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Report Date : |
05.04.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ITTEFAQ STEEL PRODUCTS COMPANY |
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Registered Office : |
Al Twairqi Complex
Building, Shahrah Street, Second Industrial City, P O Box 7600, Dammam 31472 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
14.08.1989 |
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Com. Reg. No.: |
2050019125, Dammam |
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Legal Form : |
Closed Shareholding Company |
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Line of Business : |
Manufacture and marketing of sheet iron angles and iron profiles |
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No. of Employees : |
850 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi Arabia |
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 |
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.
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Source : CIA |
Company Name : AL ITTEFAQ STEEL PRODUCTS COMPANY
Country of Origin : Saudi Arabia
Legal Form : Closed Shareholding Company
Registration Date : 14th August 1989
Commercial Registration Number : 2050019125, Dammam
Chamber Membership Number : 71030
Issued Capital : SR 1,350,000,000
Paid up Capital : SR 1,350,000,000
Total Workforce : 850
Activities : Manufacture and marketing of sheet iron angles and iron profiles
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL ITTEFAQ STEEL
PRODUCTS COMPANY
Registered &
Physical Address
Building : Al Twairqi Complex Building
Street : Shahrah Street
Area : Second Industrial City
PO Box : 7600
Town : Dammam 31472
Country : Saudi Arabia
Telephone : (966-3) 8121143 / 8579922
Facsimile : (966-3) 8121059 / 8579014
Email : ispc@altuwairqi.com / hturki@altuwairqi.com
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a factory that are owned and
located in the Industrial Area of Dammam.
Branch Office
(s)
Subject has branches in Riyadh and Jeddah.
Name Nationality Position
·
Hilal
Hussain S. Al Tuwairqi Saudi Managing
Director
·
Yousef Hilal
Hussain S Al Tuwairqi Saudi Director
·
Khalid
Hilal Hussain S Al Tuwairqi Saudi Director
·
Abdullah
Hilal Hussain S Al Tuwairqi Saudi Director
·
Abdul
Rahman Hilal Hussain S. Al Tuwairqi Saudi General
Manager
·
Sharjeel
Azhar - Executive
Officer
·
Abdul
Raouf Al Matar - Commercial
Manager
·
Emad Al
Turab - Finance
Controller
·
Abdul
Gafour Al Matar - Finance
Manager
Date of Establishment : 11/01/1410
Hijri (corresponding to 14th August 1989)
Legal Form :
Closed Shareholding Company
Commercial Reg. No. : 2050019125,
Dammam
Chamber Member No. : 71030
Issued Capital : SR 1,350,000,000
Paid up Capital : SR 1,350,000,000
Name of Shareholder (s)
·
Al
Tuwairqi Holding
Dammam
·
Al
Obeikan Investment
Riyadh
·
Al
Mulhim Group
Riyadh
·
Direct
Reduced Iron Company
·
National
Steel Company Limited
·
Al
Faisal Steel Products Company
·
The
International Electrical Products Company
·
Al
Tuwairqi Trading & Contracting
·
Thamesteel
Limited
·
Tuwairqi
Steel Mills Limited
Activities: Engaged in the manufacture and marketing of
sheet iron angles and iron profiles.
Production Capacity: 70,500 tonnes per year.
Import
Countries: Germany and the United
States of America.
Subject has a
workforce of approximately 850 employees.
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.
·
Saudi
British Bank
PO Box: 109
Jeddah 21411
Tel: (966-2) 6512121
·
National
Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1) 4772281
Fax: (966-1) 4730322
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.54.65 |
|
UK Pound |
1 |
Rs.82.41 |
|
Euro |
1 |
Rs.70.08 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
---- |
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.