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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
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Name : |
AL ABDULKARIM HOLDING CO (AKH) |
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|
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Registered Office : |
Al Abdulkarim Building, King Faisal Street (9th Street) /
King Abdulaziz Street, PO Box 845
& 5777, Dammam 31411 |
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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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|
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Date of Incorporation : |
01.02.1981 |
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Com. Reg. No.: |
2050003048 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of electrical and electromechanical products, as well as providing installation and maintenance services |
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No. of Employees : |
1,350 |
RATING & COMMENTS
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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 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 :
AL ABDULKARIM HOLDING CO (AKH)
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
1st February 1981
Commercial Registration Number :
2050003048, Dammam
Chamber Membership Number :
77000
Issued Capital :
SR 3,000,000
Paid up Capital :
SR 3,000,000
Total Workforce :
1,350
Activities :
Import and distribution of electrical and electromechanical products, as well
as providing installation and maintenance services
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Madkhoum, Commercial
Manager
AL ABDULKARIM HOLDING CO (AKH)
Registered &
Physical Address
Building : Al
Abdulkarim Building
Street : King Faisal
Street (9th Street) / King Abdulaziz Street
PO Box : 845 & 5777
Town : Dammam 31411
Country : Saudi Arabia
Telephone : (966-3) 8337110
/ 8331999 / 8277777
Facsimile : (966-3)
8338242 / 8321422 / 8334046 / 8279900
Mobile : (966-50)
5844158
Email : info@akh.com.sa
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Dammam.
Branch Office (s)
Location Description
Prince Mosaid Street Showroom
Sulaimaniyah
PO Box: 57792
Riyadh 11584
Tel: (966-1) 4778218 / 4790484
Fax: (966-1) 4782176
Riyadh Rented
Sales Office
Tel: (966-1) 2060555
Fax: (966-1) 2062333
Sitten Tower, 6th Floor Rented
Sales Office
PO Box: 2732
Jeddah 21441
Tel: (966-2) 6601877 / 6670179
Fax: (966-2) 6605319
Jeddah Rented
Sales office
Tel: (966-2) 6685100
Fax: (966-2) 6685200
Khashoggi Building, 9th Floor Rented
Sales office
Dhahran Street
PO Box: 31377
Al Khobar 31952
Tel: (966-3) 8892085
Fax: (966-3) 8892086
Al Mashoor Street Rented
Sales Office
PO Box: 1752
Jubail 31951
Tel: (966-3) 3626123 / 3622582
Fax: (966-3) 3624022
Al Bahr Rented
Sales Office
PO Box: 1104
Yanbu
Tel: (966-4) 3910085
Fax: (966-4) 3910656
Madina Rented
Sales Office
Tel: (966-4) 8263893
Fax: (966-4) 8263892
BMTC Building, 2nd Floor, Suite No. 29 Rented Sales Office
PO Box: 62240
Dubai
United Arab Emirates
Tel: (971-4) 2652550
Fax: (971-4) 2624742
Al Hilal Offices, Suite 2 Rented
Sales Office
PO Box: 23340
Doha
Qatar
Tel: (974) 4654878 / 4657826
Fax: (974) 4657795
Building 169, Suite No 136 Rented
Sales Office
1405 Lulu Avenue
PO Box: 2135
Manama
Bahrain
Tel: (973-17) 264046
Fax: (973-17) 264045
Name Position
Khalid Abdulrahman Al Albdulkarim Managing
Partner
Abdullah Abdulrahman Al Albdulkarim Partner
Abdulaziz Abdulrahman Al Albdulkarim Partner
Bader Mohamed Al Abdulkarim Partner
Mohamed Madkhoum Commercial
Manager
Mohamed Saleem Marketing
Manager
Said Fahmy Finance
Manager
Fahaim Gaffari Administration
Manager
Date of Establishment : 26/03/1401 Hijri
(corresponding to 1st February 1981)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2050003048,
Dammam
Chamber Member No. : 77000
Issued Capital : SR 3,000,000
Paid up Capital : SR 3,000,000
Name of Partner
(s)
Khalid Abdulrahman Al Albdulkarim
Abdullah Abdulrahman Al Albdulkarim
Abdulaziz Abdulrahman Al Albdulkarim
Bader Mohamed Al Abdulkarim
Activities: Engaged in the import and distribution of electrical and
electromechanical products, including switchgears, cables, transformers,
panels, lighting systems and pipe fittings.
The business also provides electro-mechanical installation and
maintenance services. All of subject’s services are ISO 9002 certified.
The market segments that are targeted by the subject include Oil &
Gas, petrochemicals, electrical, utilities, telecommunication, instrumentation,
plant automation, and industrial and commercial construction.
Subject’s clients include Saudi Consolidated Electricity Company of the
Eastern Province (Sceco East), Saudi Aramco, Sasref, ABB Lummus, Sabic,
Chiyoda, Mitsui and Fouzan Company.
Major Contracts & Supply Agreements
|
Client |
Project |
Products/Services |
|
SABIC MANAGEMENT
ORG. (S.M.O.) |
Blanket Supply Agreement |
Electrical, Telecom, Piping, R&D
Supplies and IT Services |
|
SAUDI ELECTRIC
COMPANY (SCECO) |
Warehousing & Long Term Supply
Agreements |
Electrical & Telecom Supplies |
|
SAUDI ARAMCO /
SNAMPROGETTI |
Khursaniyah Producing Facilities |
Electrical, Telecom, Piping, R&D
Supplies and IT Services |
|
SAUDI ARAMCO /
SNAMPROGETTI |
Hawiyah NGL Recovery Plant |
Electrical, Telecom, Piping, R&D
Supplies and IT Services |
|
SAUDI ARAMCO /
PETRORABIGH |
Petrochemicals |
Electrical, Telecom, Piping, R&D
Supplies and IT Services |
|
SAUDI ARAMCO |
Khurais Producing & Offsite |
Electrical, Telecom, Piping and R&D
Supplies |
|
SAUDI ARAMCO |
Manifa Offshore Producing |
Electrical, Telecom, Piping and R&D
Supplies |
|
SAUDI ARAMCO |
Shaybah Crude Increment/GOSP |
Electrical, Telecom and Piping |
|
SABIC
YANSAB-YANBU |
Ethylene/Olefins Plant |
Electrical, Telecom and Piping |
|
SAUDI ARAMCO /
SAFANIYAH |
Offshore Platform |
Electrical, Telecom and Piping |
|
SAUDI KAYAN
PETROCHIMICAL CO. |
HDPE/LDPE/Polypropylene Plants |
Electrical, Telecom and Piping |
|
SIPCHEM |
Olefins/Acetyls Plant |
e-Learning, LIMS & OTS |
|
IBN ZAHR |
Polypropylene Plants |
Flare Systems & Tank Gauging Upgrade |
|
TANSEE
PETROCHIMICAL / TECNIMONT S.P.A. |
HDPE/LDPE Plants |
Electrical and Piping Supplies |
|
GULF FARABI |
N-Paraffins & LAB Plant |
Electrical and Piping Supplies |
|
SEC / RIYADH |
Power Plant # PP9 |
Electrical Piping |
|
Saudi
Aramco-Saipem (STAR) / Eastern Trading Contracting Group |
Dammam Yard Set-Up (Under Ground, Above
Ground, and Indoor Industrial Utilities) |
Supply, Installation, Testing &
Commissioning of Electro-Mechanical Systems |
|
Jubail Energy
Services Co. (JESCO) |
Engineering, Supply, Installation, Testing
& Commissioning of Lighting & Electrical Systems |
Engineering, Supply, Installation, Testing
& Commissioning of Lighting & Electrical System |
|
TECHNO CONTRACTING
CO. LTD. (A subsidiary of Al Abdulkarim Holding Co.) |
Various Hospital Turn-Key Project |
Supply and Installation of
Electro-Mechanical Works |
Import Countries: The United States of America, Canada, Japan and
Europe
International Suppliers:
Pass & Seymour United
States of America
Hubble Inc United
States of America
Hoke Inc United
States of America
Siemens Milltronics Process Instruments Inc Canada
Chalmit Lighting United
Kingdom
Oliver Valves Ltd United
Kingdom
LVF Italy
Galli & Cassina SpA Italy
Zwick GmbH Germany
Delair Netherlands
Enviro Tech Netherlands
Kawasaki Steel Japan
Operating Trend: Steady
Subject has a workforce of approximately 1,350 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
391,000,000 SR 400,000,000
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
PO Box: 3113
Dammam 31471
Tel: (966-3) 8337171
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
No complaints regarding subject’s payments have been reported.
Date of transaction November
2002 November 2003 November 2006
Credit amount 500,000 500,000 203,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 30 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Canadian
Dollars Canadian Dollars Euros
Al Abdulkarim Holding Co (AKH) has operations dating back approximately
20 years and is well established in the local market with branches in the major
cities of the Kingdom. It is engaged in the import and distribution of
electrical and electromechanical products, as well as providing installation
and maintenance services.
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.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.