhood, PO Box 124121, Makkah |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
2008 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject holds a general trade licence, enabling it to distribute
general merchandise. |
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No. of Employees : |
5 |
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. 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.
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Source
: CIA |
SUMMARY
Company Name :
AHMED OBAID AL MADANI FOR COMMERCIAL SERVICE
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
2008
Membership Number :
41704
Invested Capital :
SR 10,000
Total Workforce :
5
Activities :
General trade licence
Financial Condition :
Fair
Payments :
No Complaints
COMPANY
NAME
AHMED OBAID AL MADANI FOR COMMERCIAL SERVICE
ADDRESS
Registered &
Physical Address
Street : Mohammed Bin Mana Street
Area : Al Awali Neighbourhood
PO Box :
124121
Town : Makkah
Country : Saudi Arabia
Telephone : (966-12)
6892999 / 6811693
Mobile : (966-55) 5155525 / 9354781 / (966-56) 5454289
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Makkah.
KEY
PRINCIPALS
Name Position
Ahmed Obaid Al Madani Proprietor
& General Manager
Majid Mohamed Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 2008
Legal Form : Sole
Proprietorship
Membership No. : 41704
Invested Capital : SR 10,000
Mr Ahmed Obaid Al Madani is the sole proprietor
of the business.
OPERATIONS
Activities: Subject holds a general trade licence, enabling it to distribute
general merchandise.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 5 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
12,300,000 SR
13,250,000
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
Masfalah Branch
Makkah
Tel: (966-12) 5367051
Fax: (966-12) 5345457
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Local correspondents spoke to Mr Ahmed Obaid Al
Madani, Sole Proprietor, who stated that the subject is located in Makkah and
not in Jeddah. He also said that the commercial registration number 4030126098
does not belong to his company. It does in fact belong to a company called
“Abdul Aziz Barakat Trading Est” which has no connection to the subject.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.11 |
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1 |
INR 90.85 |
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Euro |
1 |
INR 80.12 |
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SAR |
1 |
INR 17.88 |
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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PRA |
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Report Prepared
by : |
TPT |
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
·
Promoters
/ Management background
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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.