MIRA INFORM
REPORT
Final report
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Report Date : |
12.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DIRECT REDUCTION IRON COMPANY (DRIC) |
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Registered Office : |
2nd |
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Country : |
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Date of Incorporation : |
22.08.2005 |
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Com. Reg. No.: |
2050490364, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of sponge irons |
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No. of Employees
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240 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Saudi Arabia
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : DIRECT REDUCTION IRON COMPANY (DRIC)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 22nd August 2005
Commercial Registration Number : 2050490364, Dammam
Chamber Membership Number : 7411
Issued Capital : SR 140,150,000
Paid up Capital : SR 140,150,000
Total Workforce : 240
Activities : Manufacture of sponge irons.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 500,000
Person Interviewed : Mohamed Islam Khan, General Manager
DIRECT REDUCTION IRON
COMPANY (DRIC)
Registered &
Physical Address
Location : 2nd
Industrial City
PO Box : 7600 & 1276 & 2705
Town : Dammam
31472
Country : Saudi Arabia
Telephone : (966-3) 8579922
/ 8122966
Facsimile : (966-3) 8579014
/ 8122991 / 8123484
Email : dric@altuwairqi.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Dammam.
Name Position
·
Yousef Hilal Hussain Al Tuwairqi Managing
Partner
·
Khalid Hilal Hussain Al Tuwairqi Partner
·
Hilal Hussain Al Tuwairqi Partner
·
Mohamed Islam Khan General
Manager
·
Nadeem
Aziz Menhas Financial
Manager
·
Mohamed
Azem Production
Manager
·
Jassim
Al Abbasi Commercial
Manager
Date of Establishment : 17/07/1426 Hijri (corresponding to 22nd August
2005)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050490364, Dammam
Chamber Member No. : 7411
Issued Capital : SR 140,150,000
Paid up Capital : SR 140,150,000
Name of Partner
(s)
·
Yousef Hilal Hussain Al Tuwairqi
·
Khalid Hilal Hussain Al Tuwairqi
·
Hilal Hussain Al Tuwairqi
·
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)
Activities: Engaged in the manufacture of sponge irons.
Subject produces more than
1.5 million tons annually.
Import
Countries: Spain and the
United States of America
Subject has a
workforce of approximately 240 employees.
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.
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
No complaints regarding
subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.55 |
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UK Pound |
1 |
Rs.81.95 |
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Euro |
1 |
Rs.67.57 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.