|
Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AL ABDULLATIF
INDUSTRIAL INVESTMENT CO |
|
|
|
|
Registered Office : |
Al Kharj Road, Second Industrial
City, P O Box 859, Riyadh
11421 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.05.1981 |
|
|
|
|
Com. Reg. No.: |
1010073685, Riyadh |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is a fully integrated industrial textiles company specializing
in spinning, weaving and colouring of synthetic and natural fibres being used
in the production of blankets, rugs, carpets, backings and a wide variety of
yarns. |
|
|
|
|
No of Employees : |
1,500
(Approximately) |
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 : |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 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 : AL ABDULLATIF INDUSTRIAL INVESTMENT CO
Trading As : AL ABDULLATIF
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 22nd May 1981
Commercial Registration Number : 1010073685, Riyadh
Membership Number : 20872
Issued Capital : SR 812,500,000
Paid up Capital : SR 812,500,000
Total Workforce : 1,500 (Approximately)
Activities : Manufacture of textiles.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL ABDULLATIF
INDUSTRIAL INVESTMENT CO
AL ABDULLATIF
Registered &
Physical Address
Street : Al Kharj Road
Area : Second Industrial
City
PO Box : 859
Town : Riyadh 11421
Country : Saudi Arabia
Telephone : (966-1) 2652200 / 2658888 / 2652011
Facsimile : (966-1) 2659999
Email : info@carpets.com / saad@carpets.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Riyadh.
Name Nationality Position
·
Sulaiman Omar Al Abdullatif Saudi Chairman
·
Abdullatif Omar Al Abdullatif Saudi Managing
Director
·
Bader Omar Al Abdullatif
Saudi Director
·
Fahad Omar Al Abdullatif
Saudi Director
·
Khalid Abdulmohsen Al Khayal Saudi Director
·
Abdulaziz
Abdullatif Dulijan Saudi Director
·
Talal
Hamzah Al Mansi Saudi Director
·
Saad Al Qarni - General
Manager
Date of Establishment : 22nd
May 1981
Legal Form :
Joint Stock Company
Commercial Reg. No. : 1010073685,
Riyadh
Membership
No. : 20872
Issued Capital : SR 812,500,000
Paid up Capital : SR 812,500,000
Name of Shareholder
(s) Percentage
·
Al Abdullatif Group Holding Co 60%
·
Omar S S Al Abdullatif 6%
·
Members
of the general public & private investors 34%
Activities: Subject is a fully integrated industrial
textiles company specializing in spinning, weaving and colouring of synthetic
and natural fibres being used in the production of blankets, rugs, carpets,
backings and a wide variety of yarns.
Import
Countries: Europe and Asia.
Operating Trend: Steady
Subject has a
workforce of approximately 1,500 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR 000’s)
Balance Sheet 31/12/13 31/12/12
31/12/11
31/12/10
|
Current Assets |
632,549 |
643,841 |
545,793 |
536,047 |
|
Inventory |
598,212 |
529,685 |
496,113 |
412,751 |
|
Investments |
76,895 |
138,725 |
122,909 |
48,206 |
|
Fixed Assets |
495,917 |
504,479 |
501,204 |
493,817 |
|
Other Assets |
14,977 |
12,521 |
14,110 |
18,471 |
|
Total Assets |
1,818,550 |
1,829,251 |
1,680,129 |
1,509,292 |
|
Current Liabilities |
543,750 |
530,863 |
386,780 |
299,144 |
|
Non-Current Liabilities |
22,319 |
48,729 |
83,569 |
74,167 |
|
Other Liabilities |
5,192 |
5,136 |
5,498 |
6,429 |
|
Shareholders’ Equity |
1,247,289 |
1,244,523 |
1,204,282 |
1,129,552 |
|
Minority Interests |
0 |
0 |
0 |
0 |
|
Total Liabilities and Shareholder Equity |
1,818,550 |
1,829,251 |
1,680,129 |
1,509,292 |
Statement of Income
|
Sales |
1,347,956 |
1,454,529 |
1,337,460 |
1,138,989 |
|
Sales Cost |
955,702 |
1,038,863 |
1,012,011 |
823,575 |
|
Total Income |
392,254 |
415,666 |
325,449 |
315,414 |
|
Other Revenues |
26,208 |
4,832 |
4,832 |
5,281 |
|
Total Revenues |
418,462 |
420,498 |
330,281 |
320,695 |
|
Admin and Marketing Expenses |
54,098 |
71,295 |
58,946 |
49,120 |
|
Depreciation |
63,282 |
63,024 |
97,758 |
99,858 |
|
Other Expenses |
12,454 |
0 |
297 |
1,794 |
|
Total Expenses |
129,834 |
134,319 |
157,001 |
150,772 |
|
Net Income Before Zakat |
288,628 |
286,179 |
173,280 |
169,923 |
|
Zakat |
21,800 |
22,500 |
17,300 |
17,500 |
|
Net Income |
266,828 |
263,679 |
155,980 |
152,423 |
|
Balance First Period |
229,524 |
215,651 |
156,519 |
425,588 |
|
Reserves |
98 |
26,368 |
15,598 |
15,242 |
|
Cash Dividends |
81,250 |
223,438 |
81,250 |
406,250 |
|
Other Distributions |
264,062 |
0 |
0 |
0 |
|
Balance End Period |
151,138 |
229,524 |
215,651 |
156,519 |
Local sources consider
subject’s financial condition to be Good.
·
Riyad
Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4122243
Fax: (966-1) 4013030
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Al Abdullatif
Industrial Investment Co was established in 1981 and is one of the largest
companies of its kind in the Middle East and Africa. It is a fully integrated
industrial textiles company specializing in spinning, weaving and colouring of
synthetic and natural fibres.
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.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MNL |
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.