MIRA INFORM REPORT
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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
A A TURKI CORPORATION (ATCO) |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
05.01.1968 |
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Com. Reg. No.: |
2050002046, Dammam |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates several divisions :- · Commercial Division · Electrical Division · Atco Travel Division · Construction Services & Supply Division · Electromechanical Division · Water Purification · Industrial Cleaning · Catering Division · Marine Works Division |
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No. of Employees
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3,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 3,200,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 : A A TURKI CORPORATION (ATCO)
Also Known As : ABDULRAHMAN AL TURKI AL TURKI CORP FOR TRADING &
CONTRACTING
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 5th January 1968
Commercial Registration Number : 2050002046, Dammam
Chamber Membership Number : 491
Invested Capital : SR 25,000,000
Total Workforce : 3,500
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 3,200,000
Person Interviewed : Zaki Diaman, Financial Controller
A A TURKI
CORPORATION (ATCO)
ABDULRAHMAN AL
TURKI AL TURKI CORP FOR TRADING & CONTRACTING
Registered &
Physical Address
Building : ATCO Building
Street : King Khalid Street
PO Box : 718
Town : Dammam 31421
Country : Saudi Arabia
Telephone : (966-3) 8335588 / 8332339 / 8345694 /
8826769
Facsimile : (966-3) 8339881 / 8872701
Email : info@atco.com.sa
Premises
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Dammam.
Branch Office (s)
Location Description
·
PO Box:
1298 Office
premises
Jeddah 21431
Tel: (966-2) 6910726 / 6911156
Fax: (966-2) 6913922
·
PO Box:
8077 Office
premises
Riyadh 11482
Tel: (966-1) 4762241
Fax: (966-1) 4762485
·
London Office
premises
United Kingdom
Tel: (44-207) 4913664
Fax: (44-207) 6241120
Name Position
·
Abdul
Rahman Ali Al Turki Proprietor
·
Zaid
Abdul Rahman Ali Al Turki General
Manager
·
Ibrahim Al Somali Assistant
General Manager
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M S
Kumar Commercial
Manager
·
Mohamed Al Turaiki Administration
Manager
·
Abdullah
Muqbil Human
Resources Manager
·
Amin
Sheikh Finance Manager
·
Zaki
Diaman Financial Controller
·
Ramy A
Ali Sayed Branch
Manager – Riyadh
·
Mohamed
Wasif Ali Branch
Manager – Jeddah
·
Liam
O’Kirwan Branch
Manager – London
Date of Establishment : 04/10/1387
Hijri (corresponding to 5th January 1968)
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 2050002046,
Dammam
Chamber Member No. : 491
Invested Capital
: SR 25,000,000
Mr Abdul Rahman Ali
Al Turki is the sole proprietor of the business.
Subject is a member of the A A Turki Group of Companies, which includes the
following concerns:
·
Sagr Al
Baydaa Trading Agencies Co Ltd
PO Box: 3501
Al Khobar 31952
Tel: (966-3) 8648644
Fax: (966-3) 8649945
·
Al Sagr
Saudi Insurance Co
PO Box: 3501
Al Khobar 31952
Tel: (966-3) 8595363 / 8596124
Fax: (966-3) 8595490
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East
& West Express
PO Box: 718
Dammam 31421
Tel: (966-3) 8332339
Fax: (966-3) 8339881
·
Arabian
Business Forms Co
Al Khobar-Dammam Highway
Al Khalideya Area
PO Box: 718
Dammam 31421
Tel: (966-3) 8588322 / 8330508
/ 8335588 / 8332329
Fax: (966-3) 8588316
·
Keller
Turki Co Ltd
Saudi Arabia
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Honeywell
Turki Arabia Ltd
PO Box: 718
Dammam 31421
Tel: (966-3) 8342442
Fax: (966-3) 8342828
·
Redland
Industrial Services (Arabia) Ltd
PO Box: 718
Dammam 31421
Tel: (966-3) 8343343 / 8343113 / 8342937
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ATCO
Marine Services EC
Bahrain
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ATCO
Development Ltd
42 Albemarle Street London W1X 3FE United Kingdom Tel: (44-207) 4913664
Fax: (44-207) 6291120
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ATCO
Development Inc
11777 Katy Freeway,
Suite 300S
Houston
Texas 77079
United States of
America
Tel: (1-281) 8701500
Fax: (1-281) 5316000
Activities: Subject’s operations are performed through
the following divisions:
· Office 1 Superstore
Address: Dhahran Street
PO
Box: 718
Al
Khobar
Tel:
(966-3) 8942255
Fax:
(966-3) 8940927
Email:
ehabsharif@hotmail.com
Management: Ehab Al Sharif General Manager
Mohamed
Rajai Armos Commercial Manager
Dennis
Mogboo Administrative
Executive
Activities: Established
in 2000, this division is engaged in the import and distribution of office
machinery and school supplies, under a franchise agreement with Office 1
Superstore of the USA. The division employs 15 workers.
· Commercial Division
This division is engaged in the import and distribution
of an extensive range of safety relief valves, flame arresters and bursting
discs, safety products, turbo machinery controls for controlling centrifugal
and axial compressors, steam, and gas turbines.
· Electrical Division
ATCO's
Electrical Division was established in 1976 to supply quality electrical
materials and industrial components. The Electrical Division has a
comprehensive range of power transformers, electrical machines, high voltage
cables, wires, conduits, fittings, circuit protective devices, safety switches,
wiring devices, lighting fixtures, lamps, and tools.
· Atco Travel Division
Engaged
in the provision of travel and tourism services, as well as operating as
freight forwarders, cargo and shipping activities.
· Construction Services & Supply Division
This
division distributes engineering and industrial construction supplies on an
exclusive and preferred basis for numerous domestic, regional, and
international companies. The subject products include:
- Construction chemicals, including surface
treatments, adhesives, grouts, repair compound epoxies, and
sealants;
- 3M windows films, including Scotchtint Sun
Control and Scotchshield Safety and Security;
- 3M fire protection products, such as
intumescent, endothermic and silicone sealants; moldable putty; mortar;
pipe devices; composite sheets; duct wrap,
tape, blanket, and mat; and graphite intumescent seals (GIS);
- Expanded metal meshes, laths, and beads,
including angle / corner beads, plaster stop beads, control joints
beads, architrave beads, metal lath (coil /
sheets / rib-lath), Hy-Rib (construction joint formworks), and steel
meshes (fencing, caging, and gratings);
- Block accessories, including block
reinforcement mesh, ladder reinforcements, and wall ties of all types;
- Expansion joint systems, including expansion
fillers / fiber boards, cork fillers, backup rods, and sealants;
- Thermal insulation products, such as extruded
polystyrene boards, polyurethane boards, and fiberglass blankets
or boards, as well as black insulation cork;
- Waterproofing materials, such as PVC
watershops, fiberglass mesh, geotextiles, liquid membranes
(polyurethane and acrylic), protection
boards, as well as other waterproofing materials;
- Drywall partition and suspended ceiling
systems, including gypsum plaster boards; self-adhesive fibertape;
ready-mixed joint compounds; and studs,
runners, and other accessories; and
- Polyethylene sheets (vapour barrier) with a
thickness of 50 microns and above.
· Electromechanical Division
The
electromechanical division specialises in contracting services for heating,
ventilation and air conditioning (HVAC) works. It also distributes HVAC
equipment.
· Water Purification
This
division offers water purification and sewage contracting services, as well as
distributing pumps, water purification equipment and measuring apparatus.
· Industrial Cleaning
Provision of industrial
cleaning services, specialising in factories and commercial offices.
· Catering Division
Catering
contractors, specialising in the provision of meals and catering requirements
for Saudi hospitals and universities, as well as other public institutions and
large private companies.
· Marine Works Division
Under
this division, subject is engaged in the operation and maintenance of seaports
machinery and equipment, as well as offering services related to the marine
industry.
Import Countries:
United States of America, Germany, the United Kingdom and Brazil
International Suppliers:
·
Energy
International Corporation United
States of America
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Ametek
Drexelbrook United
States of America
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Compressor
Controls Corp United
States of America
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Honeywell
International Inc United
States of America
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Galviston
Houston Co United
States of America
·
Pullen
Pumps Ltd United
Kingdom
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Kabel
Metal GmbH Germany
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S &
C Electic do Brasil Brazil
Operating Trend:
Steady
Subject has a workforce of approximately 3,500 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
3,865,000,000 SR
4,000,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
·
Saudi
American Bank
PO Box: 3113
Dammam 31471
Tel: (966-3) 8337171
·
Al Bank
Al Saudi Al Hollandi
Dhahran Street
PO Box: 70
Dammam
Tel: (966-3) 8323212
No complaints regarding subject’s payments have been reported.
Credit amount 404,670 410,490 1,000,000
Amount overdue 0 0 0
Payment terms 90 days 90 days 90 days
Payment Method Letters of Credit Letters of Credit Letters of Credit
Paying record Prompt Prompt Prompt
Currency Canadian
Dollars Canadian Dollars Euros
A A Turki Corporation (ATCO) is a very well established business with
operations dating back to 1968. It has diversified operations and employs
approximately 3,500 people. It is owned by the wealthy Saudi businessman, Mr
Abdul Rahman Ali Al Turki, who is very well known in the business community.
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.50.91 |
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UK Pound |
1 |
Rs.80.77 |
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Euro |
1 |
Rs.67.40 |
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.