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MIRA INFORM REPORT
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Report No. : |
509566 |
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Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ABDULLATIF AHMED AL ARFAJ CO & PARTNER |
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Registered Office : |
Al Tholasiah Street, Al Houf Area, PO Box 7450,
Alhasa 31982 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
29.05.1994 |
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Com. Reg. No.: |
2251022605, Alhasa |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject's operations
are performed through the following divisions: ·
General Trading Engaged in the
import and distribution of general foodstuff, dried food, rice, pulses and sugar ·
General Contracting Engaged in the provision of general construction and villa development |
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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 |
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 :
ABDULLATIF AHMED AL ARFAJ CO & PARTNER
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
29th May 1994
Commercial Registration Number :
2251022605, Alhasa
Issued Capital :
SR 310,000
Paid up Capital :
SR 310,000
Total Workforce :
400
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Undetermined
Payments :
No Complaints
COMPANY
NAME
ABDULLATIF AHMED AL ARFAJ CO & PARTNER
ADDRESS
Registered &
Physical Address
Street : Al Tholasiah Street
Area : Al Houf Area
PO Box :
7450
Town : Alhasa 31982
Country : Saudi Arabia
Telephone : (966-13)
5801480
Facsimile : (966-13) 5881804
Mobile :
(966-53) 4147939
Email :
arfagco@gmail.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Alhasa.
Branch Office (s)
Location Description
Riyadh Office
premises
Dammam Office
premises
Jeddah Office
premises
KEY
PRINCIPALS
Name Position
Abdullatif Ahmed Al Arfaj Managing
Partner
Abdulaziz Abdulaziz Al Doughan Partner
Ibrahim Al Bashir Abu Naif Commercial
Manager
Momen Farooq Marketing
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 18/12/1414 Hijri
(corresponding to 29th May 1994)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2251022605, Alhasa
Issued Capital : SR 310,000
Paid up Capital : SR 310,000
Name of Partner (s)
Abdullatif Ahmed Al Arfaj
Abdulaziz Abdulaziz Al Doughan
OPERATIONS
Activities: Subject's operations are performed through the following divisions:
General Trading
Engaged in the import and distribution of
general foodstuff, dried food, rice, pulses and sugar
General Contracting
Engaged in the provision of general construction and villa
development
Import Countries: Europe and the Far East
Subject has a workforce of approximately 400 employees.
FINANCIAL
DATA
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
Riyad Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
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.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed 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 67.83 |
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1 |
INR 91.68 |
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Euro |
1 |
INR 80.29 |
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SAR |
1 |
INR 18.06 |
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 : |
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
·
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.