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Report No. : |
330286 |
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Report Date : |
08.07.2015 |
IDENTIFICATION DETAILS
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Name : |
AL ABDULLATIF INDUSTRIAL INVESTMENT CO |
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Registered Office : |
Al Kharj Road, Second Industrial City, PO Box 859, Riyadh 11421 |
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Country : |
Saudi
Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.05.1981 |
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Com. Reg. No.: |
1010073685 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is a fully integrated industrial textiles company specializing
in spinning, weaving and colouring of synthetic and natural fibres being used
in the production of blankets, rugs, carpets, backings and a wide variety of
yarns. |
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|
|
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No. of Employees : |
3,800 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name :
AL ABDULLATIF INDUSTRIAL INVESTMENT CO
Trading As :
AL ABDULLATIF
Country of Origin :
Saudi Arabia
Legal Form :
Joint Stock Company
Registration Date : 22nd May
1981
Commercial Registration Number :
1010073685, Riyadh
Membership Number :
20872
Issued Capital :
SR 812,500,000
Paid up Capital :
SR 812,500,000
Total Workforce :
3,800
Activities :
Manufacture of textiles.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AL ABDULLATIF INDUSTRIAL INVESTMENT CO
AL ABDULLATIF
Registered &
Physical Address
Street : Al Kharj
Road
Area : Second Industrial
City
PO Box : 859
Town : Riyadh 11421
Country : Saudi Arabia
Telephone : (966-11)
2652200 / 2658888 / 2652011
Facsimile : (966-11)
2659999
Email : info@carpets.com
/ saad@carpets.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Riyadh.
Name Nationality Position
Sulaiman Omar Al Abdullatif Saudi Chairman
Abdullatif Omar Al Abdullatif Saudi Managing
Director
Fahad Omar Al Abdullatif Saudi Director
Khalid Abdulmohsen Al Khayal Saudi Director
Abdulaziz Abdullatif Dulijan Saudi Director
Talal Hamzah Al Mansi Saudi Director
Mazn Mohammed Mosa Al Hamad Saudi Director
Saad Al Qarni - General
Manager
Date of Establishment : 22nd
May 1981
Legal Form : Joint Stock
Company
Commercial Reg. No. : 1010073685,
Riyadh
Membership No. : 20872
Issued Capital : SR 812,500,000
Paid up Capital : SR 812,500,000
Name of
Shareholder (s)
Percentage
Al Abdullatif Group Holding Co 60%
Omar S S Al Abdullatif 6%
Members of the general public & private investors 34%
Name Nationality
Eastern Textile Co 100%
Western Textile Co 100%
Nadeen Arabian Co 100%
National Spinning Co 100%
Shahad Paper Tube Factory 100%
Ritaj Al Waseel Co 100%
Al Abdullatif Training Co 100%
Adfa Blanket Co 100%
First Carpet Company 100%
Activities: Subject is a fully integrated industrial textiles company specializing
in spinning, weaving and colouring of synthetic and natural fibres being used
in the production of blankets, rugs, carpets, backings and a wide variety of
yarns.
Import Countries: Europe and Asia.
Operating Trend: Steady
Subject has a workforce of approximately 3,800 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR 000’s)
Balance Sheet 31/12/14 31/12/13 31/12/12 31/12/11
|
Current Assets |
709,243 |
632,549 |
643,841 |
545,793 |
|
Inventory |
524,835 |
598,212 |
529,685 |
496,113 |
|
Investments |
121,987 |
76,895 |
138,725 |
122,909 |
|
Fixed Assets |
529,954 |
495,917 |
504,479 |
501,204 |
|
Other Assets |
14,424 |
14,977 |
12,521 |
14,110 |
|
Total Assets |
1,900,443 |
1,818,550 |
1,829,251 |
1,680,129 |
|
Current Liabilities |
650,801 |
543,750 |
530,863 |
386,780 |
|
Non-Current Liabilities |
0 |
22,319 |
48,729 |
83,569 |
|
Other Liabilities |
5,067 |
5,192 |
5,136 |
5,498 |
|
Shareholders’ Equity |
1,244,575 |
1,247,289 |
1,244,523 |
1,204,282 |
|
Minority Interests |
0 |
- |
- |
- |
|
Total Liabilities and Shareholder Equity |
1,900,443 |
1,818,550 |
1,829,251 |
1,680,129 |
Statement of
Income
|
Sales |
1,297,735 |
1,347,956 |
1,454,529 |
1,337,460 |
|
Sales Cost |
970,237 |
955,702 |
1,038,863 |
1,012,011 |
|
Total Income |
327,498 |
392,254 |
415,666 |
325,449 |
|
Other Revenues |
19,670 |
26,208 |
4,832 |
4,832 |
|
Total Revenues |
347,168 |
418,462 |
420,498 |
330,281 |
|
Admin and Marketing Expenses |
63,941 |
54,098 |
71,295 |
58,946 |
|
Depreciation |
63,504 |
63,282 |
63,024 |
97,758 |
|
Other Expenses |
4,812 |
12,454 |
0 |
297 |
|
Total Expenses |
132,257 |
129,834 |
134,319 |
157,001 |
|
Net Income Before Zakat |
214,911 |
288,628 |
286,179 |
173,280 |
|
Zakat |
14,500 |
21,800 |
22,500 |
17,300 |
|
Net Income |
200,411 |
266,828 |
263,679 |
155,980 |
|
Balance First Period |
151,138 |
229,524 |
215,651 |
156,519 |
|
Reserves |
-20,041 |
98 |
26,368 |
15,598 |
|
Cash Dividends |
-121,875 |
81,250 |
223,438 |
81,250 |
|
Other Distributions |
-40,625 |
264,062 |
0 |
0 |
|
Balance End Period |
169,008 |
151,138 |
229,524 |
215,651 |
Local sources consider subject’s financial condition to be Good.
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-11) 4122243
Fax: (966-11) 4013030
No complaints regarding subject’s payments have been reported.
Date of transaction May
2007
Credit amount 256,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No Complaints
Currency Pounds
Sterling
Al Abdullatif Industrial Investment Co was established in 1981 and is
one of the largest companies of its kind in the Middle East and Africa. It is a
fully integrated industrial textiles company specializing in spinning, weaving
and colouring of synthetic and natural fibres.
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.63.37 |
|
|
1 |
Rs.98.86 |
|
Euro |
1 |
Rs.69.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.