MIRA INFORM REPORT

 

 

Report Date :

17.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SALEHIYA TRADING ESTABLISHMENT

 

 

Registered Office :

Salehiya Building, Abdullah Suleiman Al Hamdan Street, Sulaimaniyah District, P O Box 991, Riyadh 11421

 

 

Country :

Saudi Arabia 

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

31.10.1978

 

 

Com. Reg. No.:

1010004810, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Wholesalers and retailers of pharmaceutical products, health care systems, medical equipment and laboratory equipment, hospital supplies, medicines,  vitamins, antibiotics, surgical dressings, syringes and dental equipment, as well as health foods and clinical products.

 

 

No of Employees :

1,200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

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

SUMMARY

 

Company Name                                     : SALEHIYA TRADING ESTABLISHMENT

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 31st October 1978

Commercial Registration Number            : 1010004810, Riyadh

Membership Number                              : 1240

Invested Capital                                     : SR 12,000,000

Total Workforce                                     : 1,200

Activities                                               : Wholesalers and retailers of pharmaceutical products, health care  systems, medical equipment and laboratory equipment, hospital supplies, medicines, vitamins, antibiotics, surgical dressings, syringes and dental equipment, as well as health foods and clinical products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Othman Jaber, Finance Manager

 

 

COMPANY NAME

 

SALEHIYA TRADING ESTABLISHMENT

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Salehiya Building

Street               : Abdullah Suleiman Al Hamdan Street

Area                 : Sulaimaniyah District

 

PO Box             : 991

 

Town                 : Riyadh 11421

Country             : Saudi Arabia

 

Telephone         : (966-11) 4646955 / 4633172 / 4633205

Facsimile          : (966-11) 4634362

Email                : genmail@salehiya.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Riyadh.

 

Branch Offices

 

Location                                                                                           Distribution

 

·       Bataweel Building, Ground Floor                                                         Showroom and pharmacy premises

     Airport Road

     Alamria

     PO Box: 3869

     Jeddah 21481

     Tel: (966-12) 6436518 / 6733755

 

·       Hospital Road                                                                                   Showroom and pharmacy premises

     Tobaishi Area

     PO Box: 399

    Dammam 31411

     Tel: (966-13) 8260830 / 8290096

     Fax: (966-13) 8266371 / 8260017

 

·       PO Box: 1182                                                                                   Showroom and pharmacy premises

Khamis Mushait

Tel: (966-17) 2360856

Fax: (966-17) 2360856

 

·       PO Box: 5209                                                                                   Showroom and pharmacy premises

Qassim

Tel: (966-16) 3854479

Fax: (966-16) 3828722

 

·       PO Box: 2537                                                                                   Showroom and pharmacy premises

Madinah

Tel: (966-14) 8424315

Fax: (966-14) 8422071

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sultan Mohamed Bin Saleh Bin Sultan                                                Proprietor

 

·       Dr Saud Al Ishawie                                                                            General Manager

 

·       Mazen Fatafata                                                                                 Commercial Manager

 

·       Othman Jaber                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 31st October 1978

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 1010004810, Riyadh

 

Membership No.          : 1240

 

Invested Capital           : SR 12,000,000

 

Sultan Mohamed Bin Saleh Bin Sultan is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of pharmaceutical products, health care systems, medical equipment and laboratory equipment, hospital supplies, medicines, vitamins, antibiotics, surgical dressings, syringes and dental equipment, as well as health foods and clinical products.

 

Subject is also engaged in hospital management and operation, as well as the installation and maintenance of hospital equipment and laboratory apparatus.

 

Import Countries : Worldwide

 

International Suppliers :

 

·       MicroLink                                                     United Kingdom

·       Keymed                                                       United Kingdom

·       Chromagar                                                    France

·       ATC Medical Technics GmbH                         Germany

·       Amgen                                                         United States of America

·       Advanced Pharmaceutical Industries               Jordan

·       Astellas Pharma Inc                                      Japan

·       Bristol Myers Squibb                                     United States of America

·       Croma                                                          Austria

·       Dar Al Dawa Group                                        Jordan

·       Ego Pharmaceuticals                                    Australia

·       GNP                                                            Egypt

·       Lek Am Pharmaceuticals                               Poland

·       Meda                                                           Sweden

·       Medis                                                           Tunisia

·       Medac                                                          Germany

·       Novo Nordisk                                                Denmark

·       Venus Remedies                                           India

·       Norbrook Laboratories                                    United Kingdom

·       Sanovet                                                        Austria

·       Acutronic                                                      Switzerland

·       BTL Medical Technologies                             Czech Republic

·       Colussi                                                         Italy

·       Covidien                                                       United States of America

·       Dimeda                                                        Germany

·       Enraf Nonius                                                 Netherlands

·       Eschmann                                                    United Kingdom

·       Mindray                                                        China

·       Innomed                                                       Hungary

·       Sibelmed                                                      Spain

·       3M                                                               United States of America

·       Helmer                                                         United States of America

·       Leica                                                            Germany

·       Beurer                                                          Germany

·       Nubenco                                                       United States of America

·       Phabel Paris                                                 France

·       Stratpharma                                                  Switzerland

·       Unomedical                                                  United States of America

·       Weigao                                                        China

 

Operating Trend : Steady

 

Subject has a workforce of approximately 1,200 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 1,635,000,000                      SR 1,780,000,000

 

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

 

The above figures were provided by Mr Othman Jaber, Finance Manager

 

 

BANKERS

 

·       Riyad Bank

King Abdul Aziz Road

PO Box: 22622

Riyadh 11416

Tel: (966-11) 4013030

 

·       Saudi American Bank

Malaz Branch

       PO Box: 3388

Riyadh 11471

Tel: (966-11) 4774770

 

·       National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-11) 4776450

Fax: (966-11) 4769502

 

·       Arab National Bank (ANB)

King Faisal Street

PO Box: 56921

Riyadh 11564

Tel: (966-11) 4029000

Fax: (966-11) 4027747

 

 

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.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.