MIRA INFORM REPORT

 

 

Report No. :

335968

Report Date :

17.08.2015

 

 

NOTE: Correct name of the subject is “ABDUL AZIZ ISMAIL SONS CO FOR SANITARY PRODUCTS”

 

 

IDENTIFICATION DETAILS

 

Name :

ABDUL AZIZ ISMAIL SONS CO FOR SANITARY PRODUCTS

 

 

Registered Office :

Highway Road – King Abdullah Bridge, P O Box: 6376, Jeddah 21442

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

23.03.1417 Hijri (Corresponding to 8th August 1996)

 

 

Com. Reg. No.:

4030120063, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Import and Distribution of Sanitary Ware, Building Materials and Pipes.

 

 

No. of Employees :

167

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, telecommuncations, 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

 

Source : CIA

SUMMARY

 

Company Name                                    : ABDUL AZIZ ISMAIL SONS CO FOR SANITARY PRODUCTS

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 8th August 1996

Commercial Registration Number           : 4030120063, Jeddah

Chamber Membership Number               : 61091

Issued Capital                                       : SR 1,000,000

Paid up Capital                                     : SR 1,000,000

Total Workforce                                     : 167

Activities                                               : Distributors of sanitary ware, building materials and pipes

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

ABDUL AZIZ ISMAIL SONS CO FOR SANITARY PRODUCTS

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Highway Road – King Abdullah Bridge

 

PO Box                        : 6376

 

Town                : Jeddah 21442

Country             : Saudi Arabia

 

Telephone         : (966-12) 2520900 / 2520901

Facsimile          : (966-12) 2521100

Email                : aisco@gmail.com / aisco.h@gmail.com

 

Premises

 

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

 

Branch Offices

 

     Location                                                                               Description

 

·       Riyadh                                                                                 Office premises                                   

Tel: (966-11) 2924435

 

·       Khamis Mushait                                                                    Office premises

Tel: (966-17) 2380147

 

·       Al Ahsa                                                                                Office premises

Tel: (966-13) 5843735

 

 

KEY PRINCIPALS

 

     Name                                                                                   Position

 

·       Munir Abdulaziz Ismail                                                           Managing Partner

 

·       Dr Adnan Abdulaziz Ismail                                                     Partner

 

·       Dr Fouad Abdulaziz Ismail                                                     Partner

 

·       Nashat Abdulaziz Ismail                                                        Partner

 

·       Salem Ba Obaid                                                                   Financial Manager

 

·       Emad Shaban Khalili                                                             Sales Manager (Sanitary ware)

 

·       Afaq Beg Mira                                                                      Sales Manager (Electromechanical Products)

 

·       Reda Rahman Khan                                                              Sales Manager (Pipe)

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23/03/1417 Hijri (corresponding to 8th August 1996)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030120063, Jeddah

 

Chamber Member No.  : 61091

 

Issued Capital              : SR 1,000,000

 

Paid up Capital            : SR 1,000,000

 

Name of Partner (s)                                                     

 

·       Munir Abdulaziz Ismail

 

·       Dr Adnan Abdulaziz Ismail                                                    

 

·       Dr Fouad Abdulaziz Ismail                                                    

 

·       Nashat Abdulaziz Ismail

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of sanitary ware, building materials and pipes.

 

Import Countries: Europe, Japan and Thailand

 

International Suppliers:

 

·       Hitachi Steel             Japan

·       GSSACO                 Thailand

 

Operating Trend: Steady

 

Subject has a workforce of 167 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                    Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                    SR 39,450,000                           SR 40,120,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-12) 6600272

Fax: (966-12) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.92

UK Pound

1

Rs.101.44

Euro

1

Rs.72.26

 

 

 

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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