MIRA INFORM REPORT

 

Report Date :

02.12.2011

 

IDENTIFICATION DETAILS

 

Name :

TRACO TRADING & CONTRACTING GROUP CO LTD

 

 

Registered Office :

East Express Highway Al Nakheel District PO Box 33472 Jeddah 21448

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

05.02.2008

 

 

Com. Reg. No.:

4030176005, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates several divisions (see below for details)

·       Traco for Marble & Ceramic

·       General Trading Division

·       Traco Contracting Division

 

 

No. of Employees :

300

 

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 :

EUR 600,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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                                     : TRACO TRADING & CONTRACTING GROUP CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 5th February 2008

Commercial Registration Number                        : 4030176005, Jeddah

Chamber Membership Number                : 130661

Issued Capital                                        : SR 16,450,000

Paid up Capital                                      : SR 16,450,000

Total Workforce                                     : 300

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : EUR 600,000

Person Interviewed                                 : Lafi Al Harbi, Human Resources Manager

 

COMPANY NAME

 

TRACO TRADING & CONTRACTING GROUP CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : East Express Highway

Area                 : Al Nakheel District

 

PO Box             : 33472

 

Town                 : Jeddah 21448

Country             : Saudi Arabia

 

Telephone         : (966-2) 6293555

Facsimile          : (966-2) 6293280

Mobile               : (966-50) 5641113

Email                : alharbi@tracomac.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       PO Box: 3723                                                                                   Rented showroom premises

Dammam 31952

Tel: (966-3) 8947064

Fax: (966-3) 8945788

 

·       Riyadh                                                                                             Rented showroom premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Samawaal Abdullah Taha Bakhsh                                                       Managing Partner

 

·       Abdul Rahman Abdullah Taha Bakhsh                                     Partner

 

·       Hisham Idriss                                                                                    General Manager

 

·       Mukhtar Abbar                                                                                  Assistant General Manager

 

·       Yaseer Abdullah                                                                                Sales Manager

 

·       Ahmed Sagaff                                                                                   Marble & Ceramic Division Manager

 

·       Lafi Al Harbi                                                                                      Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28/01/1429 Hijri (corresponding to 5th February 2008)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030176005, Jeddah

 

Chamber Member No. : 130661

 

Issued Capital              : SR 16,450,000

 

Paid up Capital            : SR 16,450,000

 

Name of Partner (s)

 

·       Samawaal Abdullah Taha Bakhsh

 

·       Abdul Rahman Abdullah Taha Bakhsh

 

 

AFFILIATED COMPANIES

 

·       Bakhsh Management & Marketing Services

PO Box : 459

Jeddah

Tel : (966-2) 6654227

Fax : (966-2) 6654205

 

·       Al Rehab Co for Equipment & Machinery

PO Box : 459

Jeddah

 

·       Marketing Services & Commercial Projects

PO Box : 459

Jeddah

 

·       Abrar International Holding Co

Jeddah

Tel : (966-2) 6908333

 

 

OPERATIONS

 

Activities: Subject’s operations are performed through the following divisions:

 

·       Traco for Marble & Ceramic

 

     This division was established in 1992 and is engaged in the import and distribution of sanitary ware products

     bathroom sets, ceramics, marble and porcelain. It also specialises in the processing and cutting of marble and

     ceramics.

 

·       General Trading Division

 

     Distributors of general merchandise, specialising in toys and games.

 

     Agents for “Toys R Us”.

 

·       Traco Contracting Division

 

Engaged as general construction contractors.

 

Import Countries: France, the United Kingdom, Turkey, Germany, the United Arab Emirates and the United States of

     America

 

International Suppliers:

 

·       Kalibodor                  Turkey

·       Khaleej Ceramics      United Arab Emirates

·       Ueda & Co Ltd          Japan

 

Operating Trend: Steady

 

Subject has a workforce of approximately 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 91,500,000                           SR 94,000,000

 

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

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-2) 6434777

Fax: (966-2) 6441686

 

·       Al Rajhi Banking & Investment Corporation

Palestine Street

PO Box: 4514

Jeddah

Tel: (966-2) 6724554

Fax: (966-2) 6723805

 

·       Arab National Bank (ANB)

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-2) 6600272

Fax: (966-2) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject meets financial trade commitments in a timely manner and can be considered a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.65

UK Pound

1

Rs.81.06

Euro

1

Rs.69.51

 

 

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.