MIRA INFORM REPORT

 

 

Report Date :

04.10.2012

 

 

IDENTIFICATION DETAILS

 

Name :

AL RASHED FASTENERS AND ENGINEERING FABRICATION SERVICES

 

 

Registered Office :

 

Industrial Area PO Box   185 Al Khobar 31952

 

 

 

 

Country :

Saudi Arabia

 

 

 

 

Date of Incorporation :

07.06.1995

 

 

 

 

Com. Reg. No.:

2051000019, Al Khobar

 

 

 

 

Legal Form :

Limited Liability Partnership

 

 

 

 

Line of Business :

Manufacturers of fasteners

 

 

 

 

No. of Employees :

150

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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

(31.03.2011)

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

 

 

 

SUMMARY

 

Company Name                                     : AL RASHED FASTENERS AND ENGINEERING FABRICATION

                                                                             SERVICES

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 7th June 1995

Commercial Registration Number            : 2051000019, Al Khobar

Chamber Membership Number                : 1712

Issued Capital                                        : SR 2,900,000

Paid up Capital                                      : SR 2,900,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of fasteners

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

AL RASHED FASTENERS AND ENGINEERING FABRICATION SERVICES

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Industrial Area

 

PO Box             : 185

 

Town                 : Al Khobar 31952

Country             : Saudi Arabia

 

Telephone         : (966-3) 8123912 / 8873392 / 8873394

Facsimile          : (966-3) 8123912

Mobile               : (966-50) 3898018

Email                : info@alrashedefs.com / info@alrashed-fasteners.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Al Khobar.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulmohsin Rashed Abdulrahman Al Rashed                                     Managing Partner

 

·       Abdulrahman Rashed Abdulrahman Al Rashed                                                Partner

 

·       Abdulmoniem Rashed Abdulrahman Al Rashed                                    Partner

 

·       Shahzad Beg                                                                                    General Manager

 

·       Sadiq Ali Khader                                                                               Business Unit Manager

 

·       Khalili Harchikar                                                                                Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 08/01/1416 Hijri (corresponding to 7th June 1995)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2051000019, Al Khobar

 

Chamber Member No. : 1712

 

Issued Capital              : SR 2,900,000

 

Paid up Capital            : SR 2,900,000

 

Name of Partner (s)                                                       

 

·       Abdulmohsin Rashed Abdulrahman Al Rashed                        

 

·       Abdulrahman Rashed Abdulrahman Al Rashed                                   

 

·       Abdulmoniem Rashed Abdulrahman Al Rashed

 

 

AFFILIATED COMPANIES

 

·       Al Rashed & Al Omran Company Ltd

Said Sayed Building

Khazzan Street

PO Box: 2743

Riyadh

Tel: (966-1) 4770566

Fax: (966-1) 4770334

CR No. 1010006104

 

·       Al Rashed Food Co

Riyadh Industrial Area

PO Box: 60428

Riyadh 11545

Tel: (966-1) 4984487

Fax: (966-1) 4984203

 

·       Saudi Public Transport Company (SAPTCO)

Al Takhassosi Street

PO Box: 10667

Riyadh 11443

Tel: (966-1) 4545000

Fax: (966-1) 4542100

 

·       Saudi Filter Company

Second Industrial City

PO Box: 401

Dammam 31932

Tel: (966-3) 8430085

Fax: (966-3) 8430096

CR No. 2051001829

 

·       National Factory for Bolts & Nuts

Al Khobar – Dammam Highway

PO Box: 185

Al Khobar 31952

Tel: (966-3) 8572717

Fax: (966-3) 8576164

CR No. 2051001335

 

·       Al Rashed Abetong Co Ltd

Nasseem Road

PO Box: 6058

Riyadh

Tel: (966-1) 2410507

Fax: (966-1) 2413419

CR No. 1010029494

 

·       Saudi Oberoi Company Ltd

First Street

PO Box: 5397

Dammam 31422

Tel: (966-3) 8345555

Fax: (966-3) 8349872

CR No. 2050010828

 

·       Arabian Chemical Investment Corp

Industrial City II

PO Box: 5985

Jeddah

Tel: (966-2) 6534848

Fax: (966-2) 6530328

 

·       Al Bank Al Saudi Al Fransi

Mather Road

PO Box: 56006

Riyadh 11554

Tel: (966-1) 4042222

Fax: (966-1) 4042311

 

·       Civil Works Co

PO Box: 14390

Jeddah

 

·       Saudi Arabian Maintenance and Services Co Ltd

 

·       Mubarraz Water Co Ltd

 

·       Haradh Agricultural and Livestock

 

·       Prefabricated Building Co Ltd

 

·       United Cement Marketing

 

·       Al Rashed and Al Noseib Trading Co

 

·       Saud Japanese Construction Co Ltd

 

·       Al Rashed and Al Jundan Contracting Co Ltd

 

·       Dammam Hotels Company Ltd

 

·       Dhahran Harco Chemical Industries Ltd

 

·       Industrial Supplies & Investment Co Ltd (Rarco)

 

·       Saudi Coating Company Ltd

 

·       Ramat Marketing & Distribution Co Ltd

 

·       Rashed Abdulrahman Al Rashed and Sons

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of fasteners and providers of engineering and fabrication services.

 

Production Capacity: 18,000 metric tonnes per annum.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Arab National Bank (ANB)

PO Box: 37

Al Khobar 31952

Tel: (966-3) 8948660

Fax: (966-3) 8942752

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.33

UK Pound

1

Rs.84.30

Euro

1

Rs.67.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.