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Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SAUDI TRANSFORMERS CO LTD (SATCO) |
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Registered Office : |
STC Building Dammam Highway 1st Industrial City PO Box 5785
Dammam 31432 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.12.1977 |
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Com. Reg. No.: |
2050006007, Dammam |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of electrical transformer units and compact substations. |
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No. of Employees : |
280 |
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 : |
No Complaints |
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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 – 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 |
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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 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
Company Name : SAUDI TRANSFORMERS CO LTD (SATCO)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 17th December 1977
Commercial Registration Number : 2050006007, Dammam
Chamber Membership Number : 2809
Issued Capital : SR 102,750,000
Paid up Capital : SR 102,750,000
Total Workforce : 280
Activities : Manufacture of electrical transformer units and compact substations.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nader Al Laithy, Financial Controller
SAUDI TRANSFORMERS CO LTD (SATCO)
Building : STC Building
Street : Dammam
Highway
Area : 1st
Industrial City
PO Box : 5785
Town : Dammam 31432
Country : Saudi Arabia
Telephone : (966-3) 8473020
/ 8575380 / 8575580 / 8573328 / 8471641 / 8594081 / 8100280
Facsimile : (966-3)
8471718 / 8575376
Email : info@sauditransformers.com
Subject operates from a large suite of offices, a factory and storage
facilities that are owned and located in the Industrial Area of Dammam.
Branch Office (s)
Location Description
· Dhabab Street Rented
office premises
PO Box: 968
Riyadh 11421
Tel: (966-1)
4054015
Fax: (966-1)
4023130
Email: riyadh@sauditransformers.com
·
Al Andalus Street Rented
office premises
Al Hamra
PO Box: 34673
Jeddah 21478
Tel: (966-2) 6512394
Fax: (966-2) 6512664
Email: jeddah@sauditransformers.com
Name Position
· Saud Bin Abdulaziz
Al Shilali Chief
Executive Officer
· Medhat Adham Finance
Manager
· Jassim Al Jassim Administration
Manager
· Maher Najjar Operations
Manager
· Saad Al Shahrani Commercial
Manager
· Mohamed Shawker Human
Resources Manager
· Nader Al Laithy Financial
Controller
· Ashfaq Hussain Financial
Manager (Electric Industries Co)
Date of
Establishment : 07/01/1398 Hijri
(corresponding to 17th December 1977)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2050006007, Dammam
Chamber Member No. : 2809
Issued Capital : SR 102,750,000
Paid up Capital : SR 102,750,000
· Electrical
Industries Co 100%
PO Box: 5785
Dammam 31432
Tel: (966-3)
8473020
Fax: (966-3)
8471712
· Al Toukhi Establishment
PO Box: 497
Riyadh 11411
Tel: (966-1)
4633660
Fax: (966-1)
4631150
· Mona Cool Sarl
Nakhil Building, 5th
Floor
Salim Salam
Boulevard
PO Box: 146651
Beirut
Lebanon
Tel:
(961-1) 816116
Fax:
(961-1) 700743
· Al Toukhi &
Company
· International Industrial
Tools Company
· Al Toukhi Co. for
Industry & Trading
· Sara
Telecommunication Development
· Saudi Switches
& Sockets Company
· Saudi Power
Transformers Company
Activities: Engaged in the manufacture of electrical transformer units (50 kVA to
3150 kVA with a maximum high
voltage of 36kV) and compact substations. Production began in 1982.
Subject received the ISO 9001 certificate in 1996 and all of their
products comply with Saudi Arabian
Standards Organization (SASO) and International Electrotechnical
Commission (IEC) specification.
After sales, qualified engineers and
technicians are available to customers claims and perform tests and repairs at
customer sites.
In December 2009, subject signed a contract with the Belgian Power
Systems Company (PSC) for the
construction of an SR 100 million transformer factory, the largest in
the Gulf region with a production
capacity of about 100 Mega Volt Ampere (MVA). Production is to commence
during 2011.
Production Capacity:
5,000 Transformer units
1,500 miscellaneous distribution units in
boxes
1,500 low voltage distribution panels
Import Countries: Far East, India, United States of America, Ireland
and Belgium.
International Suppliers:
· Kaizen Switchgear
Co Ltd India
· Leader Valves Ltd India
Subject’s agents include:
· Faddan General
Trading & Contracting WLL Kuwait
· Universal Electro
Engineering Co Ltd Bahrain
· Arabian
Construction Engineering Co Qatar
· Al Bawardi Trading
Co Jordan
· Al Burj Technical
Equipment Abu
Dhabi, UAE
· Al Hamas Trading
Co Dubai,
UAE
Export Countries : Subject exports to members of the GCC.
Operating Trend: Steady
Subject has a workforce of approximately 280 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales SR
408,700,000 SR
450,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Nader Al Laithy,
Financial Controller
·
Samba Financial Group
PO Box: 842
Al Khobar 31952
Tel: (966-3)
8337171
·
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3)
8331188
Fax: (966-3)
8336058
·
Al Bank Al Saudi Al Fransi
Dhahran Street
PO Box: 2792
Dammam
Tel: (966-3) 8320957
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.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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 |
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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 |
|
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 |
|
-- |
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.