MIRA INFORM REPORT

 

 

 

 

Report Date :

02.11.2011

 

IDENTIFICATION DETAILS

 

Name :

AL FARIS BUILDING MATERIALS CO. LTD

 

 

Registered Office :

Al Faris Building, King Talal Street cross No. 5, Central Khobar, P.O. Box 1123, Al Khobar 31952

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

26.10.1977

 

 

Com. Reg. No.:

2051003233

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, wholesalers and retailers of all types of building materials, hardware and tools.

 

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 :

SR 450,000

Status :

Satisfactory

Payment Behaviour :

Regular

Litigation :

Clear

 

company NAME

 

AL FARIS BUILDING MATERIALS CO. LTD. (Correct)

AL FARIS BUILDING MATERIAL CO LTD (Requested)

 

 

company ADDRESS

 

Building             :  Al Faris Building

Street                           :  King Talal Street cross No. 5

Area                             :  Central Khobar

P.O. Box           :  1123

Town                 :  Al Khobar 31952

Country             :  Saudi Arabia

Telephone         :  (966 3) 864 5206 / 894 3893 / 898 7280

Fax                   :  (966 3) 895 1971

 

Also Known As :  Al Faris Building Material Co.

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                    Position

 

1. Nasser Faris Al Faris                          Managing Director

 

2. Bader Nasser Faris Al Faris    Director

 

3. Mohammed Asif Khan             Sales Manager

 

4. Mohammed Sabir Qinawi         Accounts Manager

 

Total Employees : 65

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for MEDIUM amounts.

 

Opinion on maximum credit : SR 450,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : NATIONAL COMMERCIAL BANK (AL AHLI)

Branch   : Main branch

PO Box   : 1

Town     : Al Khobar

Telephone: (966 3) 864 6474

Fax      : (966 3) 894 5696

 

The Company also has an account with the following banks :

 

1. Samba Financial Group (fmly Saudi American Bank)

   Flour Building

   PO Box 842

   Al Khobar 31421

   Telephone: (966 3) 894 5630

   Fax      : (966 3) 857 5503

 

2. Riyad Bank

   King Fahd Street, 1st Cross

   PO Box 229

   Al Khobar 31952

   Telephone: (966 3) 864 2191

   Fax      : (966 3) 895 5064

 

 

FINANCIAL INFORMATION

 

Private companies in Saudi Arabia are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover               : SR 19,000,000 - 2008 - exact

                                    : SR 21,000,000 - 2009 - exact                

 

Net Profit                       : not given but stated to be 15%

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 26 October 1977 (13/11/1397 H)

 

History : Subject was established in Saudi Arabia on 26 October 1977 (13/11/1397 H) as a Proprietorship Business under the name Al Faris Building Materials owned by Nasser Ibrahim Al Faris. In 1992 subject was converted into a limited liability company under the present name and shareholding structure.

 

C.R. No. : 2051003233 (expiry date : 22 April 2012 / 30/05/1433 H)

Capital : SR 1,000,000

 

Limited Liability Company with the following shareholders :

 

1. Nasser Faris Al Faris                              (majority)

  (Saudi national, cousin of Nasser Ibrahim Al Faris)      

 

2. Bader Nasser Faris Al Faris   

  (son of the above)  

 

The exact shareholding percentage was not disclosed.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and retailers of all types of building materials, hardware and tools.

 

Imports from UK, Germany, Netherlands, France, Taiwan and Korea.

 

The Company does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and a wholesale/retail outlet with storage facilities located at the heading address as well as 4 wholesale/retail outlets located elsewhere in Al Khobar (see Branch Offices section).

 

 

BRANCH OFFICES

 

Main wholesale/retail outlets :

 

1. King Faisal Street

   Al Khobar

   Telephone: (966 3) 898 6052

 

2. King Saud Street

   Al Khobar

   Telephone: (966 3) 864 1359

 

3. Central Al Khobar

 

 

SPECIAL NOTE

 

You enquired on : AL FARIS BUILDING MATERIAL CO LTD. Please note that subject's correct registered name is as per heading.

 

The telephone number which you provided: 8652206 is incorrect. Please note that subject's correct telephone numbers are as per heading.

 

Interviewed : Mohammed Sabir Qinawi (Accounts Manager).

 

 

 

NOTES :

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

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.08

UK Pound

1

Rs.78.78

Euro

1

Rs.67.76

 

 

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.