MIRA INFORM
REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SULIMAN AL OTHAIM TRADING & INDUSTRIAL GROUP |
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Registered Office : |
Suliman Al Othaim Buildi Al Kharj Road Industrial Area No. 3 P.O.Box
No 152 |
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Country : |
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Date of Incorporation : |
23.09.1991 |
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Com. Reg. No.: |
1010086649 |
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Legal Form : |
Proprietorship owned by Sheikh Suliman Saleh Al Othaim (Saudi
national). |
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Line of Business : |
Manufacturers, wholesalers and distributors of jewellery. |
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 : |
SR 3,000,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Company name
Suliman Al Othaim Trading & Industrial Group
ADDRESS
Building : Suliman Al Othaim
Building
Street :
Area : Industrial Area No. 3
P.O.Box No.: 152
Town :
Country :
Telephone : (966 1) 265 0301 /
265 5548 / (966 50) 859 5538 (Ashraf Al Sir) / (966 55) 783 3472 (Hassan Qasim)
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
5. Ashraf Al Sir
Senior
Accountant
Total Employees : 320 (subject)
1,500 plus (group)
PAYMENTS
No complaints have been heard regarding payments from local suppliers
or banks.
Subject is the flagship company for the Suliman Al Othaim Group of
Companies,
Jewellery industry and employing more than 1,500 people.
We consider it is acceptable to deal with subject for LARGE amounts.
Opinion on maximum credit : SR 3,000,000 (higher amounts may be
considered with fuller fiscal disclosure
or
suitable groups assurances)
Trade risk assessment:
PRINCIPAL BANKERS
NAME : SAMBA FINANCIAL GROUP
(FORMERLY SAUDI AMERICAN BANK)
Branch :
P.O. Box : 833
Town :
Telephone: (966 1) 477 4770
Fax : (966 1) 478 9834 / 479
9428
The company also has an account with the following banks:
1. Bank Al Jazira
Telephone: (966 1) 477 7254
Fax : (966 1) 477 3584
2. National Commercial Bank (Al Ahli)
Al Batha
Telephone: (966 1) 402 5084
Fax : (966 1) 402 0981 / 403 6500
3. Al Rajhi Bank
Main branch
Telephone: (966 1) 405 4244
Fax : (966 1) 405 2950
FINANCIAL INFORMATION
Private companies in
the following information :
Sales Turnover : SR 170,000,000 - 2009 - exact
: SR 160,000,000 - 2010 – exact *
: SR 180,000,000 - 2011 -
projected
Net Profit : not given
but stated to be 10-20% of the sales
* Decrease in sales turnover in 2010 was due to unfavourable market
conditions.
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 : SR 40,000,000
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 ,
Positions held :
- Chairman of Suliman Al Othaim Group For Trade & Industry , which -
Vice President , Precious Stones
Committee,
Commerce.
- Member , Commercial Committee ,
- Member , National Committee ,
- Member ,
- Member ,
Affiliated companies of Suliman Al Othaim Trading & Industrial Group
:
Associates
Subject is the flagship company for the Suliman Al Othaim Group of
Companies,
companies :
1. Van Fred Mining Company Ltd
F 48/
PO Box
Telephone: (021) 782 232 / 765
504
Fax : (021) 760 198
2. Worldwide Mining Company
3. Saudi Gold Mines Company
4. Gold Mines Co. Ltd
5. Jewellery Factory
Misfah District
Telephone: (966 1) 265 5548
6. Saudi Gold Refinery Co.
7. Real Estate Development Co.
8. Saudi Gemologist Institute
ACTIVITIES
The Company is involved in the following activities :
Manufacturers, wholesalers and distributors of jewellery.
Importers and retailers of jewellery and watches.
NACE Code : 2441 / 3212 / 4648 / 4777
Brands name: Laleh, Zarkashat, Senator, Rayana and Lamour.
Imports from Asia and Europe, mainly from
Exports to GCC countries,
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
BRANCH OFFICES
Main Showrooms :
1. Red Sea Mall
Jeddah
Telephone:
(966 2) 215 3335
2. Altaf Market
Jeddah
Telephone: (966 2) 743 8009
Jeddah
Telephone: (966 2) 275 5572
4. Tiba Mall
Telephone:
(966 1) 450 2116
5. Tiba Mall
Telephone: (966 1) 450 8160
6. Hayat Mall
Telephone: (966 1) 205 8081
Telephone: (966 1) 477 7540
8. Olaya
Telephone: (966 1) 466 5055
9.
Telephone: (966 1) 452 0403
10.
Al Khobar
Telephone: (966 3) 809 9206
11.Al Ehsa
Telephone: (966 3) 584 0636
SPECIAL NOTE
This amended report is sent as a replacement of our previous report Ref:
707652.01.C.SHN.X / dated 23/04/2011.
Interviewed: Hassan Qasim (Financial Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.38 |
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1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.83 |
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.