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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ROLACO TRADING & CONTRACTING CO |
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Registered Office : |
Al Sulaiman Building, Madinah Road, Kilo 3, PO Box : 222, Jeddah 21411 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1968 |
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Com. Reg. No.: |
4030005944, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s operations are performed through the following divisions: Hotel Supplies Division, Automotive
Division, Building Materials Division, Electrical & Lighting Division,
Shipping Division |
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No. of Employees : |
350 |
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
|
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 |
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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 :
ROLACO TRADING & CONTRACTING CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
1968
Commercial Registration Number :
4030005944, Jeddah
Membership Number :
196
Issued Capital :
SR 66,000,000
Paid up Capital :
SR 36,000,000
Total Workforce :
350
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : Ibrahim Al Madi, Financial Controller
ROLACO TRADING
& CONTRACTING CO
Registered &
Physical Address
Building : Al Sulaiman
Building
Street : Madinah
Road, Kilo 3
PO Box : 222
Town : Jeddah 21411
Country : Saudi Arabia
Telephone : (966-2) 6518028
/ 6518264 / 6528456 / 6290202
/ 6534403
Facsimile : (966-2)
6534280 / 6290404 / 6534403
Mobile : (966-50)
8202489
Email :
info@rolaco.net
Premises
Subject operates from a large suite of offices and a warehouse that are
owned and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
PO Box: 4493 Sales
office and warehouse
Dammam 31419
Tel: (966-3) 8573299
Fax: (966-3) 8573274
PO Box: 388 Sales
office and warehouse
Madinah
Tel: (966-4) 8474126
Al Khurais Road Sales
office and warehouse
Riyadh 11421
Tel: (966-1) 4912220
Fax: (966-1) 4932782
Al Sulamaniya District Sales office and
warehouse
Jeddah
Tel: (966-2) 2523456
Fax: (966-2) 2524499
Subject also has branches located in Taif, Tabuk, Yanbu, and Khamis
Mushait.
Name Position
Sheikh Abdul Aziz Abdullah Al Sulaiman Managing
Partner
Sheikh Saud Abdul Aziz Al Sulaiman Partner
Fattahullah Bajouri Purchasing
Manager
Rafi Koulaiyian Automotive
Division Manager
Mohanad Abdul Ghani Computer Division
Manager
Ali Abo Samaha Electrical
Division & Building Division Manager
Ibrahim Al Madi Financial
Controller
Date of Establishment : 1968
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 4030005944, Jeddah
Membership No. : 196
Issued Capital : SR 66,000,000
Paid up Capital : SR 36,000,000
Name of Partner
(s)
·
Sheikh Abdul Aziz Abdullah Al Sulaiman
·
Sheikh Saud Abdul Aziz Al Sulaiman
·
Abdul Aziz Al Sulaiman & Co Ltd
PO Box: 222
Jeddah
Tel: (966-2) 6820129
Subject is a member of the Al Sulaiman Group of Companies, which
includes the following concerns:
Name Country
Arabian Cement Company Saudi
Arabia
Arabian Steel Manufacturing Co Saudi
Arabia
Saudi Chemicals Industry Co Saudi
Arabia
Bank Al Jazira Saudi
Arabia
Zahran Contracting Co Ltd Saudi
Arabia
Al Hamrani & Al Sulaiman United Co Saudi
Arabia
Saudi British Bank Saudi
Arabia
Cement Products Industry Company Saudi
Arabia
Saudi Corp Saudi
Arabia
Saudi Arabian Refining Company (Sarco) Saudi
Arabia
Saudi National Electric Company Saudi
Arabia
La Fonciere Jeddah Insurance Saudi
Arabia
Al Sulaimaniyah Real Estate Saudi
Arabia
Construction Equipment Supply International Ltd (CESI) Saudi Arabia
Castel Et Fromaget France
FRAB Bank Paris France
Cofra France
Puutalo Oy Finland
Rauma – Repola Oy Finland
FRAB Holdings of Luxembourg Luxembourg
Activities: Subject’s operations are
performed through the following divisions:
Hotel Supplies Division
Address: Shohada Street
Al Hamra
District
Jeddah
Tel:
(966-2) 6648272 / 6645035
Fax:
(966-2) 6632685
Activities: This division
specialises in the import and distribution of hotel supplies including bathroom
amenities,
beddings,
bath & bed linen, F&B linen and other accessories.
Automotive Division
Address : Mecca-Medinah
Highway
Al Sulaimaniyah
District
PO Box:
1044
Jeddah
Tel:
(966-2) 6290202
Fax:
(966-2) 6290404
Activities : The division’s product portfolio is
diversified from Light to Heavy Duty U D Trucks (ranging from 7 ton to 55 ton)
an array of Nissan Forklifts with choice of Diesel, Gasoline, Gasoline / LPG
and Electric engines, varying from 1.5 ton to 7 ton). The company also offer
Forklift attachments from CASCADE and FIAMM Batteries/ Chargers for the
electrical forklifts.
Subject also deals in Kato rough and mobile cranes range from 20 - 70 ton, plus
a full range cab – back BONFIGLIOLI Truck Cranes. The Concrete machinery
section includes SERMAC concrete pumps ranging from 37 - 65 meters, and BETICO
Industrial Compressors for concrete blowers.
Building Materials Division
Address : Madinah Road,
Kilo 3
Jeddah
Tel:
(966-2) 6518028
Fax:
(966-2) 6534280
Activities : Under this division the company
specialises in steel products and are one of the largest importers and bulk
distributors of cement in the Kingdom. ROLACO has widened its expertise to
include Pre-cast Concrete Accessories, Scaffolding & Formwork System,
Gypsum Board & their Accessories, Cement Board, Concrete Repair Floor, Roof
Cover, Wall & Ceiling Tiles, as well as associated building materials
Electrical & Lighting Division
Activities : The division’s product portfolio ranges
from cables to cable laying machinery, from the electrical panel to thrust
boring and from single light bulbs to all electrical equipments supply.
Shipping Division
Activities : Engaged in the
provision of shipping agency services
Import Countries: Japan, the United States of America, Australia,
the United Kingdom and Germany
International Suppliers:
Hunter Watertech Pty Ltd Australia
Brand Names: NISSAN DIESEL, KATO CRANES, LES CABLES DE LYON,
NISSAN MOTORS, BRIAB,
GOLDSTAR, FERROSTAAL, PRECIA, BOYER,
MANUTENTION, MARUBENI & TOPCON
Operating Trend: Steady
Subject has a workforce of approximately 350 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
311,000,000 SR 320,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Saudi American Bank
Madinah Road
PO Box: 490
Jeddah 21411
Tel: (966-2) 6603993
Al Bank Al Saudi Al Hollandi
King Abdulaziz Street
PO Box: 67
Jeddah
Tel: (966-2) 6446849
Al Bank Al Saudi Al Fransi
Madinah Road
PO Box: 1
Jeddah 21411
Tel: (966-2) 6515151
No complaints regarding subject’s payments have been reported.
Rolaco Trading & Contracting Co is a leading Saudi company with diversified
operations covering heavy equipment, building materials, automotives,
electrical products and computers. It deals with many leading suppliers from
around the globe and enjoys an excellent reputation for the quality of its
products.
The company is owned by wealthy and respected Saudi businessmen, namely
Sheikh Abdul Aziz Abdullah Al Sulaiman and Sheikh Saud Abdul Aziz Al Sulaiman
and is a member of the well known Al Sulaiman Group of Companies.
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 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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---- |
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.