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MIRA
INFORM REPORT
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Report Date : |
26.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABDULLAH AL OTHAIM MARKETS CO (OMC) |
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Registered Office : |
East
Ring Road, Al Rabwa
District, PO Box 41700, Riyadh 11531 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.05.1980 |
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Com. Reg. No.: |
1010003185, Riyadh |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject operates 77 Stores, Including 44 Supermarkets, 21 Corner Shops & 7 Wholesale Centre |
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$ 4,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABDULLAH AL OTHAIM MARKETS CO (OMC)
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 21st May 1980
Commercial Registration Number : 1010003185, Riyadh
Chamber Membership Number : 100280
Issued Capital : SR 225,000,000
Paid up Capital : SR 225,000,000
Total Workforce : 5,250
Activities : Subject operates 77 stores, including 44 supermarkets, 21 corner shops & 7 wholesale centre
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 4,000,000
COMPANY NAME
ABDULLAH
AL OTHAIM MARKETS CO (OMC)
ADDRESS
Registered & Physical
Address
Street : East
Ring Road
Area : Al
Rabwa District
PO Box : 41700
Town : Riyadh 11531
Country : Saudi Arabia
Telephone : (966-1) 2445871 / 4919999
Facsimile : (966-1) 2415560 / 4937778
Email : info@othaimmarkets.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Riyadh.
KEY PRINCIPALS
Name Position
·
Abdullah
Saleh Al Othaim Chairman
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Abdulaziz
Saleh Al Othaim Managing
Director
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Fahd
Abdullah Al Othaim Director
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Yousef
Mohamed Al Qifari General
Manager
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Attiya
Abdullah Al Moyilah Assistant
General Manager
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Bander
Sulaiman Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
May 1980
Legal Form :
Joint Stock Company
Commercial Reg. No. : 1010003185, Riyadh
Chamber Member No. : 100280
Issued Capital : SR 225,000,000
Paid up Capital : SR 225,000,000
Name of Shareholder (s) Percentage
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Al
Othaim Holding Co 70%
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Abdullah
Saleh Al Othaim 15%
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Fahd
Abdullah Saleh Al Othaim 5%
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Huda
Abdullah Saleh Al Othaim 5%
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Abeer Abdullah
Saleh Al Othaim 5%
OPERATIONS
Activities: Subject operates 77 stores, including 44
supermarkets, 21 corner shops & 7 wholesale centre, specialising in the
wholesale and retail of foodstuff and beverages and general consumer products.
Operating Trend: Steady
Subject has a
workforce of approximately 5,250 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:
Net Profit SR 45,000,000 SR 61,220,890
Local sources
consider subject’s financial condition to be Good.
BANKERS
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Arab
National Bank (ANB)
PO Box 12965
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027535
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Subject is currently
holding an IPO for 30% of its shares - this is running from 21/06/2008 to 30/06/2008.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is 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 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)