MIRA INFORM REPORT

 

 

Report Date :

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

AL TUWAIRQI HOLDING COMPANY (ATH)

 

 

Registered Office :

Dammam - Al Khobar Highway PO Box 2705 Dammam 31461

 

 

Country :

Saudi Arabia

 

 

Year of Establishment :

1977

 

 

Com. Reg. No.:

2050004585, Dammam

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is a holding company and also operates several divisions (see below for details)

·       Trading Division

·       Contracting Division

 

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$ 3,500,000

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 – 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                         : AL TUWAIRQI HOLDING COMPANY (ATH)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1977

Commercial Registration Number            : 2050004585, Dammam

Chamber Membership Number                : 85555

Issued Capital                                        : SR 500,000,000

Paid up Capital                                      : SR 500,000,000

Total Workforce                                     : 2,000

Activities                                               : Subject is a holding company and also operates several divisions (see

                                                              below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 3,500,000

 

 

 

COMPANY NAME

 

AL TUWAIRQI HOLDING COMPANY (ATH)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Dammam - Al Khobar Highway

 

PO Box             : 2705

 

Town                 : Dammam 31461

Country             : Saudi Arabia

 

Telephone         : (966-3) 8579922 / 8576699

Facsimile          : (966-3) 8579014

Email                : atq@altuwairqi.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Dammam.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Hilal Hussain Al Tuwairqi                                                               Managing Partner

 

·       Dr Khalid Hilal Hussain Al Tuwairqi                                                     Partner

 

·       Yousef Hilal Hussain Al Tuwairqi                                                         Partner

 

·       Tariq Barlas                                                                                      General Manager

 

·       Imran Agha                                                                                       Operations Manager

 

·       Shabir H Rafiqui                                                                                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1977

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2050004585, Dammam

 

Chamber Member No. : 85555

 

Issued Capital              : SR 500,000,000

 

Paid up Capital            : SR 500,000,000

 

Name of Partner (s)

 

·       Dr Hilal Hussain Al Tuwairqi

 

·       Dr Khalid Hilal Hussain Al Tuwairqi

 

·       Yousef Hilal Hussain Al Tuwairqi

 

 

AFFILIATED COMPANIES

 

·       Direct Reduction Iron Co

 

·       National Steel Company Limited (NASCO)

 

·       Al Ittefaq Steel Products Company

 

·       Al-Faisal Steel Products Company

 

·       The International Electrical Products Co. (TIEPCO)

 

·       Thamesteel Limited

 

·       Tuwairqi Steel Mills Limited (TSML)

 

 

OPERATIONS

 

Activities: Subject is a holding company for the above subsidiary companies. It also operates the following divisions:

 

·       Trading Division

 

This division is engaged in the import and distribution of electrical distribution, transmission, switchgears, conductors and power cables, transformers, motors, generators, lighting equipment, specialty metals, machinery spare parts, chemicals, fiberglass and safety security products.

 

     It is also a registered supplier of Saudi Aramco and Saudi Consolidated Electric Company.

 

·       Contracting Division

 

This division specialises in foundation engineering works, piling & drilling, grouting, dewatering, steel fabrication, mechanical and other related construction works.

 

Import Countries: Europe and the United States of America

 

Subject has a workforce of approximately 2,000 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Arab National Bank (ANB)

King Street

PO Box: 18

Dammam 31411

Tel: (966-3) 8323440

Fax: (966-3) 8337829

 

 

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.49.18

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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.