MIRA INFORM REPORT

Report Date :

28.11.2014

Tel No.:	632322
Fax No.:	6323500

IDENTIFICATION DETAILS

Name :	WAHAT AL JALABIA CO
Formerly Known As :	AL JALABIA OASIS TRADING
Registered Office :	King Khalid Street, Kilo 2, Saheefah District, P O Box: 32530, Jeddah 21438
Country :	Saudi Arabia
Financials (as on) :	31.12.2013
Date of Incorporation :	18/05/1415 Hijri (Corresponding to 24^th October 1994)
Com. Reg. No.:	4030164882, Jeddah
Legal Form :	Limited Liability Partnership
Line of Business :	Wholesale and Retail of Ladies Arabic Dress (Jalabia), Textiles and Readymade Garments.
No. of Employees :	75

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

SUMMARY

Company Name : WAHAT AL JALABIA CO

Also Known As : AL JALABIA OASIS TRADING

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Start Date : 24^th October 1994

Commercial Registration Number : 4030164882, Jeddah

Chamber Membership Number : 113050

Issued Capital : SR 1,000,000

Paid up Capital : SR 1,000,000

Total Workforce : 75

Activities : Wholesalers and retailers of ladies Arabic dress (Jalabia), textiles and

readymade garments.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Magdi Al Maghrabi, Finance Manager

COMPANY NAME

WAHAT AL JALABIA CO

ALSO KNOWN AS

AL JALABIA OASIS TRADING

ADDRESS

Registered & Physical Address

Street : King Khalid Street, Kilo 2

Area : Saheefah District

PO Box : 32530

Town : Jeddah 21438

Country : Saudi Arabia

Telephone : (966-2) 6323222 / 6500805

Facsimile : (966-2) 6323500 / 6323999

Mobile : (966-56) 0968894 / (966-53) 5222055

Email : fallo82@hotmail.com / aljalabia@hotmail.com

Premises

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

Branch Office (s)

Location Description

· Red Sea Mall Showroom premises

Jeddah

Tel: (966-2) 2150692

· Al Andalus Mall Showroom premises

Jeddah

Tel: (966-2) 6303987

· Granada Mall Showroom premises

Riyadh

Tel: (966-1) 2534778

· Aziz Mall Showroom premises

Jeddah

Tel: (966-2) 6161676

· Mjma Arabs Showroom premises

Jeddah

Tel: (966-2) 6122583

· Aalroshan Mall Showroom premises

Jeddah

Tel: (966-2) 6947896

· Hayat Mall Showroom premises

Riyadh

Tel: (966-1) 2057050

· Khurais Plaza Showroom premises

Riyadh

Tel: (966-1) 2097997

· Al Dhiyafa Centre Showroom premises

Makkah

Tel: (966-2) 5497424

· Darren Mall Showroom premises

Dammam

Tel: (966-3) 8357540

KEY PRINCIPALS

Name Position

· Hamid Alawi Abdullah Al Attas Managing Partner

· Souaad Mohsin Abdullah Ba Soura Partner

· Fatima Mohsin Abdullah Ba Soura Partner

· Adnan Ahmed Muqaibel Commercial Manager

· Magdi Al Maghrabi Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 18/05/1415 Hijri (corresponding to 24^th October 1994)

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 4030164882, Jeddah

Chamber Member No. : 113050

Issued Capital : SR 1,000,000

Paid up Capital : SR 1,000,000

Name of Partner (s)

· Hamid Alawi Abdullah Al Attas

· Souaad Mohsin Abdullah Ba Soura

· Fatima Mohsin Abdullah Ba Soura

AFFILIATED COMPANIES

· Hamid Alawi Al Attas Est

Jeddah

CR No. 4030106926

OPERATIONS

Activities: Engaged in the wholesale and retail of ladies Arabic dress (Jalabia), textiles and readymade garments.

Import Countries: India, Italy, Taiwan and Turkey

International Suppliers:

· Layla More Turkey

· Tiptop Textile India

· Modit Italy

· K B Tex Taiwan

Operating Trend: Steady

Subject has a workforce of 75 employees.

FINANCIAL DATA

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 339,600,000 SR 350,000,000

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

The above figures were provided by Mr Magdi Al Maghrabi, Finance Manager

BANKERS

· 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.61.87
UK Pound	1	Rs.97.69
Euro	1	Rs.77.37

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIT

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%)

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