MIRA INFORM REPORT

 

 

Report Date :

05.06.2007

 

IDENTIFICATION DETAILS

 

Name :

M & A AL BAWARDI CO

 

 

Registered Office :

9th Street, Al Rake Area, P O Box 112, Dammam 31411

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

1988

 

 

Com. Reg. No.:

1010000905, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Import and distribution of sanitary ware products, building materials, tools and implements, electrical equipment and household goods.

Wholesale and distribution of food products, specializing in dairy produce.

Manufacturers of steel and pipe work.

Manufacture of wooden windows, doors, office furniture and kitchens.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear


SUMMARY

 

Company Name                         : M & A AL BAWARDI CO

Also Known As                                      : MOHAMED ABDULRAHMAN AL BAWARDI CO

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1988

Commercial Registration Number            : 1010000905, Riyadh

Membership Number                              : 135

Issued Capital                                        : SR 33,325,000

Paid up Capital                                      : SR 33,325,000

Total Workforce                                     : 200

Line of Business                                    : Subject operates several divisions (see below for details).

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

M & A AL BAWARDI CO

 

 

ALSO KNOWN AS

 

MOHAMED ABDULRAHMAN AL BAWARDI CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 9th Street

Area                 : Al Rake Area

PO Box             : 112

Town                 : Dammam 31411

Country             : Saudi Arabia

Telephone         : (966-3) 8335555 / 8344984

Facsimile          : (966-3) 8336666 / 8334122

Email                : info@albawardi.com

 

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Dammam.

 

 

Branch Office (s)

 

     Location                                                                               Description

 

·       Sitteen Street                                                                       Sales Office

Malaz District

Riyadh

 

·       Jeddah                                                                                 Sales Office

Tel: (966-2) 6439035

Fax: (966-2) 6439025

 

 

KEY PRINCIPALS

 

·         Sheikh Khalid Mohamed Al Saad Al Bawardi                          Managing Partner

·         Sheikh Musaad Abdulrahman Al Bawardi                               Partner

·         Fouad Al Shaar                                                                    General Manager

·         Saleh Ali Al Qahtani                                                             Assistant General Manager

·         Jawad Jalal                                                                          Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11/07/1408 Hijri (Corresponding to 1988)

 

History                         : Subject was originally established in 1988 as a Sole Proprietorship owned by Mr

                                      Mohamed Al Bawardi. However, approximately 5 years ago Mr Mohamed Abdulrahman

                                      Al Bawardi passed away and the business was passed on to his legal heirs who re-

                                      registered the business as a Limited Liability Partnership.

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1010000905, Riyadh

 

Membership No.          : 135

 

Issued Capital              : SR 33,325,000

 

Paid up Capital            : SR 33,325,000

 

 

Name of Partner (s)

 

·         Sheikh Khalid Mohamed Al Saad Al Bawardi

 

·         Sheikh Musaad Abdulrahman Al Bawardi

 

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

 

       Engaged in the import and distribution of sanitary ware products, building materials, tools and implements, electrical equipment and household goods.

 

·       Al Bawardi Food & Supplies

 

Engaged in the wholesale and distribution of food products, specialising in dairy produce.

 

 

·       Al Bawardi Steel Industry (BSI)

 

     Manufacturers of steel and pipe work.

 

·       Al Bawardi Wood Industry (BWI)

 

     Engaged in the manufacture of wooden windows, doors, office furniture and kitchens.

 

·       Al Bawardi Marine Survey

 

       This division supplies marine and navigational equipment and instrumentation as well as offering surveying services.

 

·       Al Bawardi Materials Recycling Division

 

Address:      Abu - Haidriyah Highway

                               Nabiah Sihat

                               PO Box 8344

                               Dammam 31411

                               Tel: (966-3) 8180120 / 8221137

                               Fax: (966-3) 8221328 / 8180122

                               Email: recycling@albawardi.com

 

Activities:     Operators of recycling plants.

 

Import Countries: United States of America, Italy, United Kingdom and the Far East.

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL HIGHLIGHTS

 

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

 

·       Saudi American Bank

Fluor Branch

PO Box : 842

Al Khobar 31952

Tel : (966-3) 8575503

Acc No. 000 631 3833

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

M A Al Bawardi is well established in the local business community with operations dating back to 1988. It operates a number of divisions covering the food, steel, wood, marine, recycling and building material industries.

 

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.

 

Maximum suggested credit figure: US$ 300,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions