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MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
RASHED
ABDULRAHMAN AL RASHED AND SONS (RAR) |
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Registered Office : |
Rashed Al Rashed
Building, Prince Musaed Street, Crossing No. 1, PO Box 99, Al Khobar 31952 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1950 |
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Com. Reg. No.: |
2051000019, Al
Khobar |
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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 - Al Rashed Building Materials Division, Al
Rashed Wood Products Factory Division, Transport Division, Cement Division,
Sanitary Ware Division, Steel Products Factory Division (Al Rashed
Fasteners), etc |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,500,000 |
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Status : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : RASHED ABDULRAHMAN AL RASHED AND SONS (RAR)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Start Date : 1950
Registration Date : 1971
Commercial Registration Number : 2051000019, Al Khobar
Chamber Membership Number : 179
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Total Workforce : 4,000
Activities : Subject operates several divisions (See below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ARIC Credit Rating : A
Recommended Credit Limit : US$ 2,500,000
COMPANY NAME
RASHED ABDULRAHMAN
AL RASHED AND SONS (RAR)
ADDRESS
Registered & Physical Address
Building : Rashed Al Rashed Building
Street : Prince Musaed Street, Crossing
No. 1
PO Box : 99
Town : Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-3) 8574991 / 8579655 / 8642109 /
8642150
Facsimile : (966-3) 8573918 / 8649029 / 8572370
Email : corporate@alrashed.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Al Khobar.
Branch Office (s)
Location Description
·
Jeddah Office
premises
Tel : (966-2) 6720767
·
Dammam Office
premises
Tel : (966-3) 8323539
·
Thuqbah Office
premises
Tel : (966-3) 8953429
·
Al Khobar Office
premises
Tel : (966-3) 8570377
·
Jubail Office
premises
Tel : (966-3) 8100744
·
Al Hasa Office
premises
Tel : (966-3) 5865776
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Riyadh Office
premises
Tel : (966-1) 4482222 / 2767676
KEY PRINCIPALS
Name Position
·
Abdulaziz
Rashed Abdul Rahman Al Rashed Managing
Partner
·
Salah Rashed
Abdul Rahman Al Rashed Partner
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Abdulmohsen
Rashed Abdul Rahman Al Rashed Partner
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Abdulmonem
Rashed Abdul Rahman Al Rashed Partner
·
Abdulrahman
Rashed Abdul Rahman Al Rashed Partner
·
Salwa Rashed
Abdul Rahman Al Rashed Partner
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Iftikhar Khan Chief
Executive Officer
·
Ahed Shihadeh Marketing
Manager
·
K.M. Sabir Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : Subject was
founded in 1950, but was registered in 1971.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2051000019,
Al Khobar
Chamber Member No. : 179
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Name of Partner (s) Percentage
·
Abdulaziz
Rashed Abdul Rahman Al Rashed 19.46%
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Abdulmohsen
Rashed Abdul Rahman Al Rashed 19.46%
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Abdulmonem
Rashed Abdul Rahman Al Rashed 19.46%
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Abdulrahman
Rashed Abdul Rahman Al Rashed 19.46%
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Salah Rashed
Abdul Rahman Al Rashed 19.46%
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Salwa Rashed
Abdul Rahman Al Rashed 2.70%
AFFILIATED COMPANIES
·
Al Rashed
& Al Omran Company Ltd
Said Sayed Building
Khazzan Street
PO Box : 2743
Riyadh
Tel : (966-1) 4770566
Fax : (966-1) 4770334
CR No. 1010006104
·
Al Rashed Food
Co
Riyadh Industrial Area
PO Box : 60428
Riyadh 11545
Tel : (966-1) 4984487
Fax : (966-1) 4984203
·
Saudi Public
Transport Company (SAPTCO)
Al Takhassosi Street
PO Box : 10667
Riyadh 11443
Tel : (966-1) 4545000
Fax : (966-1) 4542100
·
Saudi Filter
Company
Second Industrial City
PO Box : 401
Dammam 31932
Tel : (966-3) 8430085
Fax : (966-3) 8430096
CR No. 2051001829
·
National
Factory for Bolts & Nuts
Al Khobar – Dammam Highway
PO Box : 185
Al Khobar 31952
Tel : (966-3) 8572717
Fax : (966-3) 8576164
CR No. 2051001335
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Al Rashed
Abetong Co Ltd
Nasseem Road
PO Box : 6058
Riyadh
Tel : (966-1) 2410507
Fax : (966-1) 2413419
CR No. 1010029494
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Saudi Oberoi
Company Ltd
First Street
PO Box : 5397
Dammam 31422
Tel : (966-3) 8345555
Fax : (966-3) 8349872
CR No. 2050010828
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Arabian
Chemical Investment Corp
Industrial City II
PO Box : 5985
Jeddah
Tel : (966-2) 6534848
Fax : (966-2) 6530328
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Al Bank Al
Saudi Al Fransi
Mather Road
PO Box : 56006
Riyadh 11554
Tel : (966-1) 4042222
Fax : (966-1) 4042311
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Civil Works Co
PO Box : 14390
Jeddah
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Saudi Arabian
Maintenance and Services Co Ltd
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Mubarraz Water
Co Ltd
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Haradh
Agricultural and Livestock
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Prefabricated
Building Co Ltd
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United Cement
Marketing
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Al Rashed and
Al Noseib Trading Co
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Saud Japanese
Construction Co Ltd
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Al Rashed and
Al Jundan Contracting Co Ltd
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Dammam Hotels
Company Ltd
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Dhahran Harco
Chemical Industries Ltd
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Industrial
Supplies & Investment Co Ltd (Rarco)
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Saudi Coating
Company Ltd
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Ramat
Marketing & Distribution Co Ltd
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
- Al Rashed
Building Materials Division
Address : Rakah Area
PO Box:
76556
Al Khobar
31952
Tel:
(966-3) 8579655
Fax:
(966-3) 8573918
Email: info@rarbmd.com
Activities: Engaged
in the import, distribution and retail of rebars, commercial steel, timber,
plywood, MDF, blockboard, ceramic tiles, quarry tiles, mirror tiles, swimming
pool tiles and wall tiles.
Al
Rashed Building Materials operates branches throughout the Kingdom, including
Al Khobar, Dammam, Jubail, Riyadh, Jeddah, Mecca, Al Hassa, Qassim, Madinah,
Khamis Mushiat, Jouf and Gizan.
- Al Rashed Wood
Products Factory Division
Address : Dammam – Al
Khobar Highway
PO Box : 99
Al Khobar
31952
Tel :
(966-3) 8573922 / 8573918 / 8574127 / 8595845
Mob :
(966-54) 810613
Fax :
(966-3) 8573918 / 8590076 / 8573167
Management : Mahmoud Abdulrahim
Keshwa Division Manager
Raji
Mahmoud Raji Commercial
Manager
Suhail Butt Administrative
Secretary
History : This
division was originally established in 1983 under the name of “Al Rashed Wood
Products”. However, in 1995 and as a consequence of a restructuring program the
division was amalgamated with another division of the group, namely “Al Rashed
Prefabricated Houses & Pallets Factory”. Subsequently the division was
renamed under its current style of “Al Rashed Wood Products Factory Division”
and was registered under Commercial Registration Number 2051000019/014 in Al
Khobar and Industrial Concession Number : 930/S
Activities : Engaged
in the manufacture of wooden pallets, laminated plywood, wooden rails and
doors, door frames kitchen cabinets, desks and prefabricated housing units.
This division produces over 500,000 pallets per annum.
- Transport
Division
Address : Rakah Area
PO Box :
261
Al Khobar
31952
Tel :
(966-3) 8572205
Fax :
(966-3) 8576775
Activities : Engaged
in the provision of national short and long haul transport services, special
transport of all kinds of goods, heavy haulage and well trailer transport, as
well as container transport of unit goods.
- Cement Division
Address : Rakah Area
PO Box :
246
Al Khobar
31952
Tel :
(966-3) 8570377
Fax :
(966-3) 8572256
Activities : Distributors
of Portland cement, rapid hardening cement, quick setting cement, water
replacements, hydrophobic Portland cement and oil well drilling Portland
cement.
- Sanitary Ware
Division
Address : Rakah Area
PO Box :
2819
Al Khobar
31952
Tel :
(966-3) 8945960
Fax :
(966-3) 8942051
Activities : Distributors
and retailers of baths, bidets, shower trays, urinals, kitchen sinks, taps and
mirror frames.
- Steel Products
Factory Division (Al Rashed Fasteners)
Address : Al Khobar –
Dammam Coastal Way
PO Box :
185
Al Khobar
31952
Tel : (966-3)
8572008
Fax :
(966-3) 8576164
Activities : Producers
of galvanised steel wire, welded wire mesh steel, galvanised & PVC chain
link fence, barbed wire steel, black wire mesh and re-bar cutting and bending,
as well as various types of fasteners. Subject has a production capacity of
9,600 tonnes per annum.
- Contracting
Division
Address : Rakah Area
PO Box :
246
Al Khobar
31952
Tel :
(966-3) 8570377
Fax :
(966-3) 8572256
Activities : General building and maintenance contractors.
- Real Estate Division
Address : Rashed Al Rashed
Building
Prince
Musaed Street, Crossing No. 1
PO Box : 99
Al Khobar
31952
Tel :
(966-3) 8642109
Fax :
(966-3) 8649029
Activities : Real estate investors and developers.
Import
Countries: The United
Kingdom, Germany, Japan and the United States of America.
International
Suppliers:
·
Lonrho Exports
Ltd United
Kingdom
·
Redman Fisher
Engineering Ltd United Kingdom
·
Krupp Stahl AG Germany
·
Yoosung Corp Japan
·
Jubi Yuning
Industrial Co Japan
Brand Names: ALRASHED
Operating Trend: Steady
Subject has a
workforce of approximately 4,000 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales SR 392,000,000 SR 445,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Al Bank Al
Saudi Al Fransi
Prince Nasser Street
PO Box : 397
Al Khobar
Tel : (966-3) 8643896 / 8644996
·
Saudi American
Bank
Fluor Branch
PO Box : 842
Al Khobar 31952
Tel : (966-3) 8575503
·
Arab National
Bank (ANB)
PO Box : 37
Al Khobar 31952
Tel : (966-3) 8948660
Fax : (966-3) 8942752
·
National
Commercial Bank
PO Box : 1
Al Khobar 31952
Tel : (966-3) 8949669
Fax : (966-3) 8646474
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January 2005 April 2006 October 2007
Credit amount 367,140 233,960 98,110
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars Canadian Dollars
GENERAL COMMENTS
Rashed Abdulrahman
Al Rashed and Sons (RAR) commenced trading in the 1950s and has since grown
into a leading Saudi business with diversified operations covering all aspects
of the building and construction industry. Al Rashed Building Materials is a
division within Rashed Abdulrahman Al Rashed and Sons (RAR).
Subject is owned by
members of the wealthy Al Rashed family who have been engaged in the building
and construction industries for nearly 50 years.
Local sources
report that subject’s operating history is clear with payments made in a
generally prompt manner. The financial situation is healthy and profitable.
Please note that
the correct registered name of the subject is “Rashed Abdulrahman Al Rashed And
Sons (RAR)” and not “Al Rashid & Sons”.
RATING
EXPLANATIONS
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RATING |
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. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)