MIRA INFORM REPORT

 

 

Report Date :           

07.10.2011

 

IDENTIFICATION DETAILS

 

Name :

GULF STEEL WORKS CO

 

 

Registered Office :

National Commercial Bank Building, 3rd Floor, King Abdul Aziz Street, P O Box 2473, Al Khobar 31952

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.10.1993

 

 

Com. Reg. No.:

2055003300, Al Khobar

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Steel fabricators

 

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                         : GULF STEEL WORKS CO

Also Known As                                      : SAUDI PAN GULF TRADING CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 23rd October 1993

Commercial Registration Number            : 2055003300, Al Khobar

Chamber Membership Number                : 2804

Issued Capital                                        : SR 28,000,000

Paid up Capital                                      : SR 28,000,000

Total Workforce                                     : 900

Activities                                               : Steel fabricators.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Mohamed Turab Ali, Chief Financial Officer

 

 

 

COMPANY NAME

 

GULF STEEL WORKS CO

 

 

ALSO KNOWN AS

 

SAUDI PAN GULF TRADING CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

Building             : National Commercial Bank Building, 3rd Floor

Street               : King Abdul Aziz Street

PO Box             : 2473

Town                 : Al Khobar 31952

Country             : Saudi Arabia

Telephone         : (966-3) 8670444

Facsimile          : (966-3) 8672497

Email                : sales@gulfsteelwork.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Jubail Industrial City                                                                          Owned factory premises covering

PO Box: 10143                                                                                 an area of 147,400 square meters

     Jubail 31961

     Tel: (966-3) 3419594

     Fax: (966-3) 3410327

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Fahd Mohamed Ibrahim Al Saja                                                          Managing Partner

 

·       Khalid Abdulaziz Al Hamdan                                                              Partner

 

·       Zafer John Jehaa                                                                               General Manager

 

·       Medan Mohan                                                                                   Finance Manager

 

·       Mohamed Turab Ali                                                                           Chief Financial Officer

 

·       Zayed Ahmed                                                                                   Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 08/05/1414 Hijri (corresponding to 23rd October 1993)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2055003300, Al Khobar

 

Chamber Member No. : 2804

 

Issued Capital              : SR 28,000,000

 

Paid up Capital            : SR 28,000,000

 

Name of Partner (s)

 

·       Fahd Mohamed Ibrahim Al Saja

 

·       Khalid Abdulaziz Al Hamdan

 

·       Saudi Pan Gulf Holding Co Ltd (SPG)

     Oraifi Tower, 4th Floor

     Corniche Al Khobar Road

     PO Box: 2473

     Al Khobar 31952

     Tel: (966-3) 8670444 / 8670333

     Fax: (966-3) 8962497

     Email: corp@pangulfholding.com

 

 

AFFILIATED COMPANIES

 

·       Saudi Pan Gulf Welding Solutions

 

·       Saudi Pan Gulf Steel

 

·       Saudi Pan Gulf Industrial Systems

 

·       Saudi Pan Gulf Industrial Fabrication Co

 

·       Saudi Pan Gulf Piping System Ltd

 

·       Saudi Pan Gulf Food Ltd

 

·       Saudi Pan Gulf Valves

 

·       Saudi Pan Gulf Technologies Pvt Ltd

 

·       Hamdan Consultancy

 

·       Aker Kaverner Gulf Ltd

 

·       Sunace Gulf

 

·       General Automotive Services

 

·       Al Sanbok Restaurant Trading Co

 

·       Gulf Korea Inspection & Testing

 

 

OPERATIONS

 

Activities: Engaged as steel fabricators of process equipment and heavy steel structure for the hydrocarbon

     processing industries.

 

     Gulf Steel Works is an ISO 9001 - 2000 accredited facility and ASME certified for manufacturing of

     pressure vessels, heat exchangers & process equipments with “U” stamp and pressure piping with

    “PP” stamp.

 

     GSW is on the approved lists of SAUDI ARAMCO, SABIC, SAUDI ELECTRIC COMPANY, SWCC and

     other international EPC contractors and consultants.

 

Production Capacity: 1,300 metric tonnes per month

 

Import Countries: Europe and Asia

 

Operating Trend: Steady

 

Subject has a workforce of approximately 900 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 Sale                                  SR 196,000,000                         SR 203,000,000

 

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

 

The above figures were provided by Mr Mohamed Turab Ali, Chief Financial Officer

 

 

BANKERS

 

·       Arab National Bank

London

United Kingdom

 

·       National Commercial Bank

PO Box: 1

Al Khobar 31952

Tel: (966-3) 8949669

Fax: (966-3) 8646474

 

·       Saudi Hollandi Bank

PO Box: 70

Dammam 31411

Tel: (966-3)

Fax: (966-3) 8323212

 

 

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.49.19

UK Pound

1

Rs.75.92

Euro

1

Rs.65.44

 

 

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.