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MIRA INFORM REPORT
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Report No. : |
509735 |
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Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PANDA RETAIL
COMPANY |
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Registered Office : |
Prince Sultan Bin
Abdulaziz Street, Centre Point, P O Box: 33333, Jeddah 21448 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
01.01.1978 |
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Com. Reg. No.: |
4030223594,
Jeddah |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Wholesale and
Retail of General Foodstuffs and Household Appliances. |
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No. of Employees : |
21,000 |
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+ |
Low Risk |
Business dealings permissible with low
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. 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 : PANDA
RETAIL COMPANY
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 1st
January 1978
Commercial
Registration Number :
4030223594, Jeddah
Issued Capital : SR
601,137,000
Paid up Capital : SR
601,137,000
Total Workforce :
21,000
Activities :
Wholesale and retail of general foodstuffs and household appliances
Financial Condition : Undetermined
Payments :
Regular
Operating Trend : Steady
COMPANY
NAME
PANDA RETAIL
COMPANY
ADDRESS
Registered & Physical
Address
Street : Prince Sultan Bin Abdulaziz Street
Area : Centre Point
PO Box : 33333
Town : Jeddah 21448
Country : Saudi Arabia
Telephone : (966-12) 6916644 / 2394000
Facsimile : (966-12) 6926159
Email : info@panda.com.sa
Please note that
the correct PO Box number is 33333 and not 3333.
Premises
Subject operates
from a large suite of offices and a shop that are rented and located in the
Central Business Area of Jeddah.
Branch Offices
Location Description
·
Al Thalathin
Street Office
premises
Al Olaya District
Riyadh 11471
KEY
PRINCIPALS
Name Position
·
Fakieh
Adel Mohamed Fakieh Managing
Director
·
Rayan
Mohamed Fayez Chief
Executive Officer
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Boguslaw
Filiks Operations
Manager
·
Roger
Ferzli Head
of Supermarkets
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Majed
Abdulayanin Human
Resources Manager
·
Wilbert
Aljandro General
Manager
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Mustafa
M Baghdadi Supply
Chain Manager
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Fawaz
Kilfaden Information
Technology Manager
·
Asif
Amjad Chief
Financial Officer
LEGAL
FORM & OWNERS
Date of Establishment : 1st
January 1978
History : Subject began in 1978 under the name “Azizia
Panda United”. However it changed its name
to “Panda Retail Company” during 2014.
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4030223594,
Jeddah
Issued Capital : SR 601,137,000
Paid up Capital : SR 601,137,000
Name of Partner (s) Percentage
·
The
Savola Group 91%
Saudi Arabia
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Other
Unnamed Shareholders ]
]
·
Al
Muhaidib Group ]
Saudi Arabia ]
9%
]
·
Ibtikar
Universal Co ]
Saudi Arabia ]
OPERATIONS
Activities: Engaged in the wholesale and retail of
general foodstuffs and household appliances.
Panda was founded in 1978 as one of the most
important organizations in the retail sector in Saudi Arabia. In 1994, Panda
merged with Azizia Company then in late 1998 Azizia Panda United was acquired
by Savola Group, one of the largest diversified conglomerates in MENA region,
Azizia Panda United became the retail sector of Savola and started its journey
to become the leading food retailer in the region.
This acquisition has aided Panda in its
growth and expansion by having the largest market share in the Saudi retail
sector. The first new format of Hypermarket was opened in Riyadh city in 2004.
In 2006, Panda moved forward with its regional expansion by opening its first
store in Dubai. In 2008, more numbers of stores were operating under the name
of Panda when Savola Group acquired “Giant” supermarkets in Saudi Arabia and
merged them with Panda. One year later in 2009, Panda has landed another great
success by acquiring all Geant stores in the Kingdom of Saudi Arabia.
Import
Countries: Europe, Middle
East and the Far East
Subject has a
workforce of approximately 21,000 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
·
Al
Rajhi Bank
Quraysh
As Salamah
Jeddah 23437
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Saudi
British Bank
Zayd Ibn Amr
Al Fayha’a
Jeddah 22246
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Bank
Saudi Fransi
Hira Street
Al Zahra’a
Jeddah 23523
Tel: (966-12) 6621814
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National
Commercial Bank
Al Udaba
Al Aziziyah
Jeddah 23342
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Riyad
Bank
Al Mahjar
Ghulail
Jeddah 22413
Tel: (966-55) 0617460
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Samba
Bank
Prince Sultan Ibn Abdulaziz
Al Mohmmadiyah
Jeddah 23615
Tel: (966-12) 2153333
PAYMENT
HISTORY
Regular
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 67.96 |
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1 |
INR 91.88 |
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Euro |
1 |
INR 80.28 |
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SAR |
1 |
INR 18.16 |
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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VIV |
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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
·
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.