MIRA INFORM REPORT

 

 

 

Report No. :

324644.2

Report Date :

06.06.2015

 

IDENTIFICATION DETAILS

 

Name :

AL AJLAN COMPANY

 

 

Registered Office :

Olaya Commercial Centre, 245 Makkah Road, Al Olaya District,  PO Box  No.: 1563, Riyadh 11441

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.01.1390

 

 

Com. Reg. No.:

1010006602

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the import, wholesale and retail of fashion items and consumer products, including readymade garments and textiles for men, ladies and children, as well perfumes and cosmetics, watches, leather goods and foodstuffs.

 

 

No. of Employees :

110

 

 

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

 

Maximum Credit Limit :

US$ 15,000,000

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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                                    : AL AJLAN COMPANY

Also Known As                                     : AL AJLAN GROUP

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 7th April 1970

Commercial Registration Number           : 1010006602, Riyadh

Chamber Membership Number               : 2268

Issued Capital                                       : SR 5,000,000

Paid up Capital                                     : SR 5,000,000

Total Workforce                                     : 110

Activities                                               : Wholesale and retail of fashion items and consumer products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 15,000,000

 

 

 

 

COMPANY NAME

 

AL AJLAN COMPANY

 

ALSO KNOWN AS: AL AJLAN GROUP

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Olaya Commercial Centre

Street               : 245 Makkah Road

Area                 : Al Olaya District

 

PO Box            : 1563

 

Town                : Riyadh 11441

Country             : Saudi Arabia

 

Telephone         : (966-11) 4646462 / 4629994

Facsimile          : (966-11) 4630639

Email                : info@alajlan.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saad Abdullah Ibrahim Al Ajlan                                                          Managing Partner

 

·       Ahmed Abdullah Ibrahim Al Ajlan                                                       Partner

 

·       Mohamed Abdullah Ibrahim Al Ajlan                                                   Partner

 

·       Abdullah Abdullah Ibrahim Al Ajlan                                                    Partner

 

·       Mussab Al Jarbu                                                                              Administrative Officer

 

·       Rashad Mohamed                                                                            Finance Manager

 

·       Nofal Al Otaibi                                                                                  Commercial Manager

·       Abdullah Mohamed Al Abdullah                                                         Human Resources Manager

 

·       Abdul Moniem Mohamed                                                                  Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30/01/1390 Hijri (corresponding to 7th April 1970)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 1010006602, Riyadh

 

Chamber Member No.  : 2268

 

Issued Capital              : SR 5,000,000

 

Paid up Capital            : SR 5,000,000

 

Name of Partner (s)

 

·       Saad Abdullah Ibrahim Al Ajlan

 

·       Ahmed Abdullah Ibrahim Al Ajlan

 

·       Mohamed Abdullah Ibrahim Al Ajlan

 

·       Abdullah Abdullah Ibrahim Al Ajlan

 

 

AFFILIATED COMPANIES

 

·       Al Ajlan Real Estate Co

Riyadh

 

·       Triplicity House Co

Riyadh

 

·       Al Ajlan International Co

Riyadh

 

·       Al Ajlan Trading Co

Riyadh

 

OPERATIONS

 

Activities: Engaged in the import, wholesale and retail of fashion items and consumer products, including readymade

garments and textiles for men, ladies and children, as well perfumes and cosmetics, watches, leather goods and foodstuffs.

 

Import Countries: Italy and France

 

International Suppliers:

 

·       Canalli                                  Italy

·       Mazari                                  Italy

·       Valentino                              Italy

·       Saroti                                   Italy

·       Tambooli                              Italy

·       Samalto                               France

 

Brand Names: HUGO BOSS

 

Operating Trend: Steady

 

Subject has a workforce of approximately 110 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 236,000,000                         SR 242,000,000

 

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

 

 

BANKERS

 

·       Riyad Bank

King Abdul Aziz Road

PO Box: 22622

Riyadh 11416

Tel: (966-11) 4122243

Fax: (966-11) 4013030

 

·       National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-11) 4772281

Fax: (966-11) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

CREDIT RATING

 

Recommended credit limit:                  US$ 15,000,000

 

 

GENERAL COMMENTS

 

Al Ajlan Company is well established in the local business market with operations dating back to 1970. It is engaged in the import, wholesale and retail of fashion items and consumer products with such well known brands as “Hugo Boss” and “Valentino”.

 

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.63.90

UK Pound

1

Rs.97.97

Euro

1

Rs.71.82

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

VNT

 

               

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.