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MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL ITTEFAQ STEEL
PRODUCTS COMPANY MAKKAH (ISPC MAKKAH) |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28th June 2006 |
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Com. Reg. No.: |
4031049351, Makkah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged as operators
of a steel mill, specializing in the production of reinforced steel bars with a capacity of
400,000 tons per annum. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL ITTEFAQ STEEL PRODUCTS COMPANY MAKKAH (ISPC
MAKKAH)
Country of Origin :
Legal Form : Limited Liability Partnership
Registration Date : 28th June 2006
Commercial Registration Number : 4031049351, Makkah
Membership Number : 25398
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Total Workforce : 150
Line of Business : Operators of a steel mill.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL ITTEFAQ STEEL
PRODUCTS COMPANY MAKKAH (ISPC MAKKAH)
ADDRESS
Registered & Physical Address
Street :
Area : Al Shamsi Area
PO Box : 1166
Town : Makkah 21431
Country :
Telephone : (966-2) 2112079 / 2112081 / 2112111
Facsimile : (966-2) 2112080
Email : ispcmakkah@altuwairqi.com.sa
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the Central
Business Area of Makkah.
KEY PRINCIPALS
·
Khalid
Hilal Hussain Al Tuwairqi Managing
Partner
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Faisal
Alawi Hussain Hadawi Partner
LEGAL FORM &
OWNERS
Date of Establishment : 02/06/1427
Hijri (corresponding to 28th June 2006)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4031049351,
Makkah
Membership No. : 25398
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Name of Partner (s)
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Khalid
Hilal Hussain Al Tuwairqi
·
Faisal
Alawi Hussain Hadawi
Notes to the legal Form
A Limited Liability Partnership is a private entity formed by two or more partners who are liable for company debts to the extent of their contributed capital. A maximum of 50 partners are allowed in such a company. The total share capital must be SR 500,000 or more, divided into non-negotiable shares of equal value. The company may not include in its objects the conduct of banking, insurance or savings.
AFFILIATED COMPANIES
Subject belongs to the Al Tuwairqi group of companies that consists of
the following concerns:
·
National Steel Company
Limited (NASCO)
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Al Faisal Steel
Products Company (FSPC)
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The International
Electrical Products Co (TIEPCO)
· Direct Reduction Iron Company
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Al Tuwairqi Trading & Contracting Establishment
LINE OF BUSINESS
Operations : Engaged as operators of a steel mill,
specializing in the production
of reinforced steel bars with a capacity of 400,000 tons per annum.
Import Countries
: Europe and the
Subject has a
workforce of 150 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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Saudi
British Bank
PO Box : 109
Jeddah 21411
Tel : (966-2) 6512121
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Makkah did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum suggested
credit figure: US$ 150,000
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)