MIRA INFORM REPORT
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Report Date : |
14.01.2012 |
IDENTIFICATION DETAILS
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Name : |
AL SORAYAI TRADING AND INDUSTRIAL GROUP |
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Formerly Known As : |
ABDULLAH & NASSER ABDULAZIZ AL SORAYAI CO |
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Registered Office : |
Al Sorayai
Building, Sitteen Street (16th Street), Al Falak, P O Box 31279
& 1563, Jeddah 21441 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.06.1968 |
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Com. Reg. No.: |
4030133919, Jeddah |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject operates several divisions Al Sorayai Carpet
Factory, Al Sorayai Trading & Al Sorayai
Steel & Furniture Factory |
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No. of Employees
: |
2000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
US$ 3,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia
|
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : AL SORAYAI TRADING AND INDUSTRIAL GROUP
Previously Known As : ABDULLAH & NASSER ABDULAZIZ AL SORAYAI CO
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Start Date : 1942
Registration Date : 25th June 1968
Commercial Registration Number : 4030133919, Jeddah
Chamber Membership Number : 79653
Issued Capital : SR 300,000,000
Paid up Capital : SR 300,000,000
Total Workforce : 2,000
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,000,000
Person Interviewed : Saleh Al Zahrani, Public Relations Manager
COMPANY NAME
AL SORAYAI TRADING AND INDUSTRIAL GROUP
company ADDRESS
Registered &
Physical Address
Building : Al Sorayai Building
Street : Sitteen Street (16th
Street)
Area : Al Falak
PO Box : 31279 & 1563
Town : Jeddah 21441
Country : Saudi Arabia
Telephone : (966-2) 6918919 / 6918222 / 6918939 /
6376979
Facsimile : (966-2) 6917959 / 6974771 / 6377121
Email : alsorayai@sorayai.com
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Jeddah.
Branch Office (s)
Location Description
·
PO Box:
624 Rented
retail showroom
Makkah
Tel: (966-4) 5561893
Fax: (966-4) 5561901
·
Industrial
City, Phase IV Rented
factory premises
PO Box: 31279
Jeddah 21497
Tel : (966-2) 6369900
Fax : (966-2) 6377121
·
PO Box:
2982 Rented
retail showroom
Riyadh
Tel: (966-1) 4775809
Fax: (966-1) 4775898
·
PO Box:
238 Rented
retail showroom
Taif
Tel: (966-2) 7331344
·
PO Box:
3403 Rented
retail showroom
Dammam
Tel: (966-3) 8434416
Fax: (966-3) 8434742
·
PO Box:
727 Rented
retail showroom
Abha
Tel: (966-7) 2247338
·
PO Box:
452 Rented
retail showroom
Qassim
Tel: (966-3) 3246973
·
PO Box:
276 Rented
retail showroom
Gizan
Tel: (966-7) 3221958
·
PO Box:
1402 Rented
retail showroom
Khamis Mushait
KEY PRINCIPALS
Name Position
·
Abdulaziz
Nasser Abdulaziz Al Sorayai Chairman
·
Mansour
Abdullah Abdulazzi Al Sorayai Managing
Director
·
Mohamed
Abdullah Abdulaziz Al Sorayai Director
·
Saleh
Nasser Abdulaziz Al Sorayai Director
·
Dr
Yassen Abdulrahman Hassan Ghafari Director
·
Ahmed
Saleh Al Nashar Director
·
Sulaiman
Abdullah Director
·
Saleh
Al Zahrani Public
Relations Manager
·
Raj
Abou Al Mahsen Finance
Manager
·
Ricky
Molen Factory
Manager
·
Jan
Dehoun Commercial
Manager
·
Saeed
Abdullah Executive
Secretary
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1942, however it was registered on 29/03/1388 Hijri
(corresponding to 25th June 1968)
Legal Form :
Joint Stock Company
Commercial Reg. No. : 4030133919,
Jeddah
Chamber Member No. : 79653
Issued Capital : SR 300,000,000
Paid up Capital : SR 300,000,000
Name of
Shareholder (s)
·
Abdulaziz
Nasser Abdulaziz Al Sorayai
·
Mansour
Abdullah Abdulazzi Al Sorayai
·
Mohamed
Abdullah Abdulaziz Al Sorayai
·
Saleh
Nasser Abdulaziz Al Sorayai
·
Dr Yassen
Abdulrahman Hassan Ghafari
·
Ahmed
Saleh Al Nashar
·
Sulaiman
Abdullah
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Al
Sorayai Carpet Factory
Engaged in the manufacture of
carpets and rugs.
· Al Sorayai Trading
Engaged in the retail and wholesale of carpets, blankets, rugs, bed spreads and other interior furnishing goods.
· Al Sorayai Steel & Furniture Factory
Engaged in the manufacture of
steel products and furniture.
Import
Countries: Belgium, Spain
and Germany
International
Suppliers:
·
Balta
NV Belgium
Brand Names: MORA, TEXTILI IMPEX, CENTROTEX and ARTEX
Operating Trend: Steady
Subject has a
workforce of approximately 2,000 employees.
FINANCIAL DATA
Financial highlights
provided by local sources are given below:
Currency: Saudi
Riyals (SR 000’s)
Balance Sheet 31/12/08
31/12/09 31/12/10
|
Current Assets |
216,257 |
264,077 |
298,005 |
|
Inventory |
463,303 |
422,501 |
462,283 |
|
Investments |
0 |
0 |
0 |
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Fixed Assets |
203,663 |
258,081 |
275,412 |
|
Other Assets |
0 |
0 |
0 |
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Total Assets |
883,223 |
944,659 |
1,035,700 |
|
Current Liabilities |
522,744 |
521,977 |
560,142 |
|
Non-Current Liabilities |
28,140 |
50,101 |
31,991 |
|
Other Liabilities |
0 |
0 |
0 |
|
Shareholder's Equity |
332,339 |
372,581 |
443,567 |
|
Total Liabilities & Shareholder Equity |
883,223 |
944,659 |
1,035,700 |
Statement of
Income
|
Sales |
937,008 |
942,750 |
907,011 |
|
Sales Cost |
703,556 |
680,268 |
652,300 |
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Total Income |
233,452 |
262,482 |
254,711 |
|
Other Revenues |
7,472 |
4,424 |
6,225 |
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Total Revenues |
240,924 |
266,906 |
260,936 |
|
Admin and Marketing Expenses |
150,308 |
168,214 |
169,043 |
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Depreciation |
0 |
0 |
0 |
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Other Expenses |
10,634 |
14,240 |
9,379 |
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Total Expenses |
160,942 |
182,454 |
178,422 |
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Net Income Before Zakat |
79,982 |
84,452 |
82,514 |
|
Zakat |
6,122 |
4,210 |
6,528 |
|
Net Income |
73,860 |
80,242 |
75,986 |
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Balance First Period |
0 |
22,675 |
54,893 |
|
Reserves |
7,386 |
8,024 |
7,598 |
|
Cash Dividends |
43,799 |
40,000 |
5,000 |
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Other Distributions |
0 |
0 |
0 |
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Balance End Period |
22,675 |
54,893 |
118,281 |
Local sources consider
subject’s financial condition to be Good.
BANKERS
·
National
Commercial Bank
Industrial City Branch
PO Box: 18656
Jeddah 21425
Tel: (966-2) 6368224
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
·
Arab National
Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.43 |
|
UK Pound |
1 |
Rs.79.10 |
|
Euro |
1 |
Rs.66.17 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.