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Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
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Name : |
WARDEH SALEHIYA FOR TRADING LTD |
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Registered Office : |
Makkah Road, Al Mutamarat
District, P O Box 9847, Riyadh 11423 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.11.1976 |
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Com. Reg. No.: |
1010010483, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s activities are performed through
the following divisions: Wardeh Salehiya
Factory for Furniture & Curtains engaged in the production of wooden furniture and related accessories including bedroom units and wooden blinds as well as household curtains. Trading Division Engaged in the distribution and retail of soft furnishings, bed linen, carpets, curtains and draperies, moquettes, decorative materials, furniture and Arabic style seats. Contracting
Division This division offers interior decoration design and contracting services. |
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No of Employees : |
450 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
Saudi Arabia ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government
controls over major economic activities. It possesses about 16% 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 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 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 : WARDEH SALEHIYA FOR TRADING LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 9th November 1976
Commercial Registration Number : 1010010483, Riyadh
Chamber Membership Number : 4526
Issued Capital : SR 12,240,000
Paid up Capital : SR 12,240,000
Total Workforce : 450
Activities : Subject operates several divisions (see below for details).
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Naghi Abu Rashid, Sales Manager
WARDEH SALEHIYA FOR
TRADING LTD
Registered &
Physical Address
Street : Makkah Road
Area : Al Mutamarat District
PO Box : 9847
Town : Riyadh 11423
Country : Saudi Arabia
Telephone : (966-1) 4627784 / 4053040
Facsimile : (966-1) 4657744 / 4030877
Email : wardeh@prime.net.sa / wardeh@wardeh.com.sa
Premises
Subject operates from
a large suite of offices and a showroom that are owned and located in the
Suburban Business Area of Riyadh.
Branch Office (s)
Location Description
·
Al Haeyer Industrial Area Factory
premises
Riyadh
Tel: (966-1)
4900160
Fax: (966-1) 4900232
·
Corniche
Street Showroom
premises
PO Box: 2274
Al Khobar 31952
Tel: (966-3) 8943348
Fax: (966-3) 8950768
·
Taif Showroom
premises
Tel: (966-2) 7382965
·
Prince
Mohamed Bin Abdul Aziz Street Showroom
premises
Olaya District
Riyadh 11423
Tel: (966-1) 4623242
Fax: (966-1) 4620401
·
Dhahran Showroom
premises
Tel: (966-3) 8649879
·
King
Road Showroom
premises
Khalediya District
PO Box: 1263
Jeddah 21431
Tel: (966-2) 6066359
Fax: (966-2) 6065246
Name Position
·
Abdulaziz
Bin Mohamed Bin Saleh Al Sultan Managing
Partner
·
Mansour
Bin Mohamed Bin Saleh Al Sultan Partner
·
Sulaiman
Nacouzi Finance
Manager
·
Saleh Al Dawood Human
Resources Manager
·
Mohamed Al Ajaji Sales
& Purchasing Manager
·
Agbana Rizziqullah Chief
Financial Officer
·
Al Dawa Rizziqullah Assistant
Human Resources Manager
·
Naghi
Abu Rashid Sales
Manager
Date of Establishment : 16/11/1396 Hijri
(corresponding to 9th November 1976)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010010483,
Riyadh
Chamber Member No. : 4526
Issued Capital : SR 12,240,000
Paid up Capital : SR 12,240,000
Name of Partner (s)
·
Abdulaziz
Bin Mohamed Bin Saleh Al Sultan
·
Mansour
Bin Mohamed Bin Saleh Al Sultan
·
Heirs
of the late Khalid Bin Mohamed Bin Saleh Al Sultan
Activities: Subject’s activities are performed through
the following divisions:
· Wardeh Salehiya Factory for Furniture &
Curtains
This division is engaged in the production
of wooden furniture and related accessories including bedroom units and wooden
blinds as well as household curtains.
· Trading Division
Engaged in the distribution and retail of
soft furnishings, bed linen, carpets, curtains and draperies, moquettes,
decorative materials, furniture and Arabic style seats.
· Contracting Division
This division offers interior decoration
design and contracting services.
Import
Countries: United Kingdom,
France, Germany, Switzerland, Russia and Turkey.
International
Suppliers:
·
Pierre
Frey France
·
Declercq
Passementiers France
·
Canovas France
·
Sandersons United Kingdom
·
Morris
& Co United
Kingdom
·
Tisca Switzerland
·
Norddeutsche Germany
Subject has a workforce
of approximately 450 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue SR 78,000,000 SR 80,300,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Naghi Abu Rashid, Sales Manager
·
Al Bank
Al Saudi Al Hollandi
Al Rashi Centre
Al Dhabab Street
PO Box: 1467
Riyadh 11431
Tel: (966-1) 4067888
·
National
Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1) 4772281
Fax: (966-1) 4730322
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 90
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
Wardeh Salehiya for
Trading Ltd has operations dating back to 1976 and has become a leading concern
in its field. Its clients include many of the Royal family members as well as
some of the top hotels in Jeddah, Riyadh and Taif.
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
|
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Report Prepared
by : |
MNL |
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 |
-- |
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.