MIRA
INFORM REPORT
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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
HALWANI BROS
COMPANY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.06.1968 |
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Com. Reg. No.: |
4030005702,
Jeddah |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture of
general foodstuff products. |
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No. of Employees : |
1,200 |
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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
SUMMARY
Company Name : HALWANI BROS COMPANY LTD
Country of Origin : Saudi
Arabia
Legal Form :
Joint Stock Company
Registration Date : 6th
July 1968
Commercial
Registration Number :
4030005702, Jeddah
Chamber Membership
Number : 2210
Issued Capital : SR
285,714,300
Paid up Capital : SR
285,714,300
Total Workforce : 1,200
Activities :
Manufacture of general foodstuff products.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HALWANI BROS
COMPANY LTD
ADDRESS
Registered & Physical Address
Building : Halwani Building
Street : Petromin Street
PO Box : 690 & 1944
Town : Jeddah 21421
Country : Saudi Arabia
Telephone : (966-2) 6366667
Facsimile : (966-2) 6376667
Email : info-ksa@halwani.com.sa
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Suburban Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Makkah Sales
Office premises
Tel: (966-2) 5528179
Fax: (966-2) 5317956
·
Madinah Sales
Office premises
Tel: (966-4) 8330397
Fax: (966-4) 8330015
·
Riyadh Sales
Office premises
Tel: (966-1) 4774962
Fax: (966-1) 4774963
·
Taif Sales
Office premises
Tel: (966-2) 7489180
Fax: (966-2) 7489181
·
Qassim Sales
Office premises
Tel: (966-6) 3253114
Fax: (966-6) 3823237
·
Tabuk Sales
Office premises
Tel: (966-4) 4229330
Fax: (966-4) 4227235
·
Khamis
Mushait Sales
Office premises
Tel: (966-7) 2330405
Fax: (966-7) 2330639
·
Yanbu Sales
Office premises
Tel: (966-4) 3227377
Fax: (966-4) 3913528
·
Al
Khobar Sales
Office premises
Tel: (966-3) 8592904
Fax: (966-3) 8593291
Subject also has
branch offices located throughout Egypt.
KEY PRINCIPALS
Name Position
·
Abdullah Saleh Kamel Chairman
·
Mohamed Abdul Hameed Halwani Board
Member
·
Abdul Rahman Ibrahim Al Rouete Board
Member
·
Abdul Azziz Mohamed Yamani Board
Member
·
Osama Zakarya Jamjoum Board
Member
·
Abdel Elah Ibrahim Sabahe Board
Member
·
Saleh Ahmed Hefni Chief
Executive Officer
·
Abdulrahman H Ibrahim Supply
Chain Manager
·
Nizar S Katerji Business
Development Manager
·
Mounib Al Issa Quality
Assurance Manager
·
Khaled Nagadi Human
Resources Manager
·
Nizar Beaini Sales
& Marketing Manager
·
Moataz Mohamed Mortada Finance
Manager
·
Hesham A H Al Sulaimani
Projects
& Engineering Manager
·
Samir I Sadik Information
Technology Manager
LEGAL FORM & OWNERS
Date of Establishment : 11/04/1388
(corresponding to 6th July 1968)
Legal Form :
Joint Stock Company
Commercial Reg. No. : 4030005702,
Jeddah
Chamber Member No. : 2210
Issued Capital : SR 285,714,300
Paid up Capital : SR 285,714,300
Name of Shareholder (s) Percentage
·
Dalla
Industrial Investment Co 55.50%
·
Mohamed
Abdul Hameed Halwani 6.90%
·
Saudi
businessmen & private investors 37.60%
AFFILIATED COMPANIES
·
Halwani
Brothers Company Egypt SAE
Cairo
Egypt
OPERATIONS
Activities: Engaged in the manufacture of general
foodstuff products, specialising in Tahina, Halawa, confectionery, dairy
products, spices and processed meat products.
Subject is ISO 9001
accredited.
Production
Capacity : 115 tons per day
of Tahina and Halawa.
Import
Countries: Europe and Asia
International
Customers :
·
Al
Aswaq Foodstuff Trading Dubai
·
Friendly
Food Qatar Qatar
·
Supply
& Building Co
·
Al
Hekma Supermarket Bahrain
·
El Qenawi
& Ben Halim Libya
·
Al
Hadha Trading &
·
·
Ibrahim
& Khalid Abu Shaqra Trading Co Jordan
·
CSCO
Canadian Supplies Inc
·
Fleur
du Liban Nut Co Pty Ltd
·
Sara
International Co
Export
Countries: GCC countries,
Australia, Canada and the United Kingdom
Brand Names: HALWANI and AL NAKHLA
Operating Trend: Steady
Subject has a
workforce of approximately 1,200 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Consolidated Balance Sheet 31/12/2011 31/12/2010
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National
Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
·
Al Bank
Al Saudi Al Fransi
Al Sharafiya Branch
Madinah Road
PO Box: 7888
Jeddah 21472
Tel: (966-2) 6605863
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January
2007 January
2008
Credit amount 27,000 40,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
GENERAL COMMENTS
Established in
1968, subject is involved in the manufacture of general foodstuff products, specialising
in Tahina, Halawa, confectionery, dairy products, spices and processed meat
products.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.91 |
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|
1 |
Rs.87.38 |
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Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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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 |
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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 |
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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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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.