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Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AL WATANIA FOR INDUSTRIES LTD |
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Formerly Known As : |
SULAIMAN ABDUL AZIZ AL RAJHI EST |
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Registered Office : |
Al Kharj Road, 2nd Industrial Area, PO Box : 4130 &
7769, Riyadh 11491 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
02.03.2008 |
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Com. Reg. No.: |
1010240366, Riyadh |
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Legal Form : |
Closed Shareholding Company |
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Line of Business : |
Subject’s operations are performed through the following divisions : Al Watania Plastic, National Factory for
Foodstuff Production (Waha), Riyadh Carton Factory, Al Watania Blocks, Al
Watania Containers |
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No. of Employees : |
3,500 |
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 : |
Regular |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 |
Company Name : AL WATANIA FOR INDUSTRIES LTD
Previously Known As :
SULAIMAN ABDUL AZIZ AL RAJHI EST
Country of Origin :
Saudi Arabia
Legal Form :
Closed Shareholding Company
Start Date :
1972
Registration Date :
2nd March 2008
Commercial Registration Number :
1010240366, Riyadh
Chamber Membership Number :
195630
Issued Capital :
SR 320,000,000
Paid up Capital :
SR 320,000,000
Total Workforce :
3,500
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Ali Salayana, Finance Manager
AL WATANIA FOR
INDUSTRIES LTD
PREVIOUSLY KNOWN AS: SULAIMAN ABDUL AZIZ AL RAJHI EST
Registered &
Physical Address
Street : Al Kharj
Road
Area : 2nd
Industrial Area
PO Box : 4130 &
7769
Town : Riyadh 11491
Country : Saudi Arabia
Telephone : (966-1) 4470088
/ 4489178 / 4481364 / 4466395 / 4980088
Facsimile : (966-1)
4489256 / 4481364 / 4480089 / 4989595
Mobile : (966-56)
1494584
Email : info@wataniaind.com
/ alwaha@wataniaind.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Industrial Area of Riyadh.
Branch Office (s)
Subject has branches located in Jeddah, Dammam, Buraidah, Madinah, Abha,
Al Hasa, Hail, Jizan and Khamis Mushait.
Name Position
Sheikh Sulaiman Abdulaziz Al Rajhi Managing
Partner
Sheikh Fahd Sulaiman Abdulaziz Al Rajhi Partner
Sheikh Abdulallah Sulaiman Abdulaziz Al Rajhi Partner
Sheikh Yousef Sulaiman Abdulaziz Al Rajhi Partner
Saleh Sulaiman Al Habdan Partner
Ahmed Saleh Al Khalaf Partner
Ibrahim El Behirt General
Manager
Ali Salayana Finance
Manager
Mohamed Al Louise Marketing
Manager
Mohamed Shahid Export
Manager
Mustafa Mohamed Ahmed Technical
Manager
Emad Abdul Qader Technology
Manager
Date of
Establishment : 1972, however
subject was registered on 24/02/1429 Hijri (corresponding to 2nd
March 2008)
History
: Subject
began in 1972 under the name “Sulaiman Abdul Aziz Al Rajhi Est”. However in
2007 it changed names to “Al Watania for Industries Ltd”.
Legal Form : Closed Shareholding Company
Commercial Reg. No. : 1010240366,
Riyadh
Chamber Member No. : 195630
Issued Capital : SR 320,000,000
Paid up Capital : SR 320,000,000
Name of Partner
(s) Percentage
Sheikh Sulaiman Abdulaziz Al Rajhi 99.90%
Sheikh Fahd Sulaiman Abdulaziz Al Rajhi 0.02%
Sheikh Abdulallah Sulaiman Abdulaziz Al Rajhi 0.02%
Sheikh Yousef Sulaiman Abdulaziz Al Rajhi 0.02%
Saleh Sulaiman Al Habdan 0.02%
Ahmed Saleh Al Khalaf 0.02%
Al Rajhi Development Co Ltd
PO Box: 4301
Riyadh 11491
Tel: (966-1) 4761581 / 4769102 / 4777576
Fax: (966-1) 4769775
Gulf Packaging System
Industrial City
PO Box: 2143
Jeddah 21451
Tel: (966-2) 6380735 / 6380736
Saudi Arabian Amiantit Co Ltd
PO Box: 1029
Riyadh 11431
Tel: (966-1) 4658665
Amar Line Maritime Co Ltd
Madinah Road
PO Box: 1689
Jeddah 21441
Tel: (966-2) 6510773
Al Rajhi & Al Sedais Co
Madinah Road
PO Box: 1597
Jeddah 21441
Tel: (966-2) 6511173
Al Rajhi Banking & Investment Corporation
Al Batha Street
PO Box: 242
Riyadh 11411
Tel: (966-1) 4032473 / 4054244
Fax: (966-1) 4035588
Saudi Ceramic Co
PO Box: 3893
Riyadh 11481
Tel: (966-1) 4770715 / 4880379
Fax: (966-1) 4782897
Arabian Gulf Manufacturers Limited (Gulfmaid)
Makkah Road, Kilo-7
Industrial City, Phase 5
PO Box: 2143
Jeddah 21451
Tel: (966-2) 6377944 / 6801416
Fax: (966-2) 6365445 / 6380540
Al Rajhi Commercial Foreign Exchange
Palestine Street
PO Box: 4514
Riyadh 21412
Tel: (966-1) 6700260
Fax: (966-1) 6716387
Al Rajhi Company for Industry & Trading
First Industrial Area
PO Box: 34138
Riyadh 11491
Tel: (966-1) 4470088 / 4466395
Fax: (966-1) 4489256
Al Rajhi Company for Agriculture Ltd
Prince Abdullah Street
Malaz
PO Box: 51764
Riyadh 11553
Tel: (966-1) 4763313 / 4768368
Fax: (966-1) 4768370
Gulf Packaging Industries Company Ltd
First Industrial City
PO Box: 8556
Dammam
Tel: (966-3) 8570044 / 8576063
Fax: (966-3) 8577345 / 8572903
Yanbu Cement Company
Madinah Road
PO Box: 5330
Jeddah 21422
Tel: (966-2) 6534588 / 6534584
International Spare Parts Trading & Manufacturing Co Ltd (Alaman)
Khorais Road
First Industrial City
PO Box: 51482
Riyadh
Tel: (966-1) 4486394 / 2318882
Activities: Subject’s operations are performed through the following divisions:
Al Watania Plastic - 1010057929
Address: Hail Street
Industrial Area
No. II
PO Box: 10554
Riyadh
11443
Tel:
(966-1) 2650054 / 2650036
Fax:
(966-1) 2650905
Email: pla-mkt@wataniaind.com
Activities: Al Watania Plastic operates a factory
using local raw materials from Sabic to produce more than 55,000 tons of
plastic products annually. The division specialises in the manufacture of
plastic injection moulding and thermo forming products.
Management: Shaker Aqil –
Division Manager
Mostafa
Hamdy – Commercial Manager
Ashook Kol
– Purchasing Manager
National Factory for Foodstuff Production (Waha) - 1010148525
Address : PO Box: 7769
& 4130
2nd
Industrial Area
Riyadh
11491
Tel:
(966-1) 4470088 / 2651525
Fax:
(966-1) 4489256 / 2657489
Email: exp@wataniaind.com
/ alwaha@wataniaind.com
Activities : This division was established in 1972
and has become one of the most important and productive factories for Al
Watania. The factory is engaged in the production of assorted fruit juices and
tomato paste.
Packaging is done using cans (170 ml, 190
ml, and 245 ml), bottles (200ml), and tetra pack (125 ml, 250 ml, and 1 litre).
Production capacity : Fruit
Juice - 40,000 cartons dai
Tomato paste – 2,000,000 cartons per annum
Around 70% of production is absorbed by the
local Saudi market, the remainder being exported to international markets.
The National Factory for Foodstuff
Production became the first Saudi food-manufacturing factory to obtain the SASO
quality mark because of the high quality of its products and its adherence to
international specifications and hygiene standards.
Brand Names : AL-WAHA and LOB
Riyadh Carton Factory - 1010148527
Address : PO Box: 4130
Riyadh
11491
Tel:
(966-1) 4463947 / 4470088
Fax:
(966-1) 4481364 / 4489256
Email: exp@wataniaind.com
Activities : A specialized packaging factory that
supplies corrugated cartons to many engineering, food, agricultural and
petrochemical industries.
Al Watania Blocks - 1010016690
Address : PO Box: 10554
Riyadh
11443
Tel:
(966-1) 4774244
Fax:
(966-1) 4489256
Activities : Was established in 1396H (1975) to serve
many of the construction phases within the Kingdom and to supply the local
market with high standard products.
Al Watania Containers – 1010148526
Address : Old Industrial Area
Riyadh
Tel:
(966-1) 4470088
Fax:
(966-1) 4475028
Activities : This division
specialises in the manufacture of cans and containers.
Import Countries: Europe and the United States of America
Brand Names: CMC, WAHA, RCF and POPEYE
Operating Trend: Steady
Subject has a workforce of approximately 3,500 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales SR
1,500,000,000 SR
1,750,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Ali Salayana,
Finance Manager
Al Rajhi Banking & Investment Corporation
PO Box: 28
Sitteen Street
Malaz District
Riyadh 11411
Tel: (966-1) 4054647 / 4054244
Fax: (966-1) 4044753 / 4052950 / 4037156
Arab National Bank (ANB)
King Faisal Street
North Morabbaa
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027747
No complaints regarding subject’s payments have been reported.
Date of transaction May
2002 June 2004 February 2008
Credit amount 70,000 100,000 1,500,000
Amount overdue 0 0 0
Payment terms 30
days 60 days 120 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Euros US Dollars Euros
Al Watania For Industries Ltd has operations dating back to 1972 and is
very well established in the local market. It operates through several
divisions and all of subject’s factories are ISO 9002 certified.
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.62.38 |
|
|
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.