MIRA INFORM REPORT

 

 

Report Date :

17.05.2011

 

IDENTIFICATION DETAILS

 

Name :

WAHAT AL JALABIA CO

 

 

Formerly Known As :

AL JALABIA OASIS TRADING

 

 

Registered Office :

King Khalid Street, Kilo 2, Saheefah District, P O Box 32530, Jeddah 21438

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

24.10.1994

 

 

Com. Reg. No.:

4030164882, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the wholesale and retail of ladies Arabic dress (Jalabia), textiles and related accessories

 

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$ 500,000

 

 

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                                     : WAHAT AL JALABIA CO

Also Known As                                      : AL JALABIA OASIS TRADING

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Start Date                                             : 24th October 1994

Commercial Registration Number                        : 4030164882, Jeddah

Chamber Membership Number                : 113050

Issued Capital                                        : SR 1,000,000

Paid up Capital                                      : SR 1,000,000

Total Workforce                                     : 75

Activities                                               : Wholesale and retail of ladies Arabic dress (Jalabia), textiles and    related  Accessories

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Magdi Al Maghrabi, Finance Manager

COMPANY NAME

 

WAHAT AL JALABIA CO

 

ALSO KNOWN AS: AL JALABIA OASIS TRADING

 

 

ADDRESS

 

Registered & Physical Address

           

Street               : King Khalid Street, Kilo 2

Area                 : Saheefah District

 

PO Box             : 32530

 

Town                 : Jeddah 21438

Country             : Saudi Arabia

 

Telephone         : (966-2) 6323222 / 6500805

Facsimile          : (966-2) 6323500 / 6323999

Mobile               : (966-56) 0968894 / (966-53) 5222055

Email                : fallo82@hotmail.com

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

Location                                                                                                Description

 

·       Red Sea Mall                                                                                    Showroom premises

Jeddah

Tel: (966-2) 2150692

 

·       Al Andalus Mall                                                                                 Showroom premises

Jeddah

Tel: (966-2) 6303987

 

·       Granada Mall                                                                                    Showroom premises

Riyadh

Tel: (966-1) 2534778

 

·       Aziz Mall                                                                                          Showroom premises

Jeddah

Tel: (966-2) 6161676

 

·       Mjma Arabs                                                                                      Showroom premises

Jeddah

Tel: (966-2) 6122583

 

·       Aalroshan Mall                                                                                  Showroom premises

Jeddah

Tel: (966-2) 6947896

 

·       Hayat Mall                                                                                        Showroom premises

Riyadh

Tel: (966-1) 2057050

 

·       Khurais Plaza                                                                                   Showroom premises      

Riyadh

Tel: (966-1) 2097997

 

·       Al Dhiyafa Centre                                                                              Showroom premises

Makkah

Tel: (966-2) 5497424

 

·       Darren Mall                                                                                       Showroom premises

Dammam

Tel: (966-3) 8357540

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hamid Alawi Abdullah Al Attas                                                           Managing Partner

 

·       Souaad Mohsin Abdullah Ba Soura                                                     Partner

 

·       Fatima Mohsin Abdullah Ba Soura                                                      Partner

 

·       Adnan Ahmed Muqaibel                                                                     Commercial Manager

 

·       Magdi Al Maghrabi                                                                            Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18/05/1415 Hijri (corresponding to 24th October 1994)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030164882, Jeddah

 

Chamber Member No. : 113050

 

Issued Capital              : SR 1,000,000

 

Paid up Capital            : SR 1,000,000

 

Name of Partner (s)

 

·       Hamid Alawi Abdullah Al Attas

 

·       Souaad Mohsin Abdullah Ba Soura

 

·       Fatima Mohsin Abdullah Ba Soura

 

 

AFFILIATED COMPANIES

 

·       Hamid Alawi Al Attas Est

Jeddah

CR No. 4030106926

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of ladies Arabic dress (Jalabia), textiles and related accessories.

 

Import Countries: India and Turkey

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Revenue                            SR 88,000,000                           SR 95,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-2) 6434777

Fax: (966-2) 6441686

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

 

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 business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.