|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ATTIEH STEEL LIMITED |
|
|
|
|
Registered Office : |
Makkah Road, Kilo
5, P O Box 12480, Jeddah 21473 |
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|
|
|
Country : |
Saudi Arabia |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
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Date of Incorporation : |
18.02.1987 |
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Com. Reg. No.: |
4030056378, Jeddah |
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|
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Legal Form : |
Limited Liability Partnership |
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|
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Line of Business : |
Subject operates through several divisions :- Trading & Distribution Division Attieh Steel Galvanising Plant division |
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No. of Employees : |
350 employees |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi
Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Saudi Arabia - ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government controls
over major economic activities. It possesses about one-fifth of the world's proven
petroleum reserves, ranks as the largest exporter of petroleum, and plays a
leading role in OPEC. The petroleum sector accounts for roughly 80% of budget
revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging
the growth of the private sector in order to diversify its economy and to
employ more Saudi nationals. Diversification efforts are focusing on power
generation, telecommunications, natural gas exploration, and petrochemical
sectors. Almost 6 million foreign workers play an important role in the Saudi
economy, particularly in the oil and service sectors, while Riyadh is
struggling to reduce unemployment among its own nationals. Saudi officials are
particularly focused on employing its large youth population, which generally lacks
the education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia''s first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in December 2005
after many years of negotiations. The government has begun establishing six
"economic cities" in different regions of the country to promote
foreign investment and plans to spend $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
|
Source : CIA |
Company Name : ATTIEH STEEL LIMITED
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 18th February 1987
Commercial Registration Number : 4030056378, Jeddah
Issued Capital : SR 500,000,000
Paid up Capital : SR 500,000,000
Total Workforce : 350
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Safaah, Financial Controller
ATTIEH STEEL
LIMITED
Registered &
Physical Address
Location : Makkah Road, Kilo 5
PO Box : 12480
Town : Jeddah 21473
Country : Saudi Arabia
Telephone : (966-2) 6877699 / 6875973 / 6876762
Facsimile : (966-2) 6874647 / 6877897
Email : attieh@zajil.net.sa / attieh@attiehsteel.com
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Suburban Business Area of Jeddah.
Branch Office (s)
Location Description
·
Al Kharj Road Office
& warehouse premises
Old Sinaiah
PO Box: 54915
Riyadh 11524
Tel: (966-1) 4461763
Fax: (966-1) 4486724
·
PO Box:
8679 Office
& warehouse premises
Dammam 31492
Tel: (966-3) 8592065
Fax: (966-3) 8591504
·
PO Box:
5612 Office
& warehouse premises
Buraidah
Tel: (966-6) 3242263
Fax: (966-6) 3233993
·
North Industrial Area Office & warehouse premises
Jeddah
Tel: (966-2) 6594949
Fax: (966-2) 6595151
·
Khumra District Office & warehouse premises
Jeddah
Tel: (966-2)
2898032
Fax: (966-2)
2883401
·
Al Moaisem Road Office & warehouse premises
Makkah
Tel: (966-2)
5724400
Fax: (966-2)
5725500
·
Al Oyoon Road Office & warehouse premises
Al Madinah Al
Munawarrah
Tel: (966-4)
8458111
Fax: (966-4)
8458333
·
Yanbu Office
& warehouse premises
Tel: (966-4) 3905026
Fax: (966-4)
3905235
·
Riyadh Office
& warehouse premises
Tel: (966-1) 2048167
Fax: (966-1)
2048168
·
Eshbilia Street Office & warehouse premises
Riyadh
Tel: (966-1)
2773535
Fax: (966-1)
2773525
·
Al Khobar - Dammam Highway Office & warehouse premises
Dammam
Tel: (966-3)
8587983
Fax: (966-3)
8587986
·
Al Ahsa Office
& warehouse premises
Tel: (966-3) 5873434
Fax: (966-3)
5860192
·
Al
Jubail Office
& warehouse premises
Tel: (966-3) 3637024
Fax: (966-3)
3637026
·
Gizan Office
& warehouse premises
Tel: (966-7) 3219999
Fax: (966-7)
3229009
Name Position
·
Ahmed
Mohamed Attieh Managing
Partner
·
Waleed
Ahmed Mohamed Attieh Partner
·
Wassem
Ahmed Mohamed Attieh Partner
·
Mohamed
Khudhor Assistant
General Manager
·
Mohamed
Naeem Fattani Finance
Manager
·
Mohamed Safaah Financial
Controller
·
Mohamed
Ayoub Purchasing
Manager
·
Mohamed
Al Fayoumi Sales
Manager
Date of Establishment : 19/06/1407
Hijri (corresponding to 18th February 1987)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030056378,
Jeddah
Chamber
Member No. : 26303
Issued Capital : SR 500,000,000
Paid up Capital : SR 500,000,000
Name of Partner (s) Percentage
·
Waleed
Ahmed Mohamed Attieh 38%
·
Wassem
Ahmed Mohamed Attieh 32%
·
Ahmed
Mohamed Attieh 30%
·
SIDC
Metal Coat Manufacturing Company
PO Box: 12105
Jeddah 21473
Tel: (966-2) 6651464 / 6651446
Fax: (966-2) 6651472
·
Attieh
Medico Ltd
Al Yusr Complex, Villa No. 5
Al Jebal Street, off Palestine Street
PO Box: 12480
Jeddah 21473
Tel: (966-2) 6613282 / 6613613
Fax: (966-2) 6651815 / 6651358
·
Attieh
Office Furniture & Equipment
Sharbatly Building
Hail Street
Al Ruwais
PO Box: 12480
Jeddah 21473
Tel: (966-2) 6520844 / 6520611
Fax: (966-2) 6534380
·
Al Hani
Travels
Kaki Hotel Building
Sitteen Street
PO Box: 17879
Jeddah 21494
Tel: (966-2) 6323347 / 6320309
Fax: (966-2) 6320437
·
Progress
Commercial Services Ltd
City Centre Tower
Madinah Road
PO Box: 41968
Jeddah 21531
Tel: (966-2) 6692283
Fax: (966-2) 6654808
·
Saudi Allied
Metal Industries
Jeddah
Tel:
(966-2) 6876762
·
Attieh
Building Material Co
Jeddah
·
Arabian
International Company For Steel Structure (AIC)
·
Peaks
Construction & Maintenance
·
Al
Mawaed for Food Supply & Catering Services Co Ltd
·
ULMA
Attieh Company
Activities: Subject’s operations are performed through
the following divisions:
Engaged in the distribution of various types of metals, including :
- Cold Rolled Steel Flats, Plates And Strips
- Iron and steel rods, bars, sections, rails,
tires
-
Rolled steel girders and sections
- Galvanised sheets
-
Pilling Steel
- Refined, special and tool steel
- Alloy steel
- Non-ferrous metal
semi-manufactured products
Address: Bahra Industrial
Area
Tel:
(966-2) 2110987
Activities: Engaged
in the production of structural steel products, galvanised sheets and metal
products.
Subject achieved ISO
9001 certification in April 2001.
Import
Countries: United Kingdom
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 3,330,000,000 SR 3,750,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Saudi
American Bank
Madinah Road
PO Box: 490
Jeddah 21411
Tel: (966-2) 6603993
·
National
Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
·
Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
·
Al Bank
Al Saudi Al Fransi
Al Sharafiya Branch
Madinah Road
PO Box: 7888
Jeddah 21472
Tel: (966-2) 6605863
No complaints
regarding subject’s payments have been reported.
Attieh Steel
Limited has been trading since 1987 and is engaged in the production and
distribution of a range of metal products. It has made good progress in the
local business community and enjoys a good reputation for the quality of its
products.
The company is
owned by members of the Attieh family who are respected and wealthy Saudi
businessmen with years of experience in this industry.
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.54.74 |
|
UK Pound |
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.72.48 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.