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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AL HADBANIA TRADING CO |
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Formerly Known as: |
Al Hadbania Trading Est |
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Registered Office : |
Al Madina Al
Manawara (Formerly |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1995 |
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Com. Reg. No.: |
1010116472, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
importer and distributor of building materials and
sanitary ware. |
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No. of Employees |
65 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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.
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Source : CIA |
Concern Name : AL HADBANIA TRADING CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1st January 1995
Commercial Registration Number : 1010116472, Riyadh
Chamber Membership Number : 207437
Issued Capital : SR 100,000
Paid up Capital : SR 100,000
Total Workforce : 65
Activities : Distributors of building materials and sanitary ware.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Reda, Finance Manager
AL HADBANIA TRADING
CO
Registered &
Physical Address
Street : Al Madina Al Manawara (Formerly
Prince Salman Street), Exit 17
Area : Al Malaz
PO Box : 40865
Town : Riyadh 11511
Country : Saudi Arabia
Telephone : (966-11) 2448691 / 2448690
/ 2448692
Facsimile : (966-11) 2448695
Email : info@alhadbania.com.sa
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a showroom that are
rented and located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
·
Al
Rayyan Area Rented
warehouse premises
Riyadh
Tel: (966-11) 4922215
·
Khamis
Mushait Rented
warehouse premises
Tel: (966-17) 2221041
·
Buraida Rented
warehouse premises
Tel: (966-16) 3830635
·
Dammam Rented
warehouse premises
Tel: (966-13) 8571126
Subject has eleven branches in total located throughout Saudi Arabia.
Name Nationality Position
·
Abdulaziz Mohamed Al Namlah Saudi Managing
Partner
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Mohamed Abdulaziz Al Namlah Saudi Partner
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Eid Malas - Commercial
Manager
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Ahmed Reda - Finance
Manager
·
Hassan Mohamed
Hassan - Administration
Executive
Date of Establishment : 1st
January 1995
History : Subject began in 1995 as a Sole
Proprietorship under the name “Al Hadbania Trading Est”.However in 2010 subject
changed its legal form and became a Limited Liability Partnership under the
name “Al Hadbania Trading Co”.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010116472,
Riyadh
Chamber Member No. : 207437
Issued Capital : SR 100,000
Paid up Capital : SR
100,000
Name of Partner (s) Percentage
·
Abdulaziz Mohamed Al Namlah Group Holding 95%
Riyadh
·
Abdulaziz
Mohamed Al Namlah 5%
Activities: Engaged in the import and distribution of
building materials and sanitary ware.
Import Countries: United Kingdom, Italy and France
International
Suppliers:
·
Pegler United Kingdom
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Poly
Pipe United
Kingdom
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APM Italy
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Ettco Italy
·
Edranor Italy
Brand Names: PLASTHERM,
ATLANTIC, TUCAI, SENDA, HANSGROHE, DELABIE, IDEAL, WEFATHERM and
INDUSTRIAS MATEU
Operating Trend: Steady
Subject has a
workforce of 65 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 142,500,000 SR 150,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ahmed Reda, Finance Manager
·
National
Commercial Bank
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-11) 4776450
Fax: (966-11) 4769502
No complaints
regarding subject’s payments have been reported.
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 concern is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.94 |
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|
1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
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 |
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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.