MIRA INFORM
REPORT
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Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
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Name : |
BITUMAT CO LTD |
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Registered Office : |
Dammam Industrial
City II, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.06.1984 |
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Com. Reg. No.: |
2050014708, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturer of waterproofing products and protective coatings |
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No. of Employees
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350 |
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$ 1,150,000 |
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Status : |
Good |
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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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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 : BITUMAT CO LTD
Country of Origin :
Legal Form : Limited Liability Partnership
Registration Date : 16th June 1984
Commercial Registration Number : 2050014708, Dammam
Chamber Membership Number : 1848
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
Total Workforce : 350
Activities : Manufacture of waterproofing products and protective coatings
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,150,000
Person Interviewed : Kamal Al Shareef, Finance Manager
BITUMAT CO LTD
Registered &
Physical Address
Location : Dammam Industrial City II
PO Box : 7487
Town : Dammam 31462
Country :
Telephone : (966-3) 8121040 / 8121213 / 8121210 /
8423688
Facsimile : (966-3) 8121189 / 8121190
Email : marketing@bitumat.com
Premises
Subject operates
from a suite of offices, manufacturing facilities and warehousing covering an
area of 20,000 square metres that are owned and located in the Industrial Area
of Dammam.
Branch Office
(s)
Location Description
·
PO Box:
58698 Rented
sales office
Tel: (966-1) 4770443 / 4792553
Fax: (966-1) 4762318
·
PO Box:
58698 Rented
sales office
Jeddah 11515
Tel: (966-2) 6644449
Fax: (966-2) 6640506
Name Position
·
Gouth Awad Bawazir General
Manager
·
Sayed Abdullah Rezwi Business
Development Manager
·
Kamal
Al Shareef Finance
Manager
·
Al
Khafaji Al Qahtani Administration
Manager
·
S G Agha Export
Manager
Date of Establishment : 17/09/1404 Hijri (corresponding to 16th
June 1984)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050014708, Dammam
Chamber Member No. : 1848
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
Name of Partner
(s)
·
Gulf Investment Corporation (GIC)
Sharq
PO Box: 3402
Safat 13035
Tel: (965) 2225000 / 2431911
Fax: (965) 2448894
Email: gic@gic.com.kw
Gulf Investment Corporation
(GIC) specialises in the development of private enterprise and economic growth in the Gulf region. It
is owned by the following shareholders:
Name Percentage
held
Government
of
Government of
Government of Oman 16.66%
Government of
Government of
Government of
Activities: Subject manufactures a complete range of
roofing and sub-grade waterproofing products and also
produces a wide range of protective coatings, including primers, fibered
and non-fibered protective coatings for foundation damp proofing, Environment
friendly waterproofing emulsions, flashing compounds, crack sealing compounds.
The company also manufactures PVA base bonding agents, sand stabilizers, and
waterproofing PVA coatings for horizontal and vertical applications.
The company was accredited with the ISO 9002 certification in 1995 and
in 2004 it received the ISO 9001:2000.
Import
Countries:
Export
Countries: Subject exports
over 50% of its capacity to more than 50 countries around the world,
particularly the
Operating Trend: Steady
Subject has a
workforce of approximately 350 employees.
Financial highlights
provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR 239,000,000 SR 250,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Kamal Al
Shareef, Finance Manager
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
·
Saudi
Investment Bank (SAIB)
PO Box: 1581
Dammam
Tel: (966-3) 8342020
Fax: (966-3) 8349111
No complaints
regarding subject’s payments have been reported.
Credit amount 340,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.51.99 |
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|
1 |
Rs.83.54 |
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Euro |
1 |
Rs.63.40 |
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.