MIRA
INFORM REPORT
|
Report Date : |
19.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FAWAZ ABDUL AZIZ AL HOKAIR & COMPANY |
|
|
|
|
Registered Office : |
Al Hokair Centre Al Thomary Street Al Shemaisi Square PO Box 359
Riyadh 11411 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
1958 |
|
|
|
|
Com. Reg. No.: |
1010076209, Riyadh |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Wholesalers and retailers of fashion items and accessories, such as readymade garments, shoes and footwear accessories for both ladies and gents. |
|
|
|
|
No. of Employees : |
500 |
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 : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 17% 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. Over 5 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 2005. 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 : FAWAZ ABDUL AZIZ AL HOKAIR & COMPANY
Doing Business As : AL HOKAIR
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Start Date : 1958
Registration Date : 18th March 1990
Commercial Registration Number : 1010076209, Riyadh
Chamber Membership Number : 4859
Issued Capital : SR 700,000,000
Paid up Capital : SR 700,000,000
Total Workforce : 500
Activities : Wholesalers and retailers of fashion items.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
FAWAZ ABDUL AZIZ AL HOKAIR & COMPANY
DOING BUSINESS AS
AL
HOKAIR
ADDRESS
Registered & Physical Address
Building : Al Hokair
Centre
Street : Al Thomary
Street
Area : Al Shemaisi
Square
PO Box : 359
Town : Riyadh 11411
Country : Saudi Arabia
Telephone : (966-1) 4350000
/ 4350323 / 4350037
Facsimile : (966-1)
4357268
Email : info@fawazalhokair.com
Premises
Subject operates from a medium sized suite of offices in an owned
shopping mall that is located in the Central Business Area of Riyadh
Branch Offices
Subject has 15 showrooms in Riyadh, 4 of which are
located in the Akair Centre, as well as 2 in Jeddah including the following:
Location Description
· Jeddah Showroom
premises
Tel: (966-2)
6612293
Fax:
(966-2) 6612293
KEY PRINCIPALS
Name Nationality Position
· Salman Abdul Aziz
Fahd Al Hokair Saudi Managing
Partner
· Fawaz Abdul Aziz
Fahd Al Hokair Saudi Partner
· Abdul Majed Abdul
Aziz Fahd Al Hokair Saudi Partner
· Fahad Abdul Aziz
Fahd Al Hokair Saudi Partner
· Abdulrahman Moulay - Finance
Manager
· Ibrahim Vandra - Commercial
Manager
· Mohiaddin M Al
Khooli - IT
Manager
LEGAL FORM & OWNERS
Date of
Establishment : Subject’s
operations date back to 1958, however it was registered on 18th
March 1990.
History : Subject was
originally established in 1958 as a Sole Proprietorship
of Mr Abdul Aziz
Fahd Al Hokair who passed away in 1964.
The
business was subsequently transferred by inheritance to his
sons, namely Salman, Fawaz, Abdul Majed and Fahad.
Consequently
the four sons re-registered the business as a Limited Liability
Partnership under the name of “Fawaz Abdul Aziz Al Hokair &
Company”.
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 1010076209, Riyadh
Chamber Member No. : 4859
Issued Capital : SR 700,000,000
Paid up Capital : SR 700,000,000
Name of Partner (s) Percentage
· Saudi Fas Holding
Co 49%
· Fawaz Abdul Aziz
Fahd Al Hokair 7%
· Abdul Majed Abdul
Aziz Fahd Al Hokair 7%
· Salman Abdul Aziz
Fahd Al Hokair 7%
· Local businessmen
and private investors 30%
AFFILIATED COMPANIES
Name Percentage Held
· Al Waheedah
Equipment Co Ltd 100%
Saudi Arabia
· Haifa B Al Kalam
& Partners International Co for Trading 100%
Saudi Arabia
· Saudi Retail Co
Ltd 100%
Saudi Arabia
· Wahba Trading
Company Ltd ` 100%
Saudi Arabia
· Retail Group of
America LLC 100%
United States of
America
· Nesk Group for
Trading Projects 100%
Saudi Arabia
· Retail Group Egypt 98%
Egypt
· Retail Group
Jordan 95%
Jordan
· Retail Group
Azerbaijan 90%
Azerbaijan
· Kazakhstan Group 85%
Kazakhstan
· Retail Group
Georgia 80%
Georgia
· Retail Group
Armenia 80%
Armenia
· Al Farida Trading
Agencies Company 70%
Saudi Arabia
OPERATIONS
Activities: Subject operates 17 showrooms in Riyadh and Jeddah that specialise in
the wholesale and retail of
fashion items and accessories,
such as readymade garments, shoes and footwear accessories for both ladies and
gents.
Al Hokair has franchise agreements with Sears Plc, La Senza Plc and the
In Wear Group.
Import Countries: France, United Kingdom, Italy, the Netherlands and
Denmark
Brand Names : BODYREFORM, VENI MODI, ADAMS, NINE WEST, TORQ,
WALLIS WAREHOUSE, MISS
SELFRIDGE, PART TWO, OUTFIT, SALSA,
JENNYFER, NEW YORKER, ANOTAH, ZARA, OKAIDI,
MAVI, PRIMADONNA, ZIDDY, STRADIVARIUS,
PAPAYA, BERSHKA, OYSHO, PROMOD, MANGO,
CHARLES & KEITH, LA SENZA, CORTEFIEL,
ACCESSORIZE, NEW LOOK, F&F, WALLIS, LIPSY, PEDRO, MONSSON and RICHARDS
Operating Trend: Steady
Subject has a workforce of approximately 500 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Consolidated
Balance Sheet 31/03/13
31/03/12
Local sources consider subject’s financial
condition to be Good.
BANKERS
·
National Commercial Bank
Batha Branch
PO Box: 34
Riyadh 11411
Tel: (966-1)
4010076 / 4025084
Fax: (966-1)
4034625
·
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4122243
Fax: (966-1) 4013030
·
Al Rajhi Banking & Investment Corporation
Branch No. 6
Batha
Riyadh
Tel: (966-1) 4120510
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.61.92 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.