MIRA INFORM REPORT

 

 

Report Date :           

29.09.2011

 

IDENTIFICATION DETAILS

 

Name :

AL NAKHEEL TRADING COMPANY

 

 

Formerly Known As :

Al Nakheel Trading Est.

 

 

Registered Office :

King Fahed Road (aka Madinah Road), P O Box 344, Zulfi 11932

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

02.10.1979

 

 

Com. Reg. No.:

1123000072

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, wholesalers and retailers of agricultural equipment, fertilizers, seeds, pesticides and related chemicals as well as foodstuff

 

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 1,200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct  

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Saudi Arabia

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

Al Nakheel Trading Company (Correct)

AL Nakheel For Trading Co Ltd (Requested)

 

 

company ADDRESS

 

Building             : Al Nakheel Building

Street               : Al Reel Street

Area                 : Hay Al Batha (Batha District)

P.O.Box No.      : 4358

Town                 : Riyadh 11491

Country             : Saudi Arabia

Telephone         : (966 1) 402 2040 / 402 0401

Fax                   : (966 1) 401 3373

E-Mail                : mohammed.bshr@yahoo.com

 

Formerly Known As        : Al Nakheel Trading Est.

 

Also Known As              : Al Nakheel Trading Co Ltd / Al Nakheel For Trade Co

 

Arabic Translation          : Sharikat Al-Nakheel Lil-Tijara

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                                        Position

 

1. Ali Abdullah Ali Al Nakheel                              Chairman

 

2. Abdullah Tawari Abdullah Ali Al Nakheel           Managing Director

 

2. Bader Abdullah Attawah                                  Administrative Manager

 

3. Noman Sulaiman Omar                                   Financial Manager

   (Sudanese national)

 

4. Walid Abdulaziz                                             Accountant

   (Egyptian national)

 

5. Mohammed Bishr                                           Accountant

   (Egyptian national)

 

Total Employees : 140

 

PAYMENTS

 

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

 

Subject is well established company operating in Saudi Arabia since 1979.

 

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

 

Opinion on maximum credit : SR 1,200,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : BANK AL BILAD

Branch   : Siteen Street, Al Malaz

PO Box   : 140

Town     : Riyadh

Telephone: (966 1) 479 8888

Fax      : (966 1) 479 8898

 

The company also has an account with the following banks :

 

1. Al Rajhi Bank

   PO Box 28

   Riyadh 11411

   Saudi Arabia

   Telephone: (966 1) 405 4244

   Fax      : (966 1) 405 2950

 

2. Riyad Bank

   Sitteen Street Branch

   PO Box 22622

   Riyadh 11416

   Telephone: (966 1) 401 3030

   Fax      : (966 1) 404 1255

 

 

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 59,000,000 – 2009 – exact

                     : SR 60,000,000 – 2010 - exact

                     : SR 65,000,000 – 2011 – projected

 

Net Profit           : not given but stated to be 10-12% of the sales

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 2 October 1979 (10/11/1399 H)

 

History : The subject company was established in Saudi Arabia on 2 October 1979 (10/11/1399 H) as a Proprietorship under the name Al Nakheel Trading Est. owned by Abdullah Ali Al Nakheel. During 1980’s subject was converted into a Limited Liability Company under the present name with the following shareholders : Ali Abdullah Ali Al Nakheel (Saudi national) and his brother Tawari Abdullah Ali Al Nakheel. In 1991 Tawari Abdullah Ali Al Nakheel passed away and at the same time his family members inherited his shares and subject’s shareholding structure changed to the present. Subject is registered in Zulfi City (Az Zulfi) but maintains its administrative offices in Riyadh.

 

C.R. No. : 1123000072 (expiry date: 20/10/2011 / 22/11/1432 H)

 

Authorised Capital : SR 1,000,000

 

Paid-Up Capital : SR 1,000,000

 

Limited Liability Company with the following shareholders :

 

1. Ali Abdullah Ali Al Nakheel

   (Saudi national)

 

2. Abdullah Tawari Abdullah Ali Al Nakheel

   (nephew of the above)

 

3. Mohammed Tawari Abdullah Ali Al Nakheel

   (brother of the above)

 

4. Ahmed Tawari Abdullah Ali Al Nakheel

   (brother of the above)

 

5. Nasser Tawari Abdullah Ali Al Nakheel

   (brother of the above)

 

6. Other undisclosed members of Abdullah Ali Al Nakheel Family

 

The exact shareholding percentage was not disclosed.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers, wholesalers and retailers of agricultural equipment, fertilizers, seeds, pesticides and related chemicals as well as foodstuff.

 

NACE Code : 4776 / 4621 / 4661 / 4675 / 4639

 

Imports worldwide, mainly from Italy, France, Belgium, China and USA.

 

Subject only sells locally and does not engage in re-export business.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and a retail outlet with warehousing facilities located at the heading address as well as 12 registered branches located in other parts of Saudi Arabia (see 'Branch Offices' below).

 

Subject is registered in Zulfi City (Az Zulfi) but maintains its administrative offices in Riyadh.

 

 

REGISTERED OFFICE

 

King Fahed Road (aka Madinah Road)

PO Box 344

Zulfi 11932

Telephone: (966 1) 422 0111

Fax      : (966 1) 422 2529

 

 

BRANCH OFFICES

 

1. Dammam

   Sub CR No.: 2050040882

 

2. Medina

   Sub CR No.: 4650036592

 

3. Tabuk

   Sub CR No.: 3550022424

 

4. Bish

   Sub CR No.: 5903009915

 

5. Riyadh

   Sub CR No.: 1010091197

 

6. Riyadh

   Sub CR No.: 1010212478

 

7. Zulfi

   Sub CR No.: 1123000235

 

8. Zulfi

   Sub CR No.: 1123001374

 

9. Hail

   Sub CR No.: 3350018155

 

10.Sakaka

   Sub CR No.: 3400009678

 

11.Dammam

   Sub CR No.: 2050027879

 

12.Buraidah

   Sub CR No.: 1131010959

 

 

SPECIAL NOTE

 

You enquired on: AL Nakheel For Trading Co Ltd. Please note that this name applies to subject's also known as name only. Subject’s correct registered name is as per heading.

 

The registration number which you provided: 1010091197 applies to

subject's branch office registration number. Please note that

company’s main commercial registration number is as per heading.

 

Interviewed: Mohammed Bishr (Accountant).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.91

UK Pound

1

Rs.76.53

Euro

1

Rs.66.43

 

 

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.