MIRA INFORM REPORT

 

 

Report Date :           

25.04.2011

 

IDENTIFICATION DETAILS

 

Name :

SULIMAN AL OTHAIM TRADING & INDUSTRIAL GROUP

 

 

Registered Office :

Suliman Al Othaim Building, Al Kharj Road, Industrial Area No. 3, P.O.Box No. 152, Riyadh 11383

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

23.09.1991

 

 

Com. Reg. No.:

1010086649

 

 

Legal Form :

Proprietorship

 

 

Line of Business :

Manufacturers, retailers and distributors of jeweller

 

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

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company NAME

 

Suliman Al Othaim Trading & Industrial Group

 

 

Company ADDRESS

 

Building                         : Suliman Al Othaim Building

Street                           : Al Kharj Road

Area                             : Industrial Area No. 3

P.O.Box No.                  : 152

Town                             : Riyadh 11383

Country                         : Saudi Arabia

Telephone                     : (966 1) 265 0301 / 265 5548  (unattended)

Fax                               : (966 1) 265 0302 (unattended)

E-Mail                           : info@soj.com.sa

Website                        : www.soj.com.sa

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Sheikh Suliman Saleh Al Othaim        Chairman

 

2. Suliman Abdulaziz Al Othaim              General Manager        

 

3. Hassan Qasim                                   Financial Manager

 

4. Amash Al Harbi                                  Administrative Manager

 

Total Employees :          300 (subject)

                                    1,500 plus (group)

 

 

PAYMENTS

 

Current trade experience of payments has not been traced.

 

Our sources could not contact the company and obtain a direct

interview. According to our subject’s last known telephone numbers were as above. These numbers are continuously unattended.  

 

We believe that subject may be on a prolonged holiday or business

trip and has temporarily ceased trading, however we have been unable

to verify this with the company or third parties.

 

According to the local Chamber of Commerce subject's position is

shown as an active company.

 

Information in this report was obtained from the third party sources

only.

 

Subject is the flagship company for the Suliman Al Othaim Group of

Companies, Saudi Arabia, with operations worldwide specialising in

Jewellery industry and employing more than 1,500 people.

 

Opinion on maximum credit : Nothing detrimental has been heard but in

                            the circumstances we recommend

                            international suppliers to deal with

                            subject on fully secured terms.

 

Trade risk assessment : No classification

 

 

PRINCIPAL BANKERS

 

NAME               : BANK AL JAZIRA

Branch              : Siteen Street

PO Box             : 25889

Town                 : Riyadh 11476

Telephone         : (966 1) 477 7254

Fax                   : (966 1) 477 3584

 

The company also has an account with :

 

National Commercial Bank (Al Ahli)

Al Batha

PO Box 34

Riyadh 11495

Telephone: (966 1) 402 5084

Fax      : (966 1) 402 0981 / 403 6500

 

According to our records subject's bankers are as above. These

banks have been approached a number of times but no reply has been

received.

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available. Financial information could not be

obtained from other sources.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started                  : 23 September 1991 (14/03/1412 H)

 

C.R. No.                        : 1010086649 (expiry date : 13/01/2013 / 01/03/1434 H)

 

RCCI Membership No.    : 77064

 

Capital                          : not applicable

 

Proprietorship owned by Sheikh Suliman Saleh Al Othaim (Saudi

national).

 

Personal Profile on Sheikh Suliman Saleh Al Othaim :

 

He is Saudi national, born in late 1950's and married with children.

Graduated Geomologist From GIA , Santa Monica, LA , United States Of

America.

 

Positions held :

 

- Chairman of Suliman Al Othaim Group For Trade & Industry , which -

  Vice President , Precious Stones Committee, Riyadh Chamber Of

  Commerce.

- Member , Commercial Committee , Riyadh Chamber Of Commerce.

- Member , National Committee , Riyadh Chamber Of Commerce.

- Member , Dubai Diamond Stock Exchange.

- Member , Dubai Gold Stock Exchange..

 

Affiliated companies of Suliman Al Othaim Trading & Industrial Group :

 

Associates

 

Subject is the flagship company for the Suliman Al Othaim Group of

Companies, Saudi Arabia, which also includes the following

companies :

 

1. Van Fred Mining Company Ltd

   F 48/6 Labone Crescent North Labone Accra

   PO Box

   Accra 30452

   Ghana

   Telephone: (021) 782 232 / 765 504

   Fax      : (021) 760 198

 

2. Worldwide Mining Company

   Saudi Arabia

 

3. Saudi Gold Mines Company

   Liberia

 

4. Gold Mines Co. Ltd

   Saudi Arabia

 

5. Jewellery Factory

   Misfah District

   Riyadh 11383

   PO Box 152

   Telephone: (966 1) 265 5548

 

6. Saudi Gold Refinery Co.

   Saudi Arabia

 

7. Real Estate Development Co.

   Saudi Arabia

 

8. Saudi Gemologist Institute

   Saudi Arabia

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers, retailers and distributors of jewellery.

 

Importers and retailers of jewellery and watches.

 

NACE Code : 2441

 

Brands name: Laleh, Zarkashat, Senator, Rayana and Lamour.

 

Imports China, India, Hong Kong and Germany.

 

Exports to GCC countries, Egypt, Libya, Jordan, Syria and Lebanon.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and a manufacturing

unit with storage facilities located at the heading address as well

as 3 manufacturing units and 20 retail outlets located elsewhere in

Saudi Arabia and UAE (see 'Branch Offices' below).

 

 

BRANCH OFFICES

 

Main Showrooms :

 

1. Red Sea Mall

   Jeddah

   Telephone: (966 2) 215 3335

 

2. Altaf Market

   Jeddah

   Telephone: (966 2) 743 8009

 

3. Star Avenue

   Jeddah

   Telephone: (966 2) 275 5572

 

4. Tiba Mall

   Riyadh

   Telephone: (966 1) 450 2116

 

5. Tiba Mall

   Riyadh

   Telephone: (966 1) 450 8160

 

6. Hayat Mall

   Riyadh

   Telephone: (966 1) 205 8081

 

7. Sitteen Street

   Riyadh

   Telephone: (966 1) 477 7540

 

8. Olaya

   Riyadh

   Telephone: (966 1) 466 5055

 

9. Sahara

   Riyadh

   Telephone: (966 1) 452 0403

 

10.Marina Mall

   Al Khobar

   Telephone: (966 3) 809 9206

 

11.Al Ehsa

   Telephone: (966 3) 584 0636

 

Our sources were also unable to contact the above branches as telephone numbers are continuously unattended.

 

SPECIAL NOTE

 

Interviewed: Third party sources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.