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MIRA INFORM REPORT
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Report No. : |
510720 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AL JABR EST FOR KITCHENWARE |
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Registered Office : |
Saad H Al Jaber Building, Al Sabalah Street, PO Box: 1021, Riyadh
11431 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
09.02.2010 |
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Com. Reg. No.: |
1010283562, Riyadh |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of kitchenware,
utensils and appliances |
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No. of Employees : |
10 |
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 : AL JABR EST FOR KITCHENWARE
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 9th February 2010
Commercial Registration Number : 1010283562, Riyadh
Chamber Membership Number : 228935
Invested Capital : SR 25,000
Total Workforce : 10
Activities : Distributors of kitchenware, utensils and appliances
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
COMPANY
NAME
AL JABR EST FOR KITCHENWARE
ADDRESS
Registered & Physical
Address
Building :
Saad H Al Jaber Building
Street : Al Sabalah
Street
PO Box :
1021
Town : Riyadh
11431
Country : Saudi Arabia
Telephone : (966-11) 4111583
/ 4110781
Facsimile : (966-11) 4110781
Mobile :
(966-50) 641878
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Riyadh.
KEY
PRINCIPALS
Name Nationality Position
·
Mohamed Abdullah
Habab Bin Jabr Saudi Proprietor & General Manager
· Maher Abdullah Habab Bin Jabr Saudi Assistant General Manager
·
Saeed Abdul Maqsood - Sales
Officer
LEGAL
FORM & OWNERS
Date of
Establishment : 9th
February 2010
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1010283562, Riyadh
Chamber Member No. : 228935
Invested Capital : SR 25,000
Mr Mohamed Abdullah Habab Bin Jabr is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of kitchenware, utensils and
appliances.
Import Countries: India
International
Supplier:
·
Bhairav Impex India
Operating Trend: Steady
Subject has a workforce of 10 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
11,250,000 SR
11,810,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Al Bank Al Saudi Al Hollandi
Al Dhabab Street
PO Box: 1467
Riyadh 11431
Tel: (966-11)
4067888
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Al Jabr
Est for Kitchenware” and not “Al Jabir Est for Kitchware”.
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 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 68.02 |
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1 |
INR 91.25 |
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Euro |
1 |
INR 80.07 |
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SAR |
1 |
INR 18.24 |
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 : |
SYL |
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.