MIRA
INFORM REPORT
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Report Date : |
15.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALEM MOHAMED BAKHASHWAIN SONS CO LTD |
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Registered Office : |
Al Hefni Centre, Al Zahab Street, Al Balad Area, PO Box 743, Jeddah 21421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
28.04.1981 |
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Com. Reg. No.: |
4030029990, Jeddah |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Wholesale of Non-Electrical Kitchen Utensils, Tools and Tableware
Items, including Porcelain, Crystal, and Cutlery. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SALEM MOHAMED
BAKHASHWAIN SONS CO LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Start Date :
1947
Registration Date : 28th
April 1981
Commercial
Registration Number :
4030029990, Jeddah
Membership Number : 8651
Issued Capital : SR
10,000,000
Paid up Capital : SR
10,000,000
Total Workforce : 400
Line of Business : Subject operates
several divisions (see below for
details).
Financial Condition : Good
Payments :
No Complaints
Operating Trend : Steady
COMPANY NAME
SALEM MOHAMED BAKHASHWAIN SONS CO LTD
ADDRESS
Registered & Physical Address
Building : Al Hefni
Centre
Street : Al Zahab
Street
Area : Al Balad
Area
PO Box : 743
Town : Jeddah 21421
Country : Saudi Arabia
Telephone : (966-2) 6573111
/ 6484771
Facsimile : (966-2)
6573131 / 6484788
Email : info@bakhashwain.com
Premises
Subject operates from a large suite of offices and a showroom that are
rented and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
· King Faisal Street Retail
outlet
Al Wazeer
PO Box: 5487
Riyadh 11422
Tel: (966-1)
4410540
Fax: (966-1)
4022526
· Sitteen Street Retail
outlet
Al Imareyah
District
Jeddah
Tel: (966-2)
6420879
Fax: (966-2)
6438410
· Al Olaya Main
Street Retail
outlet
Al Olaya
Riyadh
Tel: (966-1)
4664677
Fax:
(966-1) 4664772
· King Fahd Street Retail
outlet
Dammam
Tel:
(966-3) 8330502
· Old Riyadh Highway Retail
outlet
Al Qassim
Buraidah
Tel: (966-6)
3261618
· Khamis Mushayt Retail
outlet
Tel: (966-7)
2500461
Fax: (966-7) 2500556
· 50th
Street Retail
outlet
Tabuk
Tel:
(966-4) 4280111
Fax:
(966-4) 4282224
KEY PRINCIPALS
· Mohamed Salem
Mohamed Bakhashwain Managing
Partner
· Saleh Salem
Mohamed Bakhashwain Partner
· Tariq Kassar General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : Subject’s
operations date back to 1947, however it was registered on
24/06/1401 Hijri
(Corresponding to 28th April 1981).
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 4030029990, Jeddah
Membership No. : 8651
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Name of Partner (s)
· Mohamed Salem
Mohamed Bakhashwain
· Saleh Salem
Mohamed Bakhashwain
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:
·
Household Division
Engaged in the wholesale of non-electrical
kitchen utensils, tools and tableware items, including porcelain, crystal, and
cutlery.
· Electrical Division
Wholesalers of SEB, TEFAL, CALOR, and
BRAUN brands of electrical and non-electrical products.
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Retail Division
This division operates 15 retail outlets,
specialising in household appliances, soft furnishings, textiles and fabrics,
bed coverings and blankets.
·
Spare Parts and After-Sales Service Division
This division stocks a range of spare parts,
and is also responsible for after sales service of all products.
Import Countries: United States of America, Switzerland, Italy,
France, Netherlands and Japan.
International Suppliers:
· Saturday Knight
Ltd. United States of America
· Christian Fischacher Switzerland
· Mastro Raphael Italy
· J.G. Durand &
Cie France
· AMEFA Netherlands
· OTC Japan
· Noritake Japan
Operating Trend: Steady
Subject has a workforce of approximately 400 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue SR
279,00,000 SR
292,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
National Commercial Bank
Al Balad Branch
King Abdulaziz
Street
PO Box : 5066
Jeddah 21422
Tel : (966-2)
6434777
Fax : (966-2)
6441686
·
Al Rajhi Banking & Investment Corporation
King Abdulaziz Street
PO Box : 605
Jeddah 21421
Tel : (966-2) 6447790 / 6447676
Fax : (966-2) 6434022
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Salem Mohamed Bakhashwain Sons Co Ltd is very well established in the
Saudi market with branches located throughout the Kingdom. It has operations
dating back to 1947 with activities covering the wholesale and retail of
electrical and household goods.
The company is run in a professional manner and is owned by experienced
Saudi businessmen. It deals with a host of reputable international suppliers
with no problems noted regarding the payment record.
During the course of this investigation nothing detrimental was
uncovered regarding the operating history and the financial situation is good.
In view of these comments we are of the opinion that the company is a sound
trade risk.
Maximum suggested credit figure: US$ 2,000,000
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%)