MIRA
INFORM REPORT
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Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AL ABDULLATIF INDUSTRIAL INVESTMENT CO |
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Registered Office : |
Al Kharj Road Second Industrial City PO Box 859 Riyadh 11421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
22.05.1981 |
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Com. Reg. No.: |
1010073685, Riyadh |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of textiles |
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No. of Employees : |
1,500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 5,000,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : AL ABDULLATIF INDUSTRIAL INVESTMENT CO
Trading As : AL ABDULLATIF
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 22nd May 1981
Commercial Registration Number : 1010073685, Riyadh
Membership Number : 20872
Issued Capital : SR 812,500,000
Paid up Capital : SR 812,500,000
Total Workforce : 1,500
Activities : Manufacture of textiles
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 5,000,000
COMPANY NAME
AL ABDULLATIF INDUSTRIAL INVESTMENT CO
TRADING AS: AL ABDULLATIF
ADDRESS
Registered & Physical Address
Street : Al Kharj
Road
Area : Second
Industrial City
PO Box : 859
Town : Riyadh 11421
Country : Saudi Arabia
Telephone : (966-1) 2652200
/ 2658888
Facsimile : (966-1)
2659999
Email : info@carpets.com
/ saad@carpets.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Riyadh.
KEY PRINCIPALS
Name Nationality Position
· Sulaiman Omar Al
Abdullatif Saudi Chairman
· Abdullatif Omar Al
Abdullatif Saudi Managing
Director
· Bader Omar Al
Abdullatif Saudi Director
· Fahad Omar Al
Abdullatif Saudi Director
· Khalid Abdulmohsen
Al Khayal Saudi Director
· Abdulaziz
Abdullatif Dulijan Saudi Director
· Talal Hamzah Al
Mansi Saudi Director
· Saad Al Qarni - General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 22nd
May 1981
Legal Form : Joint Stock
Company
Commercial Reg.
No. : 1010073685, Riyadh
Membership No. : 20872
Issued Capital : SR 812,500,000
Paid up Capital : SR 812,500,000
Name of Shareholder (s)
· Sulaiman Omar Al
Abdullatif
· Abdullatif Omar Al
Abdullatif
· Bader Omar Al
Abdullatif
· Fahad Omar Al
Abdullatif
· Khalid Abdulmohsen
Al Khayal
· Abdulaziz Abdullatif
Dulijan
· Talal Hamzah Al
Mansi
· Members of the
general public & private investors
OPERATIONS
Activities: Subject is a fully integrated industrial textiles company specializing
in spinning, weaving and colouring of synthetic and natural fibres being used
in the production of blankets, rugs, carpets, backings and a wide variety of
yarns.
Import Countries: Europe and Asia.
Operating Trend: Steady
Subject has a workforce of approximately 1,500 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR’000)
Balance Sheet 31/12/08
31/12/09
31/12/10
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Current Assets |
523,252 |
666,079 |
536,047 |
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Inventory |
356,132 |
315,714 |
412,751 |
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Investments |
50,000 |
50,000 |
48,206 |
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Fixed Assets |
593,685 |
547,635 |
493,817 |
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Other Assets |
11,193 |
16,397 |
18,471 |
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Total Assets |
1,534,262 |
1,595,825 |
1,509,292 |
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Current Liabilities |
271,650 |
110,231 |
299,144 |
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Non-Current Liabilities |
40,500 |
95,167 |
74,167 |
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Other Liabilities |
7,295 |
7,048 |
6,429 |
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Shareholder's Equity |
1,214,817 |
1,383,379 |
1,129,552 |
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Total Liabilities & Shareholders’
Equity |
1,534,262 |
1,595,825 |
1,509,292 |
Statement of
Income
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Sales |
1,138,887 |
996,046 |
1,138,989 |
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Sales Cost |
801,579 |
672,062 |
823,575 |
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Total Income |
337,308 |
323,984 |
315,414 |
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Other Revenues |
21,677 |
4,864 |
5,281 |
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Total Revenues |
358,985 |
328,848 |
320,695 |
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Admin and Marketing Expenses |
54,740 |
42,802 |
49,120 |
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Depreciation |
86,508 |
94,984 |
99,858 |
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Other Expenses |
0 |
0 |
1,794 |
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Total Expenses |
141,248 |
137,786 |
150,772 |
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Net Income Before Zakat |
217,737 |
191,062 |
169,923 |
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Zakat |
16,435 |
22,500 |
17,500 |
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Net Income |
201,302 |
168,562 |
152,423 |
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Balance First Period |
255,210 |
273,882 |
425,588 |
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Reserves |
20,130 |
16,856 |
15,242 |
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Cash Dividends |
0 |
0 |
406,250 |
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Other Distributions |
162,500 |
0 |
0 |
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Balance End Period |
273,882 |
425,588 |
156,519 |
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Local sources consider subject’s financial condition to be Good.
BANKERS
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Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4122243
Fax: (966-1) 4013030
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction May
2007
Credit amount 256,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Al Abdullatif Industrial Investment Co was established in 1981 and is
one of the largest companies of its kind in the Middle East and Africa. It is a
fully integrated industrial textiles company specializing in spinning, weaving
and colouring of synthetic and natural fibres.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the company is considered to be 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.53.40 |
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1 |
Rs.83.32 |
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Euro |
1 |
Rs.70.44 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.