MIRA INFORM REPORT

 

 

Report Date :

24.07.2013

 

IDENTIFICATION DETAILS

 

Name :

HILL METALS EST

 

 

Registered Office :

Mohatat Al Karama Al Khurma Industrial Area, Block 19, P O Box 104086, Jeddah 21331

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

16.02.2005

 

 

Com. Reg. No.:

4030153714, Jeddah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

manufacturers and processors of aluminium, steel billets and re-bars.

 

 

No. of Employees :

400

 

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 :

Good

 

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 17% 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. Over 5 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 2005. 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                                     : HILL METALS EST

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 16th February 2005

Commercial Registration Number            : 4030153714, Jeddah

Membership Number                              : 102771

Invested Capital                                     : SR 120,000,000

Total Workforce                                     : 400

Activities                                               : Manufacturers and processors of aluminium, steel billets and re-bars

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Omar Saeed, Finance Manager

 

 

 

COMPANY NAME

 

HILL METALS EST

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Mohatat Al Karama Al Khurma Industrial Area, Block 19

PO Box             : 104086

Town                 : Jeddah 21331

Country             : Saudi Arabia

Telephone         : (966-2) 6359000 / 6092172 / 6678000

Facsimile          : (966-2) 6085494 / 6678728

Mobile               : (966-50) 3616877 / 4115370

Email                : info@hillmetals.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Hussain Mohamed Nawaz Shareef                                                      Proprietor & General Manager

·       Rehan Rai                                                                                        Operations Manager

·       Omar Saeed                                                                                     Finance Manager

·       Shahed Saeed                                                                                  Procurement Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 07/01/1426 Hijri (corresponding to 16th February 2005)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 4030153714, Jeddah

 

Membership No.          : 102771

 

Invested Capital           : SR 120,000,000

 

Mr Hussain Mohamed Nawaz Shareef is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Aziziah Metallic Co

Jeddah

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and processing of aluminium, steel billets and re-bars.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Revenue                            SR 297,000,000             SR 306,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Omar Saeed, Finance Manager

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

Fax: (966-2) 6446644

 

·       Al Rajhi Banking & Investment Corporation

Al Mahjar Road

Jeddah

Tel: (966-2) 6377810

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.69

UK Pound

1

Rs.91.66

Euro

1

Rs.78.69

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.