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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SHAABAN STEEL CO
LTD |
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|
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Registered Office : |
Industrial Estate,
Jawharah District, 426 Jeddah 21411 |
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|
|
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Country : |
Saudi Arabia |
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|
|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.02.2000 |
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Com. Reg. No.: |
4030129578, 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 : |
Distributors of
steel and steel products. |
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|
|
|
No. of Employees : |
80 |
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 (31.03.2012) |
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 : SHAABAN
STEEL CO LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 26th February
2000
Commercial
Registration Number : 4030129578,
Jeddah
Chamber Membership
Number : 74257
Issued Capital : SR
500,000
Paid up Capital : SR
500,000
Total Workforce : 80
Activities :
Distributors of steel and steel products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SHAABAN STEEL CO
LTD
Location : Industrial Estate, Jawharah
District
PO Box : 426
Town : Jeddah 21411
Country : Saudi Arabia
Telephone : (966-2) 6200023 / 2800874
Facsimile : (966-2) 2622134 / 6208204 / 6253534
Email : info@shaabansteel.com
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Jeddah.
Branch Office
(s)
Location Description
·
Al
Eskan Street, Kilo 6 Rented
warehouse premises
Jeddah
Tel: (966-2) 6882508 / 6330726
Fax: (966-2) 6801240
·
Senaiah
North Rented
warehouse premises
Jeddah
Tel: (966-2) 6588886
Fax: (966-2) 6556633
·
Dammam Rented
warehouse premises
Tel: (966-3) 8377724 / 8377726
Fax: (966-3) 8377728
Name Position
·
Sami Saeed Shaaban Managing
Partner
·
Hadeel Omar Al Abbasi Partner
·
Saeed
Sami Saeed Shaaban Partner
·
Mohamed
Sami Saeed Shaaban Partner
·
Mahmoud
Walid General
Manager
·
Mohsen Al Ghandour Administration
Manager
·
Hassan
Taha Marketing
Manager
·
Mowafaq
Bin Omairah Purchasing
Manager
·
Fayez
Abu Shaker Financial
Controller
·
Akram
Al Bedyan Human
Resources Manager
Date of Establishment : 21/11/1420
Hijri
(corresponding to 26th February 2000)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030129578,
Jeddah
Chamber Member No. : 74257
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
·
Sami Saeed Shaaban
·
Hadeel Omar Al Abbasi
·
Saeed
Sami Saeed Shaaban
·
Mohamed
Sami Saeed Shaaban
·
Hadaaed
Special Steel Factory
PO Box: 426
Jeddah 21411
Tel: (966-2) 2884120
Fax: (966-2) 6208204
Activities: Engaged in the import and distribution of
steel and steel products, including alloy steel, steel bars and
special steel.
Import
Countries: Spain, China and
India.
Operating Trend: Steady
Subject has a
workforce of 80 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 19,000,000 SR 20,600,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
No complaints
regarding subject’s payments have been reported.
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.51.61 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.