MIRA INFORM REPORT
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Report Date : |
23rd May 2006 |
IDENTIFICATION DETAILS
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Name : |
AL
KHAIR TRADING OFFICE CO LTD |
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Registered Office : |
Queen Building, 11th
Floor Al Balad Area, 1466 Jeddah
21431, Saudi Arabia |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
4030130328,
Jeddah |
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Legal Form : |
Limited
Liability Partnership |
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Line of Business : |
Subject operates several
divisions (see below for details). |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
AL KHAIR TRADING OFFICE CO LTD |
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Country of Origin |
Saudi Arabia |
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Legal Form |
Limited Liability Partnership |
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Registration Date |
1981 |
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Commercial Registration Number |
4030130328, Jeddah |
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Membership Number |
227 |
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Issued Capital |
SR 1,500,000 |
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Paid up Capital |
SR 1,500,000 |
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Total Workforce |
70 |
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Line of Business |
Subject operates several divisions (see below for details). |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL KHAIR TRADING OFFICE CO LTD
ADDRESS
Registered & Physical Address
Building : Queen Building, 11th Floor
Area : Al Balad Area
PO Box : 1466
Town : Jeddah 21431
Country : Saudi Arabia
Telephone : (966-2) 6444333 / 6440076 / 6477738
Facsimile : (966-2) 6440076 / 6477152
Email : al_basha@yahoo.com
Premises
Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Jeddah.
KEY PRINCIPALS
Mohamed Abdul Qader Ba Shanfer Managing Partner
Ali Abdul Qader Ba Shanfer Partner
Saaed Abdul Qader Ba Shanfer Partner
Ibrahim Abdul Qader Ba Shanfer Marketing Manager
Mohamed Al Baha Commercial Manager
Bakri Mohamed Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : 1981
Legal Form : Limited Liability Partnership
Commercial Reg. No. : 4030130328, Jeddah
Membership No. : 227
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Name of Partner (s)
Mohamed Abdul Qader Ba Shanfer
Ali Abdul Qader Ba Shanfer
Saaed Abdul Qader Ba Shanfer
Notes to the legal Form
A Limited Liability Partnership is a private entity formed by two or more partners who are liable for company debts to the extent of their contributed capital. A maximum of 50 partners are allowed in such a company. The total share capital must be SR 500,000 or more, divided into non-negotiable shares of equal value. The company may not include in its objects the conduct of banking, insurance or savings.
LINE OF BUSINESS
Operations : Subject’s activities are performed through the following divisions:
General Trading Division
Distributors of general foodstuff products, specialising in dairy products and vegetables.
Building Materials Division
Distributors of general building materials, ironmongery, paint and timber.
Real Estate Division
Engaged in real estate services and property development.
Import Countries : United States of America, India
and South-East Asia.
Operating Trend : Steady
Subject has a workforce of 70 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Saudi Riyals (SR)
Year Ending 31/12/04: Year Ending 31/12/05:
Total Revenue SR 15,180,000 SR 16,320,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Commercial Bank
King Abdul Aziz Street
PO Box : 3555
Jeddah 21481
Tel : (966-2) 6446644
Fax : (966-2) 6446644
Arab National Bank
Medina Road
PO Box : 9463
Jeddah 21413
Tel : (966-2) 6600272
Fax : (966-2) 6650202
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1981, subject is owned and managed by members of the Ba Shanfer family who are well respected in the local business community.
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 business is deemed a fair trade risk.
Maximum suggested credit figure: US$ 200,000
RATING EXPLANATIONS
RATING
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STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited with full
security |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |