MIRA INFORM REPORT

 

 

Report Date :

06.12.2012

 

IDENTIFICATION DETAILS

 

Name :

BIN DAWOOD COMPANY

 

 

Registered Office :

New Danube Building, 51190 Jeddah 21543

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

17.10.2000

 

 

Reg. No.:

4030131697

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject’s operations are performed through the following divisions:

Trading Division, Contracting Division,  Real Estate Division

 

 

No. of Employees :

250

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Saudi Arabia - ECONOMIC OVERVIEW

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about one-fifth of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Almost 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia''s first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.

                                                                          

Source : CIA

 

SUMMARY

 

Company Name                         : BIN DAWOOD COMPANY

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Start Date                                             : 1989

Registration Date                                   : 17th October 2000

Commercial Registration Number            : 4030131697, Jeddah

Chamber Membership Number                : 78500

Issued Capital                                        : SR 10,800,000

Paid up Capital                                      : SR 10,800,000

Total Workforce                         : 250

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

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

COMPANY NAME

 

BIN DAWOOD COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Building : New Danube Building

Street               : Madinah Road

PO Box             : 51190

Town                 : Jeddah 21543

Country : Saudi Arabia

 

Telephone         : (966-2) 6053537 / 6580602

Facsimile          : (966-2) 6057859

Mobile               : (966-55) 618725

Email                : info@bindawood.com

 

Premises

 

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

 

Branch Office (s)

 

            Location                                                                                              Description

 

PO Box: 5510                                                                                                    Office premises

Makkah

Tel: (966-2) 5586786 / 5571571

 

Subject operates 18 superstores located throughout Jeddah, Makkah and Madinah

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Abdul Khaliq Dawood Bin Dawood                                                           Managing Partner

 

Khalid Dawood Bin Dawood                                                                    Partner

 

Sulaiman Dawood Bin Dawood                                                                Partner

 

Saleem Badkar                                                                                      Finance Manager

 

Hassan Ghareeb                                                                                    Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1989, however it was registered on 18/07/1421 Hijri

(corresponding to 17th October 2000)

 

History : Subject began in 1989 under the name “Bin Dawood Superstore”. However in 2011 it changed its name to “Bin Dawood Company”.

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030131697, Jeddah

 

Chamber Member No. : 78500

 

Issued Capital              : SR 10,800,000

 

Paid up Capital            : SR 10,800,000

 

Name of Partner (s)

 

Abdul Khaliq Dawood Bin Dawood

 

Khalid Dawood Bin Dawood

 

Sulaiman Dawood Bin Dawood

 

 

AFFILIATED COMPANIES

 

The Bin Dawood Group of Companies comprises the following concerns:

 

Bin Dawood Group Of Companies

New Danube Building

Madinah Road

Heraa District

PO Box: 51190

Jeddah 21543

Tel: (966-2) 6580602 / 6657509 / 6545557

Fax: (966-2) 6057859 / 6071027

Email: info@bindawood.com

 

Danube Company Limited

Haraa International Market

Madinah Road & Heraa Street Intersection

Al Naim District

PO Box: 766

Jeddah 21421

Saudi Arabia

Tel: (966-2) 6545557 / 6543335 / 6580602

Fax: (966-2) 6541097

Email: danube@danubeco.com

 

Al Danube Star for Bakeries & Marketing Co

PO Box: 766

Jeddah

Saudi Arabia

Tel: (966-2) 6607282

Fax: (966-2) 6541097

Commercial Reg No. 4030086333

 

Safa Co Ltd

Al Dahab Street

Al Balad District

PO Box: 19547

Jeddah 21445

Saudi Arabia

Tel: (966-2) 6490135

Fax: (966-2) 6471548

 

MYA Import & Export Co LLC

PO Box: 111092

Dubai

United Arab Emirates

Tel: (971-4) 3313944

Fax: (971-4) 3313955

 

Jumairah Marketing Toys Est

Bin Dawood Building

Madinah Road

PO Box: 51190

Jeddah 21543

Tel: (966-2) 6580602

Fax: (966-2) 6052708

 

Jumairah Fruit & Vegetable

Aswaq Bin Dawood

Jeddah

Saudi Arabia

 

Abdul Khaliq Bin Dawood Est

PO Box: 5510

Makkah

Tel: (966-2) 5571571

 

 

OPERATIONS

 

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

 

Trading Division

 

Engaged in the operation of a chain of superstores specialising in the retail of foodstuff products, perfumes and giftware.

 

Contracting Division

 

Engaged as general construction contractors.

 

Real Estate Division

 

Engaged in real estate investment and development.

 

Import Countries: Spain, Italy, Germany and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/10:              Year Ending 31/12/11:

 

Total Sales                                SR 92,700,000                           SR 94,500,000

 

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

 

 

BANKERS

 

National Commercial Bank

Masfalah Branch

Makkah

Tel: (966-2) 5367051

Fax: (966-2) 5345457

 

Arab National Bank (ANB)

Gazzah Branch

PO Box: 238

Makkah

Tel: (966-2) 5743455

Fax: (966-2) 5743456

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Bin Dawood Superstore was established in 1989 and is well known in the Saudi market, enjoying a good reputation for the quality of its products and services.

 

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 and the above credit figure is deemed admissible.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.57

UK Pound

1

Rs.87.90

Euro

1

Rs.71.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.