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Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED OBEID AL GUTHMI SONS CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1970 |
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Com. Reg. No.: |
4030044421,
Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
distribution and retail of textiles, fabrics, upholstery, soft furnishing
materials, curtains and carpets. |
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No. of Employees : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
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 |
|
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 : MOHAMED OBEID AL GUTHMI SONS CO
LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 1970
Commercial
Registration Number :
4030044421, Jeddah
Chamber Membership
Number : 400
Issued Capital : SR
6,000,000
Paid up Capital : SR
6,000,000
Total Workforce : 600
Activities :
Distribution and retail of textiles, fabrics, upholstery, soft furnishing
materials, curtains and carpets.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Omer S Al
Almoudi, Operations Manager
MOHAMED OBEID AL
GUTHMI SONS CO LTD
Street : Ali
Bin Talib Street
Area : Sharafiyah District
PO Box : 858
Town : Jeddah 21421
Country : Saudi Arabia
Telephone : (966-2) 6500888 / 6991555 / 4202225 /
6876130
Facsimile : (966-2) 6223991 / 6514085
Mobile : (966-50) 5525202
Email : alguthmi@alguthmi.com / alguthmi@anet.net.sa
Subject operates
from a large suite of offices that are rented and located in the Central Business
Area of Jeddah.
Please note that
subject’s previous address was, Prince Sultan Street, Al Mohamadiah District,
Jeddah.
Branch Office
(s)
Subject has over 25 showrooms located in all the major cities of the
Kingdom, including the following:
Location Description
·
Ali
Reza Building Rented
showroom premises
Bab Makkah
PO Box: 858
Jeddah 21421
Tel: (966-2) 6447526 / 6422164
Fax: (966-2) 6421477
·
Dabel
Building Rented
showroom premises
Dhahran Street
PO Box: 6316
Dammam
Tel: (966-3) 8262909 / 8264305
Fax: (966-3) 8263210
·
Makkah Rented
showroom premises
Tel: (966-2) 5342388
Fax: (966-2) 5342352
·
Hail Rented
showroom premises
Tel: (966-6) 5332930
Fax: (966-6) 5320342
·
Al
Olaya Rented
showroom premises
Riyadh
Tel: (966-1) 4043334
·
Mohamed
Obeid Al Guthmi Building Owned
office premises
Ibn Khaloud Street
Al Sharafiah
Jeddah 21421
Tel: (966-2) 6519716 / 6500888 / 6500818 /
6876130
Fax: (966-2) 6511520 / 6524085
Subject also has branches located in Dubai, Lebanon and Yemen.
Name Position
·
Ahmed
Mohamed Obeid Al Guthmi Managing
Partner
·
Abdullah
Mohamed Obeid Al Guthmi Partner
·
Salim
Mohamed Obeid Al Guthmi Partner
·
Omar Al
Obaisani General
Manager
·
Joseph
Kassis Finance Manager
·
Alexis
Kounitsos Marketing
Manager
·
Omar Al
Oubathani Purchasing
Manager
·
Omer S
Al Almoudi Operations
Manager
·
Ahmed
Saeed Sales
Manager
·
Yasser
Abu Sahloul Regional
Manager
·
Fahd Al
Guthmi Human
Resources Manager
Date of Establishment : 1970
History : Subject was established in 1970 as a Sole Proprietorship of Mr Mohamed Obeid Al Guthmi,
trading under the name of “Al Guthmi Establishment”.
Following the demise of Mr Mohamed Obeid Al Guthmi in 1978 the business was passed on
to his legal heirs.
On 29/10/1404 Hijri (corresponding to 1984) subject was re-organised and registered as a
Limited Liability Partnership under the current style of “Mohamed Obeid Al Guthmi Sons Co
Ltd”
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030044421,
Jeddah
Chamber Member No. : 400
Issued Capital : SR 6,000,000
Paid up Capital : SR 6,000,000
·
Ahmed
Mohamed Obeid Al Guthmi
·
Abdullah
Mohamed Obeid Al Guthmi
·
Salim
Mohamed Obeid Al Guthmi
·
Decor
Class Co
Decor Class Building
Tahlia Street
PO Box: 42177 & 858
Jeddah 21541
Tel: (966-2) 6612855 / 6695000
Fax: (966-2) 6601050 / 6601798
Email: info@decorclasse.com
Activities: Engaged in the distribution and retail of
textiles, fabrics, upholstery, soft furnishing materials, curtains and carpets.
Import
Countries: United States of
America, United Kingdom, Italy, Japan, India and Morocco
International
Suppliers:
·
Varasi Italy
·
Culp
Inc United
States of America
·
American
Silks Inc United States of
America
Operating Trend: Steady
Subject has a
workforce of approximately 600 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 210,500,000 SR 213,200,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
·
Bank Al
Jazira
Al Amir Fahad Street
PO Box: 6277
Jeddah 21442
Tel: (966-2) 6670230
·
Saudi American
Bank
Andalous Street
PO Box: 490
Jeddah 21411
Tel: (966-2) 6533555
No complaints
regarding subject’s payments have been reported.
Mohamed Obeid Al Guthmi
Sons Co Ltd has operations dating back to 1970 and is very well established in
the local market with showrooms located throughout the Kingdom, as well as
neighbouring Arab States. Subject is engaged in the distribution and retail of
textiles, fabrics, upholstery, soft furnishing materials, curtains and carpets,
enjoying a good reputation for the quality of its products.
The company is run
in a professional manner and is owned by members of the wealthy and respected
Guthmi family.
According to local
sources nothing detrimental has been uncovered regarding the manner in which
payment obligations are met and the financial position is satisfactory. As such
the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
PDT |
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.