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Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ARABIAN BEMCO
CONTRACTING CO LTD |
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|
|
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Formerly Known As : |
BINLADIN BEMCO
CONTRACTING CO LTD |
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Registered Office : |
Al Kayal Street,
Al Rawdah District, P O Box 3143, Jeddah 21471 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.05.1979 |
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Com. Reg. No.: |
4030019266, Jeddah |
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Legal Form : |
Limited Liability
Company |
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|
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Line of Business : |
Developers and
contractors specialising in industrial power projects. |
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|
No. of Employees : |
680 |
RATING & COMMENTS
|
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 – 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
Company Name : ARABIAN
BEMCO CONTRACTING CO LTD
Also Known As : BINLADIN
BEMCO CONTRACTING CO LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Start Date :
1965
Registration Date : 18th
May 1979
Commercial
Registration Number :
4030019266, Jeddah
Chamber Membership
Number : 2392
Issued Capital : SR 500,000,000
Paid up Capital : SR
500,000,000
Total Workforce : 680
Activities :
Developers
and contractors specialising in industrial power projects.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ghassan Basna, Finance Manager
ARABIAN BEMCO
CONTRACTING CO LTD
BINLADIN BEMCO
CONTRACTING CO LTD
Street : Al
Kayal Street
Area : Al
Rawdah District
PO Box : 3143
Town : Jeddah
21471
Country : Saudi Arabia
Telephone : (966-2) 6670092 / 6695851
Facsimile : (966-2) 6609432 / 6604875
Email : bemco@bemco-ipp.com
/ arabian@bemco-ipp.com
Subject operates
from a large suite of offices that are owned and located in the Suburban
Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Olaya
Main Street Rented
sales office
PO Box: 86984
Riyadh 11632
Tel: (966-1) 4642290
Fax: (966-1) 4642428
·
Bandariya
Centre, 2nd Floor, Office No. 205 & 206 Rented sales office
Prince Faisal Bin Fahd Street
PO Box: 4609
Al Khobar 31952
Tel: (966-3) 8876978 / 8938320 / 8938322 / 8938323
Fax: (966-3) 8872513 / 8938321
Name Position
· Henry M Sarkissian Chief
Executive Officer
· Henry Cabrera Assistant
Chief Executive Officer
·
Ghassan
Basna Finance
Manager
· Emad Ghandoura Business Development Manager
·
Dr George
Aboufadel Procurement
Manager
·
Fares
Zankoul Engineering
Manager
·
Nabil Hamdan Human
Resources Manager
·
Edward
Wollyung Operations
Manager
·
Hamad
Abdallah Project
Manager
·
Jacques
Dorlian Financial
Controller
Date of Establishment : 1965, however
subject was registered on 20/06/1399 Hijri (corresponding to 18th
May 1979)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4030019266,
Jeddah
Chamber Member No. : 2392
Issued Capital : SR 500,000,000
Paid up Capital : SR 500,000,000
·
Al
Salem United Contracting 45%
PO Box: 9958
Jeddah 21421
Tel: (966-2) 6670092 / 6695851
Fax: (966-2)
6604875
·
Trisax
Investment Holding Sal 25%
PO Box: 175323
Beirut
Lebanon
Tel: (961-1) 440300
Fax: (961-1) 561660
·
Ritaj
Investment Co Ltd 20%
PO Box: 459
Jeddah 21411
Tel: (966-2) 6908333
Fax: (966-2) 6988383
·
Samwal
Abdullah Bakhsh 10%
·
Bemco
International
·
Bemco
Steel Industries
·
Bemco
Services
·
Truba
Arabia
·
GEDAC
·
Apina
Arabia
·
Impregilo
Arabia
·
United
Infrastructure Developers Company
·
Bemco
Heavy Industries
Activities: Developers and contractors specialising in industrial
power projects and offering the following services:
- Project Management
- Engineering
- Procurement
- Fabrication
- Construction & Civil Works
- Testing, Commissioning and operation
- Project development & financing
Recent Projects:
|
Project Name |
Country |
Sector |
Project Value |
Status |
|
ADWEA
- Fujairah 1 IWPP Extension |
UAE |
Power
and Water | IWPP - Independent Water & Power Provider |
US$ 1,306,000,000 |
Completed |
|
EEC-
KAEC Power Plant |
Saudi
Arabia |
Power
and Water | Power Generation |
- |
On
Hold |
|
SEC -
Al Qassim Power Plant Expansion - Phase 3 |
Saudi
Arabia |
Power
and Water | Power Generation |
US$ 381,300,000 |
Ongoing |
|
SEC -
Al Qurayyah Power Plant II |
Saudi
Arabia |
Power
and Water | Power Generation |
US$ 1,850,000,000 |
Ongoing |
|
SEC -
Al Qurayyat Power Plant I |
Saudi
Arabia |
Power
and Water | Power Generation |
US$ 570,000,000 |
Completed |
|
SEC -
PP10 Power Plant |
Saudi
Arabia |
Power
and Water | Power Generation |
US$ 3,000,000,000 |
Completed |
|
SEC -
PP10 Power Plant Conversion (Blocks A1, A2, B1, B2 and C1) |
Saudi
Arabia |
Power
and Water | Power Generation |
US$ 1,435,000,000 |
Ongoing |
|
SEC -
PP10 Power Plant Extension (Block C1) |
Saudi
Arabia |
Power
and Water | Power Generation |
US$ 375,000,000 |
Completed |
Operating Trend: Steady
Subject has a
workforce of approximately 680 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 5,390,000,000 SR 5,550,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ghassan Basna, Finance
Manager
·
Al Bank
Al Saudi Al Hollandi
King Abdulaziz Street
PO Box: 67
Jeddah
Tel: (966-2) 6446849
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
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.54.89 |
|
|
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.