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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SALEH & ABDULAZIZ ABAHSAIN CO LTD |
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Registered Office : |
Abahsain Centre King Abdulaziz Street PO Box 209 & 40 Al Khobar 31952 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1946 |
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Com. Reg. No.: |
2051000622, Al Khobar |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject operates several divisions like Omega Factory for Luminaires Poles & Galvanizing Division,
Automotive Division, Contracting Division, Foodstuff Division, Heavy
Equipment Division, Chemical Division |
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No. of Employees : |
800 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
Company Name : SALEH & ABDULAZIZ ABAHSAIN CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Start Date : 1946
Registration Date : 25th March 1959
Commercial Registration Number : 2051000622, Al Khobar
Membership Number : 2340
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
Total Workforce : 800
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : John M John, Finance Manager
SALEH & ABDULAZIZ ABAHSAIN CO LTD
Registered &
Physical Address
Building : Abahsain
Centre
Street : King
Abdulaziz Street
PO Box : 209 & 40
Town : Al Khobar
31952
Country : Saudi Arabia
Telephone : (966-3) 8984045
/ 8984015 / 8983856 / 8981986 / 8951160
Facsimile : (966-3)
8990114 / 8954236 / 8991557
Email : omega@awalnet.net.sa / info@abahsain.net
Premises
Subject operates from a large suite of offices and a warehouse that are owned
and located in the Central Business Area of Al Khobar.
Branch Office (s)
Location Description
· PO Box: 42127 Office
premises
Riyadh 11541
Tel: (966-1)
4950104
Fax: (966-1)
4594900
· PO Box: 22258 Office
premises
Riyadh 11495
Tel: (966-1)
4984587
Fax: (966-1)
4982383
· PO Box: 1300 Office
premises
Jeddah 21431
Tel: (966-2)
6820944
Fax: (966-2)
6833124
· PO Box: 15139 Office
premises
Abha
Tel: (966-7)
2270780
Fax: (966-7)
2271499
· PO Box: 11766 Office
premises
Jubail 31961
Tel: (966-3)
3415845
Fax: (966-3)
3416113
· PO Box: 209 Office
premises
Al Khobar 31952
Tel: (966-3)
8572296
Fax: (966-3)
8588241
· PO Box: 690 Office
premises
Yanbu
Tel: (966-4)
3224200
Fax: (966-4)
3227877
Name Position
· Abdulaziz Ibrahim
Abahsain Managing
Partner
· Ibrahim Saleh
Ibrahim Abahsain Partner
· Mohamed Saleh
Ibrahim Abahsain Partner
· Abdul Mohsen Saleh
Ibrahim Abahsain Partner
· Abdullah Saleh
Ibrahim Abahsain Partner
· Hailah Saleh
Ibrahim Abahsain Partner
· Jawhara Saleh
Ibrahim Abahsain Partner
· Ruqayya Saleh
Ibrahim Abahsain Partner
· Noura Saleh
Ibrahim Abahsain Partner
· Hissa Saleh
Ibrahim Abahsain Partner
· Suhail Qusus Factory
Manager
· Prevez Aziz
Khan Commercial
Manager
· John M John Finance
Manager
· Said Khan Administrative
Executive
Date of
Establishment : Subject’s
operations date back to 1946, however it was registered on 16/09/1378 Hijri
(corresponding to
25th March 1959).
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 2051000622, Al Khobar
Membership No. : 2340
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
· Abdulaziz Ibrahim
Abahsain 50%
· Ibrahim Saleh
Ibrahim Abahsain 8%
· Mohamed Saleh
Ibrahim Abahsain 8%
· Abdullah Saleh
Ibrahim Abahsain 8%
· Abdul Mohsen Saleh
Ibrahim Abahsain 6%
· Hailah Saleh
Ibrahim Abahsain 4%
· Jawhara Saleh
Ibrahim Abahsain 4%
· Ruqayya Saleh
Ibrahim Abahsain 4%
· Noura Saleh
Ibrahim Abahsain 4%
· Hissa Saleh
Ibrahim Abahsain 4%
· Abahsain Trading
Co
King Abdulaziz
Street
PO Box: 40
Al Khobar 31952
Tel: (966-3) 8645643
Fax: (966-3) 8645844
· Saleh and
Abdulaziz Abahsain Chemical Manufacturing Industries
2nd
Industrial City
PO Box:
209
Al Khobar
31952
Tel:
(966-3) 8984045
Fax:
(966-3) 8984045
Activities: Subject’s operations are performed through the following divisions:
· Omega Factory for
Luminaires Poles & Galvanizing Division
Established in 1982, this division is
engaged in the manufacture of lighting fixtures and fittings, galvanized steel
poles, hot dip galvanised steel poles, steel poles used for electrical
transmission networks and street lighting, as well as the galvanising of sheet
metal.
Annual
Production Capacity – 20,000 tonnes
·
Automotive Division
The Automotive Division was established in
1988 and represents SAAB Automobile AG, Sweden, MACK Trucks Inc., USA,
Lubrication Engineers Inc. USA, MARANGONI Tyres SpA, Italy and MARANGONI
Pneumatici, Italy. New showrooms were inaugurated in early 2001 for SAAB and
MACK has been opened covering an area of about 3,000 square meters.
The division also operates a fully
equipped workshop with the latest computerized diagnostic computers and test
equipment providing, backed up by Body Shop that provides body repairs and
painting to manufacturer standards. There is also a wide range of spare parts
held within the branch network
·
Contracting Division
Engaged
as general contractors, specialising in electrical projects and road
construction.
· Foodstuff Division
Distributors
of general foodstuff and consumable products.
· Heavy Equipment
Division
Distributors of heavy construction
equipment, including generators and batteries, as well as hydraulic cranes,
material handling equipment, loaders, excavators, and industrial forklifts.
· Chemical Division
Engaged
in the distribution of chemical materials for the gas and energy industries.
Import Countries: Europe and the United States of America.
International Suppliers:
· Detroit Diesel
Corporation United States
of America
· Mack Trucks Inc United States of
America
· Hudson Products
Corporation United States of
America
· Lincoln Electric United States
of America
· Parker Hannifin
Corporation United States of
America
Export Countries: Bahrain, Kuwait, Qatar, Yemen, Lebanon, Jordan,
Syria and the United Arab Emirates.
Operating Trend: Steady
Subject has a workforce of approximately 800 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
266,700,000 SR 270,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
National Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-3)
8949669
Fax: (966-3)
8646474
·
Arab National Bank
PO Box: 37
Al Khobar 31952
Tel: (966-3)
8948660
Fax: (966-3) 8942752
·
Al Bank Al Saudi Al Hollandi
King Abdulaziz Street
PO Box: 342
Al Khobar
Tel: (966-3) 8649140
No complaints regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.57.78 |
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UK Pound |
1 |
Rs.89.71 |
|
Euro |
1 |
Rs.76.24 |
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 |
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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.