MIRA INFORM REPORT

 

 

Report Date :           

11.05.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

M & A AL BAWARDI CO

 

 

Registered Office :

9th Street, Al Rake Area, Amara District, P O Box 112, Dammam 31411

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

28.02.1988

 

 

Com. Reg. No.:

1010000905, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates several divisions include General Trading Division, Al Bawardi Food & Supplies, Al Bawardi Steel Industry (BSI), Al Bawardi Wood Industry (BWI), Al Bawardi Marine Survey, Al Bawardi Materials Recycling Division

 

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

 

Maximum Credit Limit :

US$ 400,000

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

 

SUMMARY

 

Company Name                                     : M & A AL BAWARDI CO

Also Known As                                      : MOHAMED & ABDULRAHMAN AL BAWARDI CO

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 28th February 1988

Commercial Registration Number            : 1010000905, Riyadh

Chamber Membership Number                : 135

Issued Capital                                        : SR 33,325,000

Paid up Capital                                      : SR 33,325,000

Total Workforce                                     : 280

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 400,000

 

 

COMPANY NAME

 

M & A AL BAWARDI CO

 

 

ALSO KNOWN AS

 

MOHAMED & ABDULRAHMAN AL BAWARDI CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 9th Street

Area                 : Al Rake Area, Amara District

PO Box             : 112

Town                 : Dammam 31411

Country             : Saudi Arabia

Telephone         : (966-3) 8335555 / 8344984

Facsimile          : (966-3) 8336666 / 8334122

Email                : info@albawardi.com / mthabet@albawardi.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Dammam.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Sitteen Street                                                                                   Sales Office

Malaz District

Riyadh

 

·       Jeddah                                                                                             Sales Office

Tel: (966-2) 6439035

Fax: (966-2) 6439025

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·         Sheikh Khalid Mohamed Al Saad Al Bawardi                                      Managing Partner

 

·         Sheikh Musaad Abdulrahman Al Bawardi                                           Partner

 

·         Fouad Al Shaar                                                                                General Manager

 

·         Saeed Ali Al Qahtani                                                                        Assistant General Manager

 

·         Mohamed Thabet                                                                             Finance Manager

 

·         Jawad Jalal                                                                                      Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11/07/1408 Hijri (corresponding to 28th February 1988)

 

History                         : Subject was originally established in 1988 as a Sole Proprietorship owned by Mr Mohamed  Al Bawardi. However, approximately 10 years ago Mr Mohamed Abdulrahman Al Bawardi passed away and the business was passed on to his legal heirs who re-registered the business as a Limited Liability Partnership.

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1010000905, Riyadh

 

Chamber Member No. : 135

 

Issued Capital              : SR 33,325,000

 

Paid up Capital            : SR 33,325,000

 

Name of Partner (s)

 

·       Sheikh Khalid Mohamed Al Saad Al Bawardi

 

·       Sheikh Musaad Abdulrahman Al Bawardi

 

 

AFFILIATED COMPANIES

 

·       Saudi Material Recycling Co Ltd (SAMARCO)

Abu Gadira Road, Nabya Area

PO Box: 8344

Dammam 31482

Tel: (966-3) 8221137

Fax: (966-3) 8221328

CR No. 2050029607

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       General Trading Division

 

       Engaged in the import and distribution of sanitary ware products, building materials, tools and implements, electrical equipment and household goods.

 

·       Al Bawardi Food & Supplies

 

Engaged in the wholesale and distribution of food products, specialising in dairy produce.

 

·       Al Bawardi Steel Industry (BSI)

 

     Manufacturers of steel and pipe work.

 

·       Al Bawardi Wood Industry (BWI)

 

     Engaged in the manufacture of wooden windows, doors, office furniture and kitchens.

 

·       Al Bawardi Marine Survey

 

       This division supplies marine and navigational equipment and instrumentation as well as offering surveying services.

 

·       Al Bawardi Materials Recycling Division

 

Address:      Abu - Haidriyah Highway

                               Nabiah Sihat

                               PO Box: 8344

                               Dammam 31411

                               Tel: (966-3) 8180120 / 8221137

                               Fax: (966-3) 8221328 / 8180122

                               Email: recycling@albawardi.com

 

Activities:     Operators of recycling plants.

 

The company activities include Collecting, Grading and Recycling Non ferrous Metals.

 

Steel plates, pipes, structural steel, scrap cars, heat exchangers, vessels and ships are among the scrap the company handles. The scrap is analyzed, classified, shredded, cut, processed, graded, transported and shipped to clients according to their specification.   

 

Dismantling or demolishing used plants and factories is another activity the company is engaged in. In the recent years many projects were awarded, executed and delivered on time in various sectors which included power generating plants, oil & gas refineries and water desalination plants.

 

Import Countries: United States of America, Italy, United Kingdom and the Far East

 

Subject has a workforce of approximately 280 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Saudi American Bank

Fluor Branch

PO Box: 842

Al Khobar 31952

Tel: (966-3) 8575503

Acc No. 000 631 3833

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

M & A Al Bawardi Co is well established in the local business community with operations dating back to 1988. It operates a number of divisions covering the food, steel, wood, marine, recycling and building material industries.

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.73

UK Pound

1

Rs.73.21

Euro

1

Rs.63.90

 

 

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.