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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
AL KABBANI COMPANY FOR DECORATION & CONTRACTING |
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Registered Office : |
Al Suhaili Center, King Fahd Road, Al Sitteen Area 16375, Jeddah 21464 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
09.03.1982 |
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Com. Reg. No.: |
4030033696 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject are engaged as general decoration works contractors as well as and distributing decoration materials, ceramics, tiles, plaster, coating materials and thermal products. |
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No of Employees : |
150 |
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 – September 30, 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 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
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Source
: CIA |
Company Name : AL KABBANI COMPANY FOR DECORATION & CONTRACTING
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 9th March 1982
Commercial Registration Number : 4030033696, Jeddah
Chamber Membership Number : 11752
Issued Capital : SR 4,000,000
Paid up Capital : SR 4,000,000
Total Workforce : 150
Activities : General decoration works contractors as well as and distributing
decoration materials, ceramics, tiles, plaster, coating materials and
thermal products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Adel Shrief, Finance Manager
AL KABBANI COMPANY
FOR DECORATION & CONTRACTING
Building : Al Suhaili Center
Street : King Fahd Road
Area : Al Sitteen Area
PO Box : 16375
Town : Jeddah 21464
Country : Saudi Arabia
Telephone : (966-12) 6981028 / 6981043
Facsimile : (966-12) 6726417 / 6474503 / 6728079
Mobile : (966-50) 5759462
Email : kabbani_decor@hotmail.com / info@ikk-decor.com
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 Jeddah.
Branch Office
(s)
Location Description
·
Main
Street Office
& warehouse premises
Al Qasabah Area
PO Box: 511
Abha
Tel: (966-7) 2248024 / 2247680
Fax: (966-7) 2244854
·
Tahlia Street Rented
showroom premises
Jeddah
Tel: (966-2) 6733431
·
Khamis Mushait Rented
showroom premises
Tel: (966-7) 2200682
·
Najran Rented
showroom premises
Tel: (966-7)
5220016
·
Al Manaq Rented
showroom premises
Tel: (966-7) 2820807
Name Position
·
Telal Al Dabbag General
Manager
·
Mahmoud Bahsas Assistant
General Manager
·
Hassan Al Shalani Administration
Manager
·
Adel
Shrief Finance
Manager
·
Najeeb
Mohamed Administration
Executive
Date of Establishment : 14/05/1402
Hijri (corresponding to 9th March 1982)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030033696,
Jeddah
Chamber Member No. : 11752
Issued Capital : SR 4,000,000
Paid up Capital : SR 4,000,000
·
Issam
Kabbani Holding Co No. 3
Jeddah
·
Issam
Kabbani Holding Co No. 4
Jeddah
·
Unitech
Isam Kabbani & Partners Co Ltd (United Building Materials Co Ltd)
Gulf Plaza, 6th
Floor
Madinah Road
Electrical Market, Souq Gaurab
PO Box: 5338
Jeddah 21422
Tel: (966-2) 6672000 / 6676494
/ 6673180
Fax: (966-2) 6658079 / 6614949
Email: mail@alkabbani.com
·
National
Marketing Est
Port Road
PO Box: 16375 / 17931
Jeddah 21464
Tel: (966-2) 6475010 / 6473381
Fax: (966-2) 6474503
Engaged as wholesalers of UPVC pipes and
fittings and a wide range of items and products related to water, drainage and
conduit installation projects. Subject is also engaged in the distribution and
installation of decorative materials.
·
Issam
Kabbani & Partners for Waterproofing Materials Co (BMC)
PO Box: 5338
Jeddah 21422
Tel: (966-2) 6673180
Fax: (966-2) 6658079
BMC is an engineering and contracting company
specialising in waterproofing, damp-proofing, heat insulation and concrete
repair.
·
Issam
Kabbani & Partners for Supply & Trade Co Ltd
PO Box: 31567
Jeddah 21418
Tel: (966-2) 6474649
Fax: (966-2) 6486486
·
Issam
Kabbani & Partners for Building & Construction Materials Co Ltd
PO Box: 5338
Jeddah 21422
Tel: (966-2) 6672000
Fax: (966-2) 6723781
·
Al
Kabbani Co for Electric Trading
PO Box: 18033
Jeddah 21415
Tel: (966-2) 6481713
Fax: (966-2) 6478065
Distributors of electrical fittings,
switchgear boards and cables.
·
Al
Hayat Supermarket
PO Box: 16375
Jeddah 21464
·
Marketing
Fittings Sanitary & Plumbing Co
PO Box: 16375
Jeddah
Retailers of sanitary fittings.
·
Issam
Kabbani Co
PO Box: 16375
Jeddah 21464
Wholesalers of foodstuff.
·
Emam
Distribution Co Ltd
PO Box: 1716
Jeddah 21441
Tel: (966-2) 6824294
Fax: (966-2) 6918227
·
Specialist
International Marketing Group Co
PO Box: 6338
Jeddah 21422
Tel: (966-2) 6672000
Fax: (966-2) 6658079
·
Saudi
Turkish Marine & Construction Contracting Co Ltd
PO Box: 7371
Jeddah 21462
Tel: (966-2) 6670457
Fax: (966-2) 6652473
·
Mahmoud
Adada & Issam Kabbani & Partners Ltd
PO Box: 520
Makkah
Tel: (966-2) 5205555 / 5803056
Engaged in the production of wooden and metal
furniture and kitchen units, as well as door, windows and decorative wood.
·
Al
Hayat Building Materials Co Ltd
Prince Majid Street
PO Box: 18053
Jeddah 21415
Tel: (966-2) 6732322 / 6736327
/ 6712380 / 6717095
Fax: (966-2) 6712380
Email: hayatbma@ogertel.com
Activities: Subject are engaged as general decoration
works contractors as well as and distributing decoration
materials, ceramics, tiles,
plaster, coating materials and thermal products.
Import
Countries: Germany, the
United Kingdom, Italy and Spain.
International Suppliers:
·
Nevaluz Spain
·
Sonfi France
· Forte Italy
Operating Trend: Steady
Subject has a
workforce of 150 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 Sales SR 36,721,465 SR 38,106,769
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Adel Shrief, Finance Manager
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
·
Al Bank
Al Saudi Al Fransi
Al Sharafiya Branch
Madinah Road
PO Box: 7888
Jeddah 21472
Tel: (966-12) 6605863
·
Saudi
American Bank
Madinah Road
PO Box: 490
Jeddah 21411
Tel: (966-12) 6603993
No complaints
regarding subject’s payments have been reported.
Al Kabbani Company
for Decoration & Contracting was established in 1982 and is engaged in the
provision of decorating contracting services and the import and distribution of
decoration materials, ceramics, tiles, plaster, coating materials and thermal
products.
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 |
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US Dollar |
1 |
Rs. 58.48 |
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|
1 |
Rs. 98.67 |
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Euro |
1 |
Rs. 79.80 |
INFORMATION DETAILS
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Analysis Done by
: |
KRN |
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Report Prepared
by : |
DPT |
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.