MIRA INFORM REPORT

 

 

Report Date :

25.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

ATTIEH STEEL LIMITED

 

 

Registered Office :

Makkah Road, Kilo 5, P O Box 12480, Jeddah 21473

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

18.02.1987

 

 

Com. Reg. No.:

4030056378, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject operates through several divisions Trading & Distribution Division and Attieh Steel Galvanising Plant

 

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$ 2,500,000

Status :

Good

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : ATTIEH STEEL LIMITED

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 18th February 1987

Commercial Registration Number            : 4030056378, Jeddah

Issued Capital                                        : SR 500,000,000

Paid up Capital                                      : SR 500,000,000

Total Workforce                                     : 350

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

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,500,000

Person Interviewed                                 : Basil Kadoumi, Financial Controller

 

 

COMPANY NAME

 

ATTIEH STEEL LIMITED

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Makkah Road, Kilo 5

PO Box             : 12480

Town                 : Jeddah 21473

Country             : Saudi Arabia

Telephone         : (966-2) 6877699 / 6875973 / 6876762

Facsimile          : (966-2) 6874647 / 6877897

Email                : attieh@zajil.net.sa / attieh@attiehsteel.com

 

Premises

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

 

Branch Office (s)

     Location                                                                                          Description

 

·       Al Kharj Road                                                                                   Office & warehouse premises

Old Sinaiah

PO Box: 54915

Riyadh 11524

Tel: (966-1) 4461763

Fax: (966-1) 4486724

 

·       PO Box: 8679                                                                                   Office & warehouse premises

Dammam 31492

Tel: (966-3) 8592065

Fax: (966-3) 8591504

 

·       PO Box: 5612                                                                                   Office & warehouse premises

Buraidah

Tel: (966-6) 3242263

Fax: (966-6) 3233993

 

·       North Industrial Area                                                                          Office & warehouse premises

Jeddah

Tel: (966-2) 6594949

Fax: (966-2) 6595151

 

·       Khumra District                                                                                 Office & warehouse premises

Jeddah

Tel: (966-2) 2898032

Fax: (966-2) 2883401

 

·       Al Moaisem Road                                                                              Office & warehouse premises

Makkah

Tel: (966-2) 5724400

Fax: (966-2) 5725500

 

·       Al Oyoon Road                                                                                 Office & warehouse premises

Al Madinah Al Munawarrah

Tel: (966-4) 8458111

Fax: (966-4) 8458333

 

·       Yanbu                                                                                              Office & warehouse premises

Tel: (966-4) 3905026

Fax: (966-4) 3905235

 

·       Riyadh                                                                                             Office & warehouse premises

Tel: (966-1) 2048167

Fax: (966-1) 2048168

 

·       Eshbilia Street                                                                                  Office & warehouse premises

Riyadh

Tel: (966-1) 2773535

Fax: (966-1) 2773525

 

·       Al Khobar - Dammam Highway                                                           Office & warehouse premises

Dammam

Tel: (966-3) 8587983

Fax: (966-3) 8587986

 

·       Al Ahsa                                                                                            Office & warehouse premises

Tel: (966-3) 5873434

Fax: (966-3) 5860192

 

·       Al Jubail                                                                                           Office & warehouse premises

Tel: (966-3) 3637024

Fax: (966-3) 3637026

 

·       Gizan                                                                                               Office & warehouse premises

Tel: (966-7) 3219999

Fax: (966-7) 3229009

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ahmed Mohamed Attieh                                                                    Managing Partner

 

·       Waleed Ahmed Mohamed Attieh                                                        Partner

 

·       Wassem Ahmed Mohamed Attieh                                                      Partner

 

·       Mohamed Khudhor                                                                            Assistant General Manager

 

·       Mohamed Naeem Fattani                                                                   Finance Manager

 

·       Basil Kadoumi                                                                                  Financial Controller

 

·       Mohamed Ayoub                                                                               Purchasing Manager

 

·       Mohamed Al Fayoumi                                                                        Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19/06/1407 Hijri (corresponding to 18th February 1987)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030056378, Jeddah

 

Chamber Member No. : 26303

 

Issued Capital              : SR 500,000,000

 

Paid up Capital            : SR 500,000,000

 

Name of Partner (s)                                                       Percentage

 

·       Waleed Ahmed Mohamed Attieh                                     38%

 

·       Wassem Ahmed Mohamed Attieh                                   32%

 

·       Ahmed Mohamed Attieh                                                 30%

 

 

AFFILIATED COMPANIES

 

·       SIDC Metal Coat Manufacturing Company

PO Box: 12105

Jeddah 21473

Tel: (966-2) 6651464 / 6651446

Fax: (966-2) 6651472

 

·       Attieh Medico Ltd

Al Yusr Complex, Villa No. 5

Al Jebal Street, off Palestine Street

PO Box: 12480

Jeddah 21473

Tel: (966-2) 6613282 / 6613613

Fax: (966-2) 6651815 / 6651358

 

·       Attieh Office Furniture & Equipment

Sharbatly Building

Hail Street

Al Ruwais

PO Box: 12480

Jeddah 21473

Tel: (966-2) 6520844 / 6520611

Fax: (966-2) 6534380

 

·       Al Hani Travels

Kaki Hotel Building

Sitteen Street

PO Box: 17879

Jeddah 21494

Tel: (966-2) 6323347 / 6320309

Fax: (966-2) 6320437

 

·       Progress Commercial Services Ltd

City Centre Tower

Madinah Road

PO Box: 41968

Jeddah 21531

Tel: (966-2) 6692283

Fax: (966-2) 6654808

 

·       Saudi Allied Metal Industries

Jeddah

       Tel: (966-2) 6876762

 

·       Attieh Building Material Co

Jeddah

 

·       Arabian International Company For Steel Structure (AIC)

 

·       Peaks Construction & Maintenance

 

·       Al Mawaed for Food Supply & Catering Services Co Ltd

 

·       ULMA- Attieh Company

 

 

OPERATIONS

 

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

 

  • Trading & Distribution Division :

 

Engaged in the distribution of various types of metals, including :

 

-  Cold Rolled Steel Flats, Plates And Strips
-  Iron and steel rods, bars, sections, rails, tires

         -  Rolled steel girders and sections

         -  Galvanised sheets

                     -  Pilling Steel

         -  Refined, special and tool steel

         -  Alloy steel

         -  Non-ferrous metal semi-manufactured products

 

  • Attieh Steel Galvanising Plant

 

Address:           Bahra Industrial Area

                        Tel: (966-2) 2110987

 

Activities:          Engaged in the production of structural steel products, galvanised sheets and metal products.

 

Subject achieved ISO 9001 certification in April 2001.

 

Import Countries: United Kingdom

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                SR 2,820,000,000                      SR 3,000,000,000

 

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

 

The above figures were provided by Mr Basil Kadoumi, Financial Controller

 

 

BANKERS

 

·       Saudi American Bank

Madinah Road

PO Box: 490

Jeddah 21411

Tel: (966-2) 6603993

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

 

·       Arab National Bank (ANB)

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-2) 6600272

Fax: (966-2) 6650202

 

·       Al Bank Al Saudi Al Fransi

Al Sharafiya Branch

Madinah Road

PO Box: 7888

Jeddah 21472

Tel: (966-2) 6605863

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Attieh Steel Limited has been trading since 1987 and is engaged in the production and distribution of a range of metal products. It has made good progress in the local business community and enjoys a good reputation for the quality of its products.

 

The company is owned by members of the Attieh family who are respected and wealthy Saudi businessmen with years of experience in this industry.

 

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.45.58

UK Pound

1

Rs.72.79

Euro

1

Rs.62.01

 

 

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

 

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.