MIRA INFORM REPORT

 

 

Report Date :           

29.09.2011

 

IDENTIFICATION DETAILS

 

Name :

AL WABEL TRADING & MAINTENANCE CO. 

 

 

Registered Office :

Al Fozan Building, 2nd Floor, Street No. 9 (aka Post Office Street), P.O.Box No. 656, Dammam 31421

 

 

Country :

Saudi Arabia

 

 

Year of Establishment :

1963

 

 

Com. Reg. No.:

2050017796

 

 

Legal Form :

General Partnership  

 

 

Line of Business :

Importers, Wholesalers and Retailers of agriculture equipment including all types of water pumps, generators, hoses, related spare parts and 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 :

SR 1,000,000

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 Wabel Trading & Maintenance Co.

 

 

company ADDRESS

 

Building             : Al Fozan Building, 2nd Floor

Street               : Street No. 9 (aka Post Office Street)

P.O.Box No.      : 656

Town                 : Dammam 31421

Country             : Saudi Arabia

Telephone         : (966 3) 832 3880 / 834 6269 / 834 0053 / 833 1734

Fax                   : (966 3) 833 9585 / 832 4652

E-Mail               : shaaban601@yahoo.com

 

Also Known As              : Abdul Rahman & Salem Al Saleh Al Wabel Co. (Al Wabel Trading & Maintenance Co.)

 

Arabic Translation          : Sharikat Abdul Rahman Wa Salem Al-Saleh Al-Wabel (Sharikat Al-Wabel Lil-Tijara Wa Al-Siyana

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                 Position

 

1. Abdul Rahman Al Saleh Al Wabel        Managing Director

 

2. Salem Al Saleh Al Wabel                    Deputy Managing Director

   (brother of the above)

 

3. Yasser Abdulrahman Al Wabel            Commercial Manager

 

4. Ibrahim Al Masri                                 Financial Manager

 

5. Mamdouh Shaaban                            Sales Engineer

 

6. Mohsen Mohammed Al Serafi              Accountant

 

Total Employees :          60 (subject)

                                    250 (group)

 

 

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 1,000,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME               : AL RAJHI BANK

Branch              : Dammam Main Street

P.O. Box           : 6030

Town                 : Dammam 31411

Telephone         : (966 3) 834 2560

Fax                   : (966 3) 832 3943

 

Subject also has an account with the following banks :

 

1. National Commercial Bank (Al Ahli)

   PO Box 8487

   Dammam 31482

   Telephone: (966 3) 842 7216

   Fax      : (966 3) 842 1774

 

2. Riyad Bank

   King Saud Street

   PO 274

   Dammam 31411

   Telephone: (966 3) 834 5743

   Fax      : (966 3) 832 3210

 

 

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 47,000,000 - 2007 - exact

               : SR 42,000,000 - 2008 - exact *

               : SR 42,000,000 - 2009 - exact

               : SR 50,000,000 - 2010 - exact

               : SR 52,000,000 - 2011 - projected

 

Net Profit     : not given but stated to be 7-10% of the sales

 

* Decrease in sales turnover in 2008 was due to the global economic

downturn and unfavourable market conditions.

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 1963

 

History : The subject company was established in Saudi Arabia in 1963 as a Proprietorship Buisness under the name Al Amin Trading Corporation (Aminco) owned by Abdulaziz Ruzihan. In April 1983 Abdulaziz Ruzihan died in a car accident. In November 1983 Abdulaziz Ruzihan family sold the subject to Abdul Rahman Al Saleh Al Wabel. On 21 March 1988 (03/08/1408 H) subject was converted into a General Partnership Business under the present name and partnership structure.

 

C.R. No. : 2050017796 (issue date: 21/03/1988 / 03/08/1408 H /

           expiry date : 23/06/2012 / 03/08/1433 H)

 

Chamber of Commerce Membership No : 3670

 

Authorised Capital : SR 300,000

 

Paid-Up Capital : SR 300,000

 

General Partnership with the following partners :

 

                                                                                    Percentage

 

1. Abdul Rahman Al Saleh Al Wabel                         50%

   (Saudi national)

 

2. Salem Al Saleh Al Wabel                                    50%

   (brother of the above)

 

Affiliated companies of Al Wabel Trading & Maintenance Co. :

 

Associates

 

As a matter of interest Abdul Rahman Al Saleh Al Wabel and Salem Al

Saleh Al Wabel are brothers of Hamad Al Saleh Al Wabel, Chairman of

the Al Wabel Group Of Companies, Saudi Arabia, which comprises the

following companies :

 

1. Hamad Saleh Al Wabel Trading Est.

   PO Box 1969

   Dammam 31441

   Telephone: (966 3) 833 1974

   Fax      : (966 3) 833 7537

 

2. Al Wabel Bolts

   PO Box 1969

   Dammam 31441

   Telephone: (966 3) 832 4522

   Fax      : (966 3) 834 7922

 

3. Al Wabel Communication

   PO Box 8666

   Dammam 31492                            

   Telephone: (966 3) 834 5156

   Fax      : (966 3) 834 2155

 

4. Al Wabel Eng. & Marine Equipment

   PO Box 7783

   Dammam 31472                          

   Telephone: (966 3) 834 4989

   Fax      : (966 3) 833 7537

 

4. Al Wabel Maintenance Equipment Supply Est

   PO Box 7783

   Dammam 31472                          

   Telephone: (966 3) 834 4989

   Fax      : (966 3) 833 7537

 

5. Hamad Al Wabel Building Materials Est     

   PO Box 1969

   Dammam 31441

   Telephone: (966 3) 832 6607

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Trading as importers, wholesalers and retailers of agriculture equipment including all types of water pumps, generators, hoses, related spare parts and accessories.

 

NACE Code : 4611

 

Subject also provides maintenance and after sales services.

 

Agents for :

 

- Goulds Water Systems (USA)

- Lawara Goulds Pumps Co (Italy)

 

Imports worldwide, mainly from India USA, Germany, France and Belgium.

 

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

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices, a wholesale / retail outlet and a workshop with warehousing facilities located at the heading address as well as 3 registered branches located elsewhere in Riyadh, Buraidah and Jeddah (see 'Branch Offices' below).

 

 

BRANCH OFFICES

 

1. Omar Al Mokhtar Street 21, Ground Floor

   PO Box 42928

   Riyadh 11551

   Telephone: (966 1) 405 9090

   Fax      : (966 1) 403 1898

   Sub C.R. No.: 1010069353

 

2. Hay Al Aziziah

   PO Box 30718

   jeddah

   sub CR No.: 4030061120 

 

3. King Faysal Street

   PO Box 01587

   Buraidah

   Telephone: (966 6) 323 6035

   Fax      : (966 6) 324 7535

   Sub CR No.: 1131018100

 

 

SPECIAL NOTE

 

The commercial registration number given by you: 1010069353 applies to subject’s branch commercial registration number. Please note that subject’s correct commercial registration number is: 2050017796

 

Interviewed : Mohsen Mohammed Al Serafi (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.