MIRA INFORM REPORT

 

 

Report No. :

353385

Report Date :

10.12.2015

 

IDENTIFICATION DETAILS

 

Name :

AL MADA CERAMIC & MARBLE CO LTD

 

 

Registered Office :

East Palestine Street, Al Nakheel District, PO Box  22028, Jeddah 21495

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

10.03.2002

 

 

Com. Reg. No.:

4030142788

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of ceramics and marble.

 

 

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 – 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, 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. 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                                    : AL MADA CERAMIC & MARBLE CO LTD

Also Known As                                     : BRANCH OF AL MADA CERAMIC & MARBLE CO LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 10th March 2002

Commercial Registration Number           : 4030142788, Jeddah

Membership Number                             : 91856

Issued Capital                                       : SR 1,000,000

Paid up Capital                                     : SR 1,000,000

Total Workforce                         : 75

Activities                                               : Distributors of ceramics and marble

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

Person Interviewed                                : Haytham Al Ser, Purchasing Manager

 

 

COMPANY NAME

 

AL MADA CERAMIC & MARBLE CO LTD

 

 

ALSO KNOWN AS

 

BRANCH OF AL MADA CERAMIC & MARBLE CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : East Palestine Street

Area                 : Al Nakheel District

PO Box            : 22028

Town                : Jeddah 21495

Country : Saudi Arabia

Telephone         : (966-12) 6047600 / 6405046 / 2273962

Facsimile          : (966-12) 6047667 / 6290088

Mobile              : (966-55) 5233821

Email                : clearance@ebaahousec.om

 

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.

 

 

KEY PRINCIPALS

 

Name                                                                                                    Position

 

Hayel Abdul Moeen Hakami                                                                   Managing Partner

 

Nabil Abdil Moeen Hakami                                                                     Partner

 

Omar Nabil Abdul Moeen Hakami                                                           General Manager

 

Hassan Al Hosni                                                                                    Sales Manager

 

Haytham Al Ser                                                                                     Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 25/12/1422 Hijri (corresponding to 10th March 2002)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030142788, Jeddah

 

Membership No.           : 91856

 

Issued Capital              : SR 1,000,000

 

Paid up Capital            : SR 1,000,000

 

Name of Partner (s)

 

Hayel Abdul Moeen Hakami

 

Nabil Abdil Moeen Hakami

 

 

AFFILIATED COMPANIES

 

Ebaa House Co For Ceramic & Marble Ltd

High Express Road, East

Sharq Al Khat

PO Box: 22028

Jeddah 21495

Tel: (966-2) 2274081 / 6293356 / 6193773

Fax: (966-2) 6194050 / 2274071

Email: ebaa@ebaahouse.com

 

Al Mulhem Granite Co Ltd

Express Highway

PO Box: 22028 & 21082

Jeddah 21495

Tel: (966-2) 6293580 / 6293620 / 6293619 / 6047600

Fax: (966-2) 6292580 / 6194050 / 6047667

CR No. 4030125231

 

El Mulhem Elegant Marble Co

Riyadh

 

Makkarm Al Nokhba Co for Ceramic & Marble

Jeddah

CR No. 4030161650

 

OPERATIONS

 

Activities                      : Engaged in the import and distribution of ceramics and marble.

 

Import Countries          : Europe and the Far East.

 

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

 

Total Sales                                SR 26,250,000                           SR 27,100,000

 

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

 

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

 

 

BANKERS

 

National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-12) 6446644

Fax: (966-12) 6446644

 

 

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.66.75

UK Pound

1

Rs.100.29

Euro

1

Rs.72.89

SR

1

Rs.17.80

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

TPT

 

               

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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