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MIRA INFORM REPORT
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Report No. : |
510503 |
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Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
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Name : |
NOMAS GULF TRADING AND CONSTRUCTION CO |
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Registered Office : |
Torch Centre, Office No. 101, King Salman Street, Cross 28, Al Khobar
31952 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
07.01.2016 |
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Com. Reg. No.: |
2051061787 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged in the import and distribution of construction materials and scrap
metals, including aluminium and copper |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 : NOMAS GULF TRADING AND CONSTRUCTION CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 7th January 2016
Commercial Registration Number : 2051061787
Chamber Membership Number : 191483
Issued Capital : SR 20,000
Paid up Capital : SR 20,000
Total Workforce : 8
Activities : Distributors of construction materials
Financial Condition : Undetermined
Payments : Slow but correct
COMPANY
NAME
NOMAS GULF TRADING AND CONSTRUCTION CO
ADDRESS
Registered & Physical
Address
Building :
Torch Centre, Office No. 101
Street : King Salman
Street, Cross 28
Town : Al Khobar
31952
Country : Saudi Arabia
Telephone : (966-13)
8950898
Mobile : (966-53)
3485571
Email : info@nomasgulf.com
/ nomasgulf@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Al Khobar.
KEY
PRINCIPALS
Name Nationality Position
·
Mohamed Shareef Indian Managing Director
· Hala Yassin Sulaiman Zubaidi Saudi Director
LEGAL
FORM & OWNERS
Date of
Establishment : 7th
January 2016
History : Subject began in
2016 as a Sole Proprietorship. However during 2017 it became
a
Limited Liability Company.
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2051061787, Al Khobar
Chamber Member No. : 191483
Issued Capital : SR 20,000
Paid up Capital : SR 20,000
Name of
Shareholder (s)
·
Mohamed Shareef
· Hala Yassin Sulaiman Zubaidi
OPERATIONS
Activities: Engaged in the import and distribution of construction materials and
scrap metals, including aluminium and copper.
Import Countries: Europe and the Far East
Subject has a workforce of 8 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
·
National Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-13)
8949669
Fax: (966-13)
8646474
PAYMENT
HISTORY
Slow but correct
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 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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PRA |
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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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
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.