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MIRA INFORM
REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
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Name : |
AL ABDULKARIM HOLDING CO (AKH) |
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Registered Office : |
Al Abdulkarim Building,
King Faisal Street (9th Street), P O Box 845 & 5777 & 4, Dammam 31411 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.02.1981 |
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Com. Reg. No.: |
2050003048, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of electrical and electromechanical products, as well as providing installation and maintenance services |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 8,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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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 |
SUMMARY
Company Name : AL ABDULKARIM HOLDING CO (AKH)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1st February 1981
Commercial Registration Number : 2050003048, Dammam
Chamber Membership Number : 77000
Issued Capital : SR 3,000,000
Paid up Capital : SR 3,000,000
Total Workforce : 1,300
Activities : Import and distribution of electrical and electromechanical products, as
well as providing installation and maintenance services
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 8,000,000
Person Interviewed : Frederick Geroche, Administration Executive
COMPANY
NAME
AL ABDULKARIM HOLDING CO (AKH)
company
ADDRESS
Registered & Physical
Address
Building : Al Abdulkarim Building
Street : King Faisal Street (9th
Street)
PO Box : 845 & 5777 & 4
Town : Dammam 31411
Country : Saudi Arabia
Telephone : (966-3) 8337110 / 8331999
Facsimile : (966-3) 8338242 / 8321422 / 8334046
Mobile : (966-50) 5844158
Email : info@akh.com.sa
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Dammam.
Branch Office (s)
Location Description
·
Prince
Mosaid Street Rented
Sales Office
Sulaimaniyah
PO Box: 57792
Riyadh 11584
Tel: (966-1) 4778218 / 4790484
Fax: (966-1) 4782176
·
Sitten
Tower, 6th Floor Rented
Sales Office
PO Box: 2732
Jeddah 21441
Tel: (966-2) 6601877 / 6670179
Fax: (966-2) 6605319
·
Khashoggi
Building, 9th Floor Rented
Sales office
Dhahran Street
PO Box: 31377
Al Khobar 31952
Tel: (966-3) 8892085
Fax: (966-3) 8892086
·
Al
Mashoor Street Rented
Sales Office
PO Box: 1752
Jubail 31951
Tel: (966-3) 3626123 / 3622582
Fax: (966-3) 3624022
·
Al Bahr Rented Sales
Office
PO Box : 1104
Yanbu
Tel: (966-4) 3910085
Fax: (966-4) 3910656
·
BMTC
Building, 2nd Floor, Suite No. 29 Rented
Sales Office
PO Box: 62240
Dubai
United Arab Emirates
Tel: (971-4) 2652550
Fax: (971-4) 2624742
·
Al
Hilal Offices, Suite 2 Rented
Sales Office
PO Box: 23340
Doha
Qatar
Tel: (974) 4654878 / 4657826
Fax: (974) 4657795
·
Building
169, Suite No 136 Rented
Sales Office
1405 Lulu Avenue
PO Box: 2135
Manama
Bahrain
Tel: (973-17) 264046
Fax: (973-17) 264045
KEY
PRINCIPALS
Name Position
·
Khalid Abdulrahman Al Albdulkarim Managing
Partner
·
Abdullah Abdulrahman Al Albdulkarim Partner
·
Abdulaziz Abdulrahman Al Albdulkarim Partner
·
Bader Mohamed Al Abdulkarim Partner
·
Mohamed Madkhoum Commercial
Manager
·
Mohamed
Saleem Marketing
Manager
·
Said
Fahmy Finance
Manager
·
Fahaim
Gaffari Administration
Manager
·
Deepak
Verg Sales
Engineer
·
Frederick Geroche Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 26/03/1401
Hijri (Corresponding to 1st February 1981)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050003048,
Dammam
Chamber Member No. : 77000
Issued Capital : SR 3,000,000
Paid up Capital : SR 3,000,000
Name of Partner (s)
·
Khalid Abdulrahman Al Albdulkarim
·
Abdullah Abdulrahman Al Albdulkarim
·
Abdulaziz Abdulrahman Al Albdulkarim
·
Bader Mohamed Al Abdulkarim
OPERATIONS
Activities: Engaged in the import and distribution of
electrical and electromechanical products, including switchgears, cables,
transformers, panels, lighting systems and pipe fittings.
The business also provides electro-mechanical installation and maintenance services. All of subject’s
services are ISO 9002 certified.
The market segments that are targeted by the subject include Oil & Gas, petrochemicals, electrical, utilities, telecommunication, instrumentation, plant automation, and industrial and commercial construction.
Subject’s clients include Saudi Consolidated Electricity
Company of the Eastern Province (Sceco East), Saudi Aramco, Sasref, ABB Lummus,
Sabic, Chiyoda, Mitsui and Fouzan Company.
Major Contracts
& Supply Agreements
|
Client |
Project |
Products/Services |
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SABIC MANAGEMENT ORG. (S.M.O.) |
Blanket Supply Agreement |
Electrical, Telecom, Piping, R&D Supplies and IT Services |
|
SAUDI ELECTRIC COMPANY (SCECO) |
Warehousing & Long Term Supply Agreements |
Electrical & Telecom Supplies |
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SAUDI ARAMCO / SNAMPROGETTI |
Khursaniyah Producing Facilities |
Electrical, Telecom, Piping, R&D Supplies and IT Services |
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SAUDI ARAMCO / SNAMPROGETTI |
Hawiyah NGL Recovery Plant |
Electrical, Telecom, Piping, R&D Supplies and IT Services |
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SAUDI ARAMCO / PETRORABIGH |
Petrochemicals |
Electrical, Telecom, Piping, R&D Supplies and IT Services |
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SAUDI ARAMCO |
Khurais Producing & Offsite |
Electrical, Telecom, Piping and R&D Supplies |
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SAUDI ARAMCO |
Manifa Offshore Producing |
Electrical, Telecom, Piping and R&D Supplies |
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SAUDI ARAMCO |
Shaybah Crude Increment/GOSP |
Electrical, Telecom and Piping |
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SABIC YANSAB-YANBU |
Ethylene/Olefins Plant |
Electrical, Telecom and Piping |
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SAUDI ARAMCO / SAFANIYAH |
Offshore Platform |
Electrical, Telecom and Piping |
|
SAUDI KAYAN PETROCHIMICAL CO. |
HDPE/LDPE/Polypropylene Plants |
Electrical, Telecom and Piping |
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SIPCHEM |
Olefins/Acetyls Plant |
e-Learning, LIMS & OTS |
|
IBN ZAHR |
Polypropylene Plants |
Flare Systems & Tank Gauging Upgrade |
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TANSEE PETROCHIMICAL / TECNIMONT S.P.A. |
HDPE/LDPE Plants |
Electrical and Piping Supplies |
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GULF FARABI |
N-Paraffins & LAB Plant |
Electrical and Piping Supplies |
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SEC / RIYADH |
Power Plant # PP9 |
Electrical Piping |
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Saudi Aramco-Saipem (STAR) / Eastern Trading
Contracting Group |
Dammam Yard Set-Up (Under Ground, Above Ground, and Indoor Industrial
Utilities) |
Supply, Installation, Testing & Commissioning of
Electro-Mechanical Systems |
|
Jubail Energy Services Co. (JESCO) |
Engineering, Supply, Installation, Testing & Commissioning of
Lighting & Electrical Systems |
Engineering, Supply, Installation, Testing & Commissioning of
Lighting & Electrical System |
|
TECHNO CONTRACTING CO. LTD. (A subsidiary of
Al Abdulkarim Holding Co.) |
Various Hospital Turn-Key Project |
Supply and Installation of Electro-Mechanical Works |
Import
Countries: The United
States of America, Canada, Japan and Europe
International
Suppliers:
·
Pass
& Seymour United
States of America
·
Hubble
Inc United
States of America
·
Hoke
Inc United
States of America
·
Siemens
Milltronics Process Instruments Inc Canada
·
Chalmit
Lighting United
Kingdom
·
Oliver
Valves Ltd United
Kingdom
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LVF Italy
·
Galli
& Cassina SpA Italy
·
Zwick
GmbH Germany
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Delair Netherlands
·
Enviro
Tech Netherlands
·
Kawasaki
Steel Japan
Operating Trend: Steady
Subject has a
workforce of approximately 1,300 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales SR 385,000,000 SR 391,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Frederick Geroche, Administration Executive
BANKERS
·
Saudi
American Bank
PO Box: 3113
Dammam 31471
Tel: (966-3) 8337171
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
PAYMENT
HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction November
2002 November 2003 November 2006
Credit amount 500,000 500,000 203,000
Amount overdue 0 0 0
Payment terms 60
days 60
days 30
days
Payment Method Letters
of Credit Letters
of Credit Letters
of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars Euros
GENERAL
COMMENTS
Al Abdulkarim
Holding Co (AKH) has operations dating back approximately 20 years and is well
established in the local market with branches in the major cities of the
Kingdom. It is engaged in the import and distribution of electrical and
electromechanical products, as well as providing installation and maintenance
services.
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.44.38 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.63.92 |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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.