MIRA INFORM REPORT

 

 

Report Date :           

19.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TECHNICAL FACTORY FOR STEEL PRODUCTS (TECHNOSTEEL)

 

 

Registered Office :

2nd Industrial City, P O Box 14052, Dammam

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.04.2004

 

 

Com. Reg. No.:

2050033656, Dammam

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacture of sheet metals, pressed and stamped parts

 

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$ 200,000

Status :

Satisfactory

Payment Behaviour :

Regular

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 30th, 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                                     : TECHNICAL FACTORY FOR STEEL PRODUCTS (TECHNOSTEEL)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 28th April 2004

Commercial Registration Number            : 2050033656, Dammam

Chamber Membership Number                : 74710

Invested Capital                                     : SR 1,000,000

Total Workforce                                     : 75

Activities                                               : Manufacture of sheet metals, pressed and stamped parts.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

 

 

 

COMPANY NAME

 

TECHNICAL FACTORY FOR STEEL PRODUCTS (TECHNOSTEEL)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 2nd Industrial City

PO Box             : 14052

Town                 : Dammam

Country             : Saudi Arabia

Telephone         : (966-3) 8123400 / 8123333

Facsimile          : (966-3) 8123220

Email                : info@technogroupme.com

 

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Dammam.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mostafa Saud Sanusi Mahroos                                                           Proprietor & General Manager

 

·       N Noby                                                                                             Factory Manager

 

·       Mohamed Al Mansi                                                                           Financial Manager

 

·       Essam Al Akeb                                                                                 Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 03/09/1425 Hijri (corresponding to 28th April 2004)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 2050033656, Dammam

 

Chamber Member No. : 74710

 

Invested Capital           : SR 1,000,000

 

Mr Mostafa Saud Sanusi Mahroos is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Technical Fibreglass Factory

PO Box: 14052

Dammam 31424

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of sheet metals, pressed and stamped parts.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 75 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 14,275,000                           SR 15,100,000

 

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

 

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

 

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.97

Euro

1

Rs.68.26

 

 

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.