MIRA INFORM REPORT

 

 

Report Date :

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

MANARAH AL JUBAIL CONSTRUCTION CO LTD (MCCL)

 

 

Registered Office :

King Faisal West Road PO Box  977 Jubail 31951

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

24.07.2008

 

 

Com. Reg. No.:

2051037869, Jubail

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

General construction and civil works contractors.

 

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

 

Maximum Credit Limit :

US$ 1,500,000

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : MANARAH AL JUBAIL CONSTRUCTION CO LTD (MCCL)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 24th July 2008

Commercial Registration Number                        : 2051037869, Jubail

Chamber Membership Number                : 12003

Issued Capital                                        : SR 2,000,000

Paid up Capital                                      : SR 2,000,000

Total Workforce                                     : 250

Activities                                               : General construction and civil works contractors.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : R K Swami, Finance Manager

 

COMPANY NAME

 

MANARAH AL JUBAIL CONSTRUCTION CO LTD (MCCL)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : King Faisal West Road

 

PO Box             : 977

 

Town                 : Jubail 31951

Country             : Saudi Arabia

 

Telephone         : (966-3) 3617991 / 3614006 / 3617929

Facsimile          : (966-3) 3617991

Mobile               : (966-50) 8470000

Email                : info@manarahglobal.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Adel Abdul Wahab Al Najdi                            Saudi                            Managing Partner

 

·       Sasi Padikkavalappil                                      Indian                            Partner

 

·       M J Joshi                                                          -                               Operation Manager

 

·       R K Swami                                                       -                               Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1995, however subject was registered on 20/07/1429 Hijri (corresponding to 24th July 2008)

 

History                         : Subject was originally called “Manarah Al Jubail Contracting Corp” but re-registered and

  changed its name to “Manarah Al Jubail Construction Co Ltd (MCCL) in 2008.

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2051037869, Jubail

 

Chamber Member No. : 12003

 

Issued Capital              : SR 2,000,000

 

Paid up Capital            : SR 2,000,000

 

Name of Partner (s)

 

·       Adel Abdul Wahab Al Najdi

 

·       Sasi Padikkavalappil

 

 

AFFILIATED COMPANIES

 

·       Manarah Corporation

Jubail

 

 

OPERATIONS

 

Activities: Engaged as general construction and civil works contractors. The major business of the company is

     directed towards the industrial civil construction, mechanical erection, electrical construction, general

     maintenance, equipment and manpower rental, and geo-membrane installation services.

 

Current Projects:

 

Subject is currently engaged in the civil works contract “SATROP” which is a joint project from Saudi Aramco and Total Refinery. Subject is working in package No. 6 (Refinery) and package No. 9 (Mina Port) and the project will last until 2013. The contract was valued at SR 300,000,000.

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 97,850,000                           SR 102,000,000

 

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

 

The above figures were provided by Mr R K Swami, Finance Manager

 

 

BANKERS

 

·       National Commercial Bank

PO Box: 58

Jubail 51951

Tel: (966-3) 3612896

Fax: (966-3) 3611750

 

 

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.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.