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MIRA
INFORM REPORT
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Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
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Name : |
A A TURKI CORPORATION (ATCO) |
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Formerly Known As : |
ABDULRAHMAN AL TURKI AL TURKI CORP FOR TRADING & CONTRACTING |
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Registered Office : |
ATCO Building King Khalid Street PO Box 718 Dammam 31421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
05.01.1968 |
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Com. Reg. No.: |
2050002046, Dammam |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates several divisions like Commercial Division, Electrical Division, Atco Travel Division, Construction Services & Supply Division, etc. |
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$ 3,200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 : A A TURKI CORPORATION (ATCO)
Also Known As : ABDULRAHMAN AL TURKI AL TURKI CORP FOR TRADING &
CONTRACTING
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 5th January 1968
Commercial Registration Number : 2050002046, Dammam
Chamber Membership Number : 491
Invested Capital : SR 25,000,000
Total Workforce : 3,500
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,200,000
Person Interviewed : Zaki Diaman, Financial Controller
COMPANY NAME
A A TURKI CORPORATION (ATCO)
ALSO KNOWN AS: ABDULRAHMAN AL TURKI AL TURKI CORP FOR TRADING
& CONTRACTING
ADDRESS
Registered & Physical Address
Building : ATCO
Building
Street : King Khalid
Street
PO Box : 718
Town : Dammam 31421
Country : Saudi Arabia
Telephone : (966-3) 8335588
/ 8332339 / 8345694 / 8826769
Facsimile : (966-3)
8339881 / 8872701
Email : info@atco.com.sa
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Dammam.
Branch Office (s)
Location Description
· PO Box: 1298 Office
premises
Jeddah
21431
Tel:
(966-2) 6910726 / 6911156
Fax:
(966-2) 6913922
· PO Box: 8077 Office
premises
Riyadh 11482
Tel:
(966-1) 4762241
Fax:
(966-1) 4762485
· London Office
premises
United Kingdom
Tel: (44-207)
4913664
Fax: (44-207)
6241120
KEY PRINCIPALS
Name Position
·
Abdul Rahman Ali Al Turki Proprietor
·
Zaid Abdul Rahman Ali Al Turki General
Manager
·
Ibrahim Al Somali Assistant
General Manager
·
M S Kumar Commercial
Manager
·
Mohamed Al Turaiki Administration
Manager
·
Abdullah Muqbil Human
Resources Manager
·
Amin Sheikh Finance
Manager
·
Zaki Diaman Financial
Controller
·
Ramy A Ali Sayed Branch
Manager – Riyadh
·
Mohamed Wasif Ali Branch
Manager – Jeddah
·
Liam O’Kirwan Branch
Manager – London
LEGAL FORM & OWNERS
Date of
Establishment : 04/10/1387 Hijri
(Corresponding to 5th January 1968)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 2050002046, Dammam
Chamber Member No. : 491
Invested Capital : SR 25,000,000
Mr Abdul Rahman Ali Al Turki is the sole proprietor of the business.
AFFILIATED COMPANIES
Subject is a member of the A A Turki Group of
Companies, which includes the following concerns:
· Sagr Al Baydaa
Trading Agencies Co Ltd
PO Box: 3501
Al Khobar 31952
Tel: (966-3)
8648644
Fax: (966-3)
8649945
· Al Sagr Saudi Insurance
Co
PO Box: 3501
Al Khobar 31952
Tel: (966-3)
8595363 / 8596124
Fax: (966-3)
8595490
· East & West
Express
PO Box: 718
Dammam 31421
Tel: (966-3)
8332339
Fax: (966-3)
8339881
· Arabian Business
Forms Co
Al
Khobar-Dammam Highway
Al
Khalideya Area
PO Box:
718
Dammam
31421
Tel:
(966-3) 8588322 / 8330508 / 8335588 / 8332329
Fax:
(966-3) 8588316
· Keller Turki Co
Ltd
Saudi Arabia
· Honeywell Turki
Arabia Ltd
PO Box: 718
Dammam 31421
Tel: (966-3)
8342442
Fax: (966-3)
8342828
· Redland Industrial
Services (Arabia) Ltd
PO Box: 718
Dammam 31421
Tel: (966-3)
8343343 / 8343113 / 8342937
· ATCO Marine
Services EC
Bahrain
· ATCO Development
Ltd
42 Albemarle Street London W1X 3FE United Kingdom Tel: (44-207) 4913664
Fax: (44-207)
6291120
· ATCO Development
Inc
11777 Katy Freeway, Suite 300S
Houston
Texas 77079
United States of
America
Tel: (1-281)
8701500
Fax: (1-281)
5316000
OPERATIONS
Activities: Subject’s
operations are performed through the following divisions:
·
Office 1 Superstore
Address: Dhahran Street
PO
Box: 718
Al
Khobar
Tel:
(966-3) 8942255
Fax:
(966-3) 8940927
Email:
ehabsharif@hotmail.com
Management: Ehab Al Sharif General Manager
Mohamed
Rajai Armos Commercial Manager
Dennis
Mogboo Administrative
Executive
Activities: Established in 2000, this
division is engaged in the import and distribution of office machinery and
school supplies, under a franchise agreement with Office 1 Superstore of the USA.
The division employs 15 workers.
·
Commercial Division
This division is
engaged in the import and distribution of an extensive range of safety relief
valves, flame arresters and bursting discs, safety products, turbo machinery controls
for controlling centrifugal and axial compressors, steam, and gas turbines.
·
Electrical Division
ATCO's Electrical Division was
established in 1976 to supply quality electrical materials and industrial components.
The Electrical Division has a comprehensive range of power transformers,
electrical machines, high voltage cables, wires, conduits, fittings, circuit
protective devices, safety switches, wiring devices, lighting fixtures, lamps,
and tools.
·
Atco Travel Division
Engaged in the provision of travel and
tourism services, as well as operating as freight forwarders, cargo and
shipping activities.
·
Construction Services & Supply Division
This division distributes engineering and
industrial construction supplies on an exclusive and preferred basis for
numerous domestic, regional, and international companies. The subject products
include:
- Construction chemicals,
including surface treatments, adhesives, grouts, repair compound epoxies,
and
sealants;
- 3M windows films, including
Scotchtint Sun Control and Scotchshield Safety and Security;
- 3M fire protection products,
such as intumescent, endothermic and silicone sealants; moldable putty; mortar;
pipe devices; composite sheets;
duct wrap, tape, blanket, and mat; and graphite intumescent seals (GIS);
- Expanded metal meshes, laths,
and beads, including angle / corner beads, plaster stop beads, control joints
beads, architrave beads, metal
lath (coil / sheets / rib-lath), Hy-Rib (construction joint formworks), and
steel
meshes (fencing, caging, and
gratings);
- Block accessories, including
block reinforcement mesh, ladder reinforcements, and wall ties of all types;
- Expansion joint systems,
including expansion fillers / fiber boards, cork fillers, backup rods, and
sealants;
- Thermal insulation products,
such as extruded polystyrene boards, polyurethane boards, and fiberglass
blankets
or boards, as well as black
insulation cork;
- Waterproofing materials, such
as PVC watershops, fiberglass mesh, geotextiles, liquid membranes
(polyurethane and acrylic),
protection boards, as well as other waterproofing materials;
- Drywall partition and suspended
ceiling systems, including gypsum plaster boards; self-adhesive fibertape;
ready-mixed joint compounds;
and studs, runners, and other accessories; and
- Polyethylene sheets (vapour
barrier) with a thickness of 50 microns and above.
·
Electromechanical Division
The electromechanical division
specialises in contracting services for heating, ventilation and air
conditioning (HVAC) works. It also distributes HVAC equipment.
·
Water Purification
This division offers water purification
and sewage contracting services, as well as distributing pumps, water
purification equipment and measuring apparatus.
·
Industrial Cleaning
Provision
of industrial cleaning services, specialising in factories and commercial
offices.
·
Catering Division
Catering contractors, specialising in the
provision of meals and catering requirements for Saudi hospitals and
universities, as well as other public institutions and large private companies.
·
Marine Works Division
Under this division, subject is engaged
in the operation and maintenance of seaports machinery and equipment, as well
as offering services related to the marine industry.
Import Countries: United States of
America, Germany, the United Kingdom and Brazil
International Suppliers:
· Energy
International Corporation United
States of America
· Ametek Drexelbrook United
States of America
· Compressor
Controls Corp United
States of America
· Honeywell
International Inc United
States of America
· Galviston Houston
Co United
States of America
· Pullen Pumps Ltd United
Kingdom
· Kabel Metal GmbH Germany
· S & C Electic
do Brasil Brazil
Operating Trend: Steady
Subject has a workforce of approximately 3,500
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
3,400,000,000 SR
3,865,000,000
Local sources consider subject’s financial
condition to be Good.
The above financial figures are based on
estimations by our local sources.
BANKERS
·
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3)
8331188
Fax: (966-3)
8336058
·
Saudi American Bank
PO Box: 3113
Dammam 31471
Tel: (966-3)
8337171
·
Al Bank Al Saudi Al Hollandi
Dhahran Street
PO Box: 70
Dammam
Tel: (966-3)
8323212
PAYMENT
HISTORY
No complaints regarding subject’s payments have
been reported.
Date of transaction June 2003 June 2004 September 2007
Credit amount 404,670 410,490 1,000,000
Amount overdue 0 0 0
Payment terms 90 days 90 days 90
days
Payment Method Letters of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt
Currency Canadian
Dollars Canadian Dollars Euros
GENERAL
COMMENTS
A A Turki Corporation (ATCO) is a very well
established business with operations dating back to 1968. It has diversified
operations and employs approximately 3,500 people. It is owned by the wealthy
Saudi businessman, Mr Abdul Rahman Ali Al Turki, who is very well known in the
business community.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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|
1 |
Rs.74.56 |
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Euro |
1 |
Rs.65.33 |
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.