MIRA INFORM REPORT

 

 

Report Date :

22.02.2013

 

IDENTIFICATION DETAILS

 

Name :

AL SUHAILI TRADING & DEVELOPMENT

 

 

Registered Office :

Zagzooq Building No. 2, 3rd Floor, Office No. 303, Al Andalus Street, PO Box 4393, Jeddah 21491

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

15.05.1975

 

 

Com. Reg. No.:

4030008984, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject operates through several divisions Electrical Division, Printing Material Division, Swimming Pool Division, Contracting Division

 

 

No. of Employees :

150

 

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 :

Satisfactory

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

(31.03.2012)

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                                     : AL SUHAILI TRADING & DEVELOPMENT

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 15th May 1975

Commercial Registration Number            : 4030008984, Jeddah

Membership Number                              : 1332

Invested Capital                                     : SR 5,000,000

Total Workforce                                     : 150

Activities                                               : Subject operates through several divisions (see below for details)

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

COMPANY NAME

 

AL SUHAILI TRADING & DEVELOPMENT

 

COMPANY ADDRESS

 

Registered & Physical Address

 

Building             : Zagzooq Building No. 2, 3rd Floor, Office No. 303

Street               : Al Andalus Street

PO Box             : 4393

Town                 : Jeddah 21491

Country             : Saudi Arabia

 

Telephone         : (966-2) 6532223 / 6514900

Facsimile          : (966-2) 6530026

Email                : std@alsuhaili.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Jeddah.

 

Branch Offices

 

     Location                                                                                           Description

 

·       PO Box: 10868                                                                                 Rented office & warehouse premises

Riyadh 11443

Tel: (966-1) 4644653

Fax: (966-1) 4657678

 

·       Dammam                                                                                         Rented office & warehouse premises

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Bin Saad Al Suhaili                                                            Proprietor & General Manager

 

·       Ali Abdulrahman Al Suhaili                                                                 Contracting Manager

 

·       Fahmy Hamdan                                                                                Commercial Manager

 

·       Salah Ali Saleh                                                                                 Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 04/05/1395 Hijri (corresponding to 15th May 1975)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 4030008984, Jeddah

 

Membership No.          : 1332

 

Invested Capital           : SR 5,000,000

 

Mr Mohamed Bin Saad Al Suhaili is the sole proprietor of the business.

 

AFFILIATED COMPANIES

 

·       Multi Electric Industrial Co

Jeddah

 

·       National Co for Wires & Cable

Jeddah

 

OPERATIONS

 

Activities: Subject’s activities are performed by the following divisions:

 

 

Engaged in the import and distribution of electrical equipment and products, including switchgears, cable trays, transformers, panel controls and related accessories.

 

 

Under this division, subject is engaged in the import, wholesale and retail of a wide range of stationery products, such as paper, inks, ink cartridges and ribbons, printing materials and artists requisites.

 

 

Importers and distributors of indoor and outdoor swimming products and accessories, including filters, pumps, lights, ceramic tiles, as well as sauna and Jacuzzi accessories.

 

 

Engaged as general construction contractors for building services and maintenance.

 

Import Countries: Germany, the United Kingdom, Spain, Italy and the United States of America.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 150 employees.

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                SR 76,300,000                           SR 78,900,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-2) 6513333

 

·       National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-2) 6434777

Fax: (966-2) 6441686

 

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.54.48

UK Pound

1

Rs.82.71

Euro

1

Rs.72.23

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.