MIRA INFORM REPORT

 

 

Report Date :

14.08.2012

 

IDENTIFICATION DETAILS

 

Name :

SAUDI MODERN COMPANY FOR CABLES INDUSTRY LTD

 

 

Registered Office :

Second Industrial City, Lane No. 4, Al Kharj Road, P O Box 26862, Riyadh 11496

 

 

Country :

Saudi Arabia 

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

18.01.1984

 

 

Com. Reg. No.:

1010052927, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of electric cables

 

 

No. of Employees :

1,800

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

Good

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : SAUDI MODERN COMPANY FOR CABLES INDUSTRY LTD

Also Known As                                      : RIYADH CABLES

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 18th January 1984

Commercial Registration Number            : 1010052927, Riyadh

Chamber Membership Number                : 27815

Issued Capital                                        : SR 75,000,000

Paid up Capital                                      : SR 75,000,000

Total Workforce                                     : 1,800

Activities                                               : Manufacturers of electric cables

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Nasser, Finance Manager

 

 

 

 

COMPANY NAME

 

SAUDI MODERN COMPANY FOR CABLES INDUSTRY LTD

 

 

ALSO KNOWN AS

 

RIYADH CABLES

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Second Industrial City, Lane No. 4

Street               : Al Kharj Road

PO Box             : 26862

Town                 : Riyadh 11496

Country             : Saudi Arabia

Telephone         : (966-1) 2651415 / 2650850 / 4983947 / 4984267 / 2650850

Facsimile          : (966-1) 2651423 / 2650942 / 4981423 / 4983123

Email                : rcgc@riyadh-cables.com

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Riyadh.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Hail                                                                                                  Sales Office

Tel: (966-6) 5434960

 

·       Tabuk                                                                                               Sales Office

Tel: (966-4) 4280216

 

·       Najran                                                                                              Sales Office

Tel: (966-7) 5221796

 

·       Hofuf                                                                                                Sales Office

Tel: (966-3) 5925692

 

·       Hafer Albaten                                                                                    Sales Office

Tel: (966-3) 7223219

 

·       Makkah                                                                                            Sales Office

Tel: (966-2) 5202181

 

·       Jeddah                                                                                             Sales Office

Tel: (966-2) 6365239

 

·       Al Khobar                                                                                         Sales Office

Tel: (966-3) 8575003

 

·       Buraidah                                                                                           Sales Office

Tel: (966-6) 3230434

 

·       Taif                                                                                                  Sales Office

Tel: (966-2) 7481130

 

·       Khamis Mushait                                                                                Sales Office

Tel: (966-2) 6365239

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hamdi Saaduddin Al Zaeem                                                               Managing Partner

 

·       Hikmat Saaduddin Al Zaeem                                                              Partner

 

·       Saad Saaduddin Al Zaeem                                                                 Partner

 

·       Mohamed Hikmat Al Zaeem                                                               Partner

 

·       Ahmed Thamer Al Zaeem                                                                   Partner

 

·       Mazin Al Swad                                                                                  Plant Manager

 

·       Mohamed Bassim Al Halabi                                                               Commercial Manager

 

·       Mohamed Nasser                                                                              Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14/04/1404 Hijri (corresponding to 18th January 1984)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1010052927, Riyadh

 

Chamber Member No. : 27815

 

Issued Capital              : SR 75,000,000

 

Paid up Capital            : SR 75,000,000

 

Name of Partner (s)

 

·       Abdul Mohsin Al Mohaideb & Sons

PO Box: 30

Dammam

 

·       Hamdi Saaduddin Al Zaeem

 

·       Hikmat Saaduddin Al Zaeem

 

·       Saad Saaduddin Al Zaeem

 

·       Mohamed Hikmat Al Zaeem

 

·       Ahmed Thamer Al Zaeem

 

 

AFFILIATED COMPANIES

 

·       Saudi Modern Company for Metals, Cables & Plastic Industries Ltd

Al Kharj Second Industrial Area

PO Box: 26862

Riyadh 11496

Tel: (966-1) 4983947

Fax: (966-1) 4981423

 

·       Saudi Modern Company for Telephone Cables Industry Ltd

Al Kharj Second Industrial Area

PO Box: 26862

Riyadh 11496

Tel: (966-1) 4984267

Fax: (966-1) 4981423

 

·       Saudi Modern Company for Special Electric Wire & Cables Industry Ltd

Al Kharj Second Industrial Area

PO Box: 26862

Riyadh 11496

Tel: (966-1) 4984267

Fax: (966-1) 4981423

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of electric cables, including electric wires, low voltage cables, medium voltage cables, high voltage cables and overhead conductors.

 

Production Capacity: 18,000 tonnes per annum

 

Import Countries: United Kingdom, Austria, France, Belgium and Turkey.

 

International Suppliers:

 

·       Marc Rich & Co Ltd                                       United Kingdom

·       RST Resources Inc                                       United Kingdom

·       Tinsleywire Industries Ltd                               United Kingdom

·       Voest Alpine Intertrading Gesellschaft Austria

·       Omaya SA                                                   France

·       Societe General des Minieres NV                   Belgium

·       Tekfen Im ve Muh AS                         Turkey

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,800 employees.

 

 

FINANCIAL DATA

 

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 1,945,000,000                      SR 2,100,000,000

 

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

 

The above figures were provided by Mr Mohamed Nasser, Finance Manager

 

 

BANKERS

 

·       United Saudi Commercial Bank

Malaz Branch

PO Box: 2804

Riyadh 11461

Tel: (966-1) 4772033

Fax: (966-1) 4773709

 

·       Saudi American Bank

PO Box: 833

Riyadh 11471

Tel: (966-1) 4774770

 

·       Saudi British Bank

King Faisal Street

PO Box: 43069

Riyadh 11561

Tel: (966-1) 4043196

 

 

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.55.42

UK Pound

1

Rs.86.78

Euro

1

Rs.68.03

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.