MIRA INFORM REPORT

 

 

Report Date :

27.11.2013

 

IDENTIFICATION DETAILS

 

Name :

EL SEWEDY CABLES COMPANY LTD

 

 

Registered Office :

Al Razi Street,  Light Industrial Zone, PO Box: 31670, Yanbu 51000

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

24.12.2006

 

 

Com. Reg. No.:

4700009825, Yanbu

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacture of cable and wires.

 

 

No. of Employees :

250

 

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

Payment Behaviour :

Regular

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                         : EL SEWEDY CABLES COMPANY LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Company

Registration Date                                   : 24th December 2006

Commercial Registration Number            : 4700009825, Yanbu

Issued Capital                                        : SR 116,473,500

Paid up Capital                                      : SR 116,473,500

Total Workforce                                     : 250

Activities                                               : Manufacture of cable and wires.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Mahmoud Abdulrahman, Finance Manager

 

 

 

COMPANY NAME

 

EL SEWEDY CABLES COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Razi Street

Area                 : Light Industrial Zone

PO Box             : 31670

Town                 : Yanbu 51000

Country             : Saudi Arabia

 

Telephone         : (966-14) 3570181 / 3572229 / 3570167

Facsimile          : (966-14) 3570027 / 3572223

Mobile               : (966-56) 3222810 / (966-54) 3993004

Email                : ksa@elsewedy.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                              Description

 

Al Sitteen Street                                                                                    Rented office premises

PO Box: 16582

Jeddah 21474

Tel: (966-12) 6655244 / 687488

Fax: (966-12) 6240016

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ahmed El Sewedy                                                                     Managing Director

 

Hassan Ramzi                                                                           General Manager

 

Amer Al Sawaf                                                                           Assistant General Manager

 

Mahmoud Abdulrahman                                                              Finance Manager

 

Khalid Al Mahalawi                                                                     Assistant Finance Manager

 

Tariq Mansi                                                                               Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 04/12/1427 Hijri (corresponding to 24th December 2006)

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 4700009825, Yanbu

 

Issued Capital              : SR 116,473,500

 

Paid up Capital            : SR 116,473,500

 

Name of Partner (s)                                                Percentage

 

El Sewedy Cable Group                                                  60%

Egypt

 

Al Rajhi Group                                                               40%

Saudi Arabia

 

 

AFFILIATED COMPANIES

 

El Sewedy Electric Co

Dammam

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of cable and wires.

 

Import Countries:         Spain, India, China and Egypt

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 250 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 Sales                                SR 638,000,000             SR 655,000,000

 

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

 

The above figures were provided by Mr Mahmoud Abdulrahman, Finance Manager

 

 

BANKERS

 

National Commercial Bank

Branch No. 351

Yanbu

Tel: (966-4) 3221551

Fax: (966-4) 3228425

 

 

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 company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.45

UK Pound

1

Rs.100.86

Euro

1

Rs.84.50

 

 

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

----

 

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.