MIRA INFORM REPORT

 

                                                                          

Report Date :

20.11.2012

 

IDENTIFICATION DETAILS

 

Name :

ABDUL KADIR AL MUHAIDIB & SONS CO

 

 

Registered Office :

 

Abdul Kadir Building, Mina Street, Al Khaleej Area, P O Box 30, Dammam 31411

 

 

 

 

Country :

Saudi Arabia

 

 

 

 

Date of Incorporation :

1946

 

 

 

 

Com. Reg. No.:

2050009333, Dammam

 

 

 

 

Legal Form :

Closed Shareholding Co

 

 

 

 

Line of Business :

Distributors of Industrial Equipment, Machinery and Building Materials

 

 

 

 

No. of Employees :

640

 

 

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 :

Good

 

 

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                         : ABDUL KADIR AL MUHAIDIB & SONS CO

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Closed Shareholding Co

Start Date                                             : 1946

Registration Date                                   : 30th July 1980

Commercial Registration Number            : 2050009333, Dammam

Membership Number                              : 342

Issued Capital                                        : SR 1,000,000,000

Paid up Capital                                      : SR 1,000,000,000

Total Workforce                                     : 650

Activities                                               : Distributors of industrial equipment, machinery and building materials.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Salah Kandeel, Finance Manager

 

 

 

 

COMPANY NAME

 

ABDUL KADIR AL MUHAIDIB & SONS CO

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Abdul Kadir Building

Street               : Mina Street

Area                 : Al Khaleej Area

 

PO Box             : 30

 

Town                 : Dammam 31411

Country             : Saudi Arabia

 

Telephone         : (966-3) 8322033 / 8344853 8588658 / 8321492 / 8455555

Facsimile          : (966-3) 8336082 / 8455556

Email                : info@almuhaidib.com / md@muhaideb.com

 

PREMISES

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Dammam.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sulaiman Abdul Kader Abdul Muhsen Al Muhaidib                               Managing Director

 

·       Issam Abdul Kader Abdul Muhsen Al Muhaidib                                                Director

 

·       Salah Kandeel                                                                                  Finance Manager

 

·       Essam Madani                                                                                  Administration Manager

 

·       Abdullah Aba Naouf                                                                           Legal Advisor

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1946, however subject was registered on 17/09/1400 Hijri (corresponding to 30th July 1980)

 

Legal Form                  : Closed Shareholding Co

 

Commercial Reg. No.  : 2050009333, Dammam

 

Membership No.          : 342

 

Issued Capital              : SR 1,000,000,000

 

Paid up Capital            : SR 1,000,000,000

 

NAME OF SHAREHOLDER (S)

 

·       Sulaiman Abdul Kader Abdul Muhsen Al Muhaidib

 

·       Issam Abdul Kader Abdul Muhsen Al Muhaidib

 

·       Imad Abdul Kader Abdul Muhsen Al Muhaidib

 

·       Mrs Louloua Sulaiman Saleh Al Mudaiheem

 

·       Ms Mariam Abdul Kader Abdul Muhsen Al Muhaidib

 

·       Ms Haifa Mariam Abdul Kader Abdul Muhsen Al Muhaidib

 

·       Ms Awatef Mariam Abdul Kader Abdul Muhsen Al Muhaidib

 

·       Ms Tumader Mariam Abdul Kader Abdul Muhsen Al Muhaidib

 

 

AFFILIATED COMPANIES

 

·       Abdul Kadir Al Muhaidib & Sons Co

     Giant Store Building

     Al Cakaronah Street Crossing Al Rawdah Street

     Al Faisalayah District

     PO Box: 16197

     Jeddah 21464

     Tel: (966-2) 6170000

     Fax: (966-2) 6173333

     CR No. 4030031381, Jeddah

 

·       Abdul Kadir Al Muhaidib & Sons Co

     Prince Salman Street

PO Box: 2063

Riyadh 11451

Tel: (966-1) 4488404

Fax: (966-1) 4461160

 

·       Al Muhaidib Hardware Co Ltd

     Industrial Area

     PO Box: 42300 & 20637

     Riyadh 11541

     Tel: (966-1) 4484006 / 4383592

     Fax: (966-1) 4461160 / 4958041

 

·       Al Muhaidib Building Materials

PO Box: 16197

Jeddah 21464

Tel: (966-2) 6172000

Fax: (966-2) 6707800

 

·       Al Muhaidib Land Transport

PO Box: 5356

Dammam 31422

Tel: (966-3) 8141674

Fax: (966-3) 8141675

 

·       Al Muhaidib Building Supplies

PO Box: 42300

Riyadh 11541

Tel: (966-1) 4488404

Fax: (966-1) 4461160

 

·       Al Muhaidib Contracting

PO Box: 9291

Jeddah 21413

Tel: (966-2) 6378976

 

·       Al Muhaidib Foods

PO Box: 9149

Dammam 31982

Tel: (966-3) 8455555

Fax: (966-3) 8455553

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of industrial equipment, machinery and building materials. Subject also provides management services for its affiliated companies.

 

Import Countries: United Kingdom, Germany, United States of America, Japan and Thailand

 

Subject has a workforce of approximately 650 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Commercial Bank

PO Box: 13

Dammam 31411

Tel: (966-3) 8331188

Fax: (966-3) 8336058

 

·       Al Bank Al Saudi Al Fransi

Dhahran Street

PO Box: 2792

Dammam

Tel: (966-3) 8320957

 

 

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.54.97

UK Pound

1

Rs.87.50

Euro

1

Rs.70.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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.