MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL WATANIA FOR INDUSTRIES & TRADE |
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Formerly Known as : |
AL RAJHI COMPANY FOR INDUSTRY &
TRADING |
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Registered Office : |
Al Rajhi Building,
Old Industrial Area, PO Box 4130,
Riyadh 11491 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1972 |
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Com. Reg. No.: |
1010058796, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of Plastic Injection Moulding and Thermo Forming Products. Production of
Assorted Fruit Juices and Tomato Paste. Specialized Packaging Factory that supplies corrugated cartons to many engineering, food, agricultural and petrochemical industries Production of
Fencing Fabric, Barbed Wire, and Other Accessories. |
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$ 3,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL WATANIA FOR INDUSTRIES & TRADE
Also Known As : SULAIMAN ABDULAZIZ AL RAJHI & SONS CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1972
Commercial Registration Number : 1010058796, Riyadh
Chamber Membership Number : 34204
Issued Capital : SR 101,000,000
Paid up Capital : SR 101,000,000
Total Workforce : 1,800
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,000,000
Person Interviewed : Mostafa Hamdy, Commercial Manager
COMPANY NAME
AL WATANIA FOR
INDUSTRIES & TRADE
ALSO KNOWN AS: SULAIMAN ABDULAZIZ AL RAJHI & SONS CO
ADDRESS
Registered & Physical Address
Building : Al Rajhi Building
Area : Old Industrial Area
PO Box : 4130
Town : Riyadh 11491
Country : Saudi Arabia
Telephone : (966-1) 4470088 / 4489178 / 4481364 /
4466395
Facsimile : (966-1) 4489256 / 4481364 / 4480089
Email : info@wataniaind.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Industrial Area
of Riyadh.
Branch Office
(s)
Subject has
branches located in Jeddah, Dammam, Buraidah, Madinah, Abha, Al Hasa, Hail,
Jizan and Khamis Mushait.
KEY PRINCIPALS
Name Position
·
Sheikh
Sulaiman Abdulaziz Al Rajhi Managing
Partner
·
Sheikh Ahmed
Sulaiman Abdulaziz Al Rajhi Partner
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Sheikh Ali
Sulaiman Abdulaziz Al Rajhi Partner
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Abdullah
Mohamed Al Naim General
Manager
·
Nabeel Abdulaziz
Al Freih Assistant
General Manager
·
Tahseen Jabr
Ismail Finance
Manager
·
Ahmed Sabah Al
Kheir Procurement
Manager
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Osman Ibrahim
Al Noor Administration
Manager
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Mohamed Al
Louise Marketing
Manager
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Mohamed Shahid Export
Manager
·
Mustafa
Mohamed Ahmed Technical
Manager
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Emad Abdul
Qader Technology
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1972
History : Subject was originally established in 1972
under the name of “Al Rajhi Company For
Industry & Trading”. However during
2000, subject changed its name to the current style of “Al Watania For
Industries & Trade”
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010058796,
Riyadh
Chamber Member No. : 34204
Issued Capital : SR 101,000,000
Paid up Capital : SR 101,000,000
Name of Partner (s)
·
Sheikh
Sulaiman Abdulaziz Al Rajhi
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Sheikh Ahmed
Sulaiman Abdulaziz Al Rajhi
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Sheikh Ali
Sulaiman Abdulaziz Al Rajhi
AFFILIATED COMPANIES
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Al Watania For
Containers Mfg
Old Industrial Area
PO Box 7769
Riyadh 11472
Tel: (966-1) 4470088 / 4483030
Fax: (966-1) 4481364 / 4489256
Email: mkt@wataniaind.com
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Al Rajhi
Development Co Ltd
PO Box : 4301
Riyadh 11491
Tel : (966-1) 4761581 / 4769102 / 4777576
Fax : (966-1) 4769775
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Gulf Packaging
System
Industrial City
PO Box : 2143
Jeddah 21451
Tel : (966-2) 6380735 / 6380736
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Saudi Arabian
Amiantit Co Ltd
PO Box : 1029
Riyadh 11431
Tel : (966-1) 4658665
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Amar Line Maritime
Co Ltd
Madinah Road
PO Box : 1689
Jeddah 21441
Tel : (966-2) 6510773
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Al Rajhi &
Al Sedais Co
Madinah Road
PO Box : 1597
Jeddah 21441
Tel : (966-2) 6511173
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Al Rajhi
Banking & Investment Corporation
Al Batha Street
PO Box : 242
Riyadh 11411
Tel : (966-1) 4032473 / 4054244
Fax : (966-1) 4035588
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Saudi Ceramic
Co
PO Box : 3893
Riyadh 11481
Tel : (966-1) 4770715 / 4880379
Fax : (966-1) 4782897
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Arabian Gulf
Manufacturers Limited (Gulfmaid)
Makkah Road, Kilo-7
Industrial City, Phase 5
PO Box : 2143
Jeddah 21451
Tel : (966-2) 6377944 /
6801416
Fax : (966-2) 6365445 /
6380540
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Al Rajhi
Commercial Foreign Exchange
Palestine Street
PO Box : 4514
Riyadh 21412
Tel : (966-1) 6700260
Fax : (966-1) 6716387
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Al Rajhi
Company for Industry & Trading
First Industrial Area
PO Box : 4130
Riyadh 11491
Tel : (966-1) 4470088
Fax : (966-1) 4489256
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Al Rajhi
Company for Agriculture Ltd
Prince Abdullah Street
Malaz
PO Box : 51764
Riyadh 11553
Tel : (966-1) 4763313 / 4768368
Fax : (966-1) 4768370
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Gulf Packaging
Industries Company Ltd
First Industrial City
PO Box : 8556
Dammam
Tel : (966-3) 8570044 / 8576063
Fax : (966-3) 8577345 / 8572903
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Yanbu Cement
Company
Madinah Road
PO Box : 5330
Jeddah 21422
Tel : (966-2) 6534588 / 6534584
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International Spare
Parts Trading & Manufacturing Co Ltd (Alaman)
Khorais Road
First Industrial City
PO Box : 51482
Riyadh
Tel : (966-1) 4486394 / 2318882
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
- Al Watania
Plastic
Address: Hail Street
Industrial Area No. II
PO Box : 10554
Riyadh
11443
Tel :
(966-1) 2650054 / 2650036
Fax :
(966-1) 2650905
Email : pla-mkt@wataniaind.com
Activities: Al
Watania Plastic operates a factory using local raw materials from Sabic to
produce more than 55,000 tons of plastic products annually. The division
specialises in the manufacture of plastic injection
moulding and thermo forming products.
Management: Shaker Aqil – Division Manager
Mostafa
Hamdy – Commercial Manager
Ashook
Kol – Purchasing Manager
- National Factory
for Foodstuff Production (Waha)
Address : PO Box : 7769
& 4130
Riyadh
11472
Tel :
(966-1) 4470088 / 2651525
Fax :
(966-1) 4489256 / 2657489
Email : exp@wataniaind.com
Activities : This
division was established in 1972 and has become one of the most important and
productive factories for Al Watania. The factory is engaged in the production
of assorted fruit juices and tomato paste.
Packaging is done using cans (170 ml, 190 ml, and 245 ml), bottles
(200ml), and tetra pack (125 ml, 250 ml, and 1 litre).
Production capacity : Fruit Juice - 40,000 cartons daily
Tomato paste – 2,000,000 cartons per
annum
Around 70% of production is absorbed by the local Saudi market, the
remainder being exported to international markets.
The National Factory for Foodstuff Production became the first Saudi
food-manufacturing factory to obtain the SASO quality mark because of the high
quality of its products and its adherence to international specifications and
hygiene standards.
Brand Names : AL-WAHA and LOB
- Riyadh Carton
Factory
Address : PO Box : 4130
Riyadh
11491
Tel :
(966-1) 4463947 / 4470088
Fax :
(966-1) 4481364 / 4489256
Email : exp@wataniaind.com
Activities : A
specialized packaging factory that supplies corrugated cartons to many
engineering, food, agricultural and petrochemical industries.
- Al Watania
Blocks
Address : PO Box : 10554
Riyadh
11443
Tel :
(966-1) 4774244
Fax :
(966-1) 4489256
Activities : Was
established in 1396H (1975) to serve many of the construction phases within the
Kingdom and to supply the local market with high standard products.
- Al Watania
Fences
Address : PO Box : 53313
Riyadh
11583
Tel :
(966-1) 4985924
Fax :
(966-1) 4983779
Activities : This
divisions specialises in the production of fencing fabric, barbed wire, and
other accessories.
Import
Countries: Europe and the United
States of America
Brand Names: CMC, WAHA, RCF and POPEYE
Subject has a
workforce of approximately 1,800 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 120,000,000 SR 150,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Mostafa Hamdy, Commercial
Manager for Al Watania Plastic and refer only to that division and not
the subject as a whole. No financial information for Al Watania For Industries
& Trade was available.
BANKERS
·
Al Rajhi
Banking & Investment Corporation
PO Box : 28
Sitteen Street
Malaz District
Riyadh 11411
Tel : (966-1) 4054647 / 4054244
Fax : (966-1) 4044753 / 4052950 / 4037156
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Arab National
Bank (ANB)
King Faisal Street
North Morabbaa
PO Box : 56921
Riyadh 11564
Tel : (966-1) 4029000
Fax : (966-1) 4027747
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of
transaction May 2002 June 2004 February 2008
Credit amount 70,000 100,000 1,500,000
Amount overdue 0 0 0
Payment terms 30
days 60 days 120 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Euros US Dollars Euros
GENERAL COMMENTS
Al Watania For
Industries & Trade has operations dating back to 1972 and is very well
established in the local market. It operates through several divisions and all
of subject’s factories are ISO 9002 certified.
The business is run
in a professional manner and is owned by members of the prominent and wealthy
Al Rajhi family.
Local sources
report that the operating history is clear with no problems noted regarding the
payment record. As such the business is deemed trustworthy for respecting its
financial trade commitments and the above credit figure is admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
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%)