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MIRA INFORM REPORT
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Report No. : |
510388 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BAMASAQ TRADING
AND SERVICES COMPANY |
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Registered Office : |
Al Mira Bahareth
Building, 7th Floor, Office No. 705, Al Dhahab Street, Al Balad
District, P O Box: 18858, Jeddah 21425 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
06.08.1406
Hijri (Corresponding to 15.04.1986) |
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Com. Reg. No.: |
4030053412,
Jeddah |
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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: · Textile Division Wholesalers and retailers of blankets and household textiles. · Stationery Division Wholesalers and retailers of stationery items. · Foodstuff Division Distributers of rice. · Perfumes Division Engaged in the wholesale and distribution of
perfumes and beauty products. |
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No. of Employees : |
25 |
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 : BAMASAQ
TRADING AND SERVICES COMPANY
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 15th April 1986
Commercial
Registration Number :
4030053412, Jeddah
Membership Number : 25432
Issued Capital : SR
900,000
Paid up Capital : SR
900,000
Total Workforce :
25
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
Person Interviewed : Javid Jaber,
Sales Manager
COMPANY NAME
BAMASAQ TRADING AND
SERVICES COMPANY
ADDRESS
Registered & Physical Address
Building : Al Mira Bahareth
Building, 7th Floor, Office No. 705
Street : Al Dhahab Street
Area : Al Balad District
PO Box : 18858
Town : Jeddah 21425
Country : Saudi Arabia
Telephone : (966-12) 6422318 / 6271513 / 6430049
Facsimile : (966-12) 6449423
Mobile : (966-50) 4462619 / 4666940
Email : bamasaq@zajil.net / bamasaqtsco@hotmail.com / arafatstationeryjeddah@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Jeddah.
Branch Office
(s)
Location Description
·
70th Street Rented
showroom premises
Jeddah
Tel: (966-12) 6192280 / 6754290
KEY PRINCIPALS
Name Position
·
Abdulaziz Mohamed Saleh Bamasaq Managing
Partner
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Faisal
Mohamed Saleh Bamasaq Partner
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Ahmed Ali Mohamed Saleh
Bamasaq Partner
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Hesham
Bamasaq General
Manager
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Abdullah
Al Amoudi Commercial
Manager – Food Division
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Yasser Saeed Bamasaq Commercial
Manager
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Sayed
Mohamed Saleh Bamasaq Finance
Manager
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Javid
Jaber Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 06/08/1406 Hijri (corresponding to 15th April
1986)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030053412,
Jeddah
Chamber
Member No. : 25432
Issued Capital : SR 900,000
Paid up Capital : SR 900,000
Name of Partner (s)
·
Abdulaziz Mohamed Saleh Bamasaq
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Faisal
Mohamed Saleh Bamasaq
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Ahmed Ali Mohamed Saleh
Bamasaq
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Textile Division
Wholesalers and retailers of blankets and household textiles.
· Stationery Division
Wholesalers and retailers of stationery items.
· Foodstuff Division
Distributers of rice.
· Perfumes Division
Engaged in the wholesale and distribution of
perfumes and beauty products.
Import
Countries: India,
Singapore, Pakistan, Indonesia, France, Spain and the United Kingdom
International
Suppliers:
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Shree Jagdampa Rice India
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Mahant Overseas India
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Pornchand Rice India
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RAM Kumar Textile Co Pvt Ltd India
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Muskan Overseas Rice Co Pvt Ltd India
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GC Tex India
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Mahvir Rice India
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Grace Fabric Manufacturing Co Ltd Pakistan
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C V Margona Indonesia
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Canson France
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Calique France
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Charboat France
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Delaroni United
Kingdom
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Hellmarth Spain
Operating Trend: Steady
Subject has a
workforce of 25 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 60,000,000 SR 65,000,000
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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Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-12) 6600272
Fax: (966-12) 6650202
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.
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 68.21 |
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1 |
INR 91.43 |
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Euro |
1 |
INR 80.24 |
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SAR |
1 |
INR 18.23 |
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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NIS |
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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
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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.