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Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
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Name : |
TECHNICAL AND INDUSTRIAL SERVICE COMPANY
(TISCO) |
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Registered Office : |
Novotel Business
Park, Tower No. 3, 1st Floor, Dammam - Khobar Highway, P O Box
13315, Dammam 31493 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
13.09.2008 |
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Com. Reg. No.: |
2050062119, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
· Subject is engaged as electrical and electro mechanical contractors. ·
Subject provides electrical works pertaining to
power substations and transmission lines, electro-mechanical projects such as
pump stations, motors and turbines,
instrumentation and control services, technical and field support services
and industrial material trading. |
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No. of Employees : |
74 |
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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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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 |
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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 $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.
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Source : CIA |
Company Name : TECHNICAL AND INDUSTRIAL SERVICE COMPANY (TISCO)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 13th September 2008
Commercial Registration Number : 2050062119, Dammam
Chamber Membership Number : 124004
Issued Capital : SR 300,000
Paid up Capital : SR 300,000
Total Workforce : 74
Activities : Electrical and electro mechanical contractors
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
Person Interviewed : Saad Mohamed Saad Al Zahrani, Partner
TECHNICAL AND
INDUSTRIAL SERVICE COMPANY (TISCO)
Registered &
Physical Address
Building : Novotel Business Park, Tower No.
3, 1st Floor
Street : Dammam - Khobar Highway
PO Box : 13315
Town : Dammam 31493
Country : Saudi Arabia
Telephone : (966-13) 8579037
Facsimile : (966-13) 8570179
Mobile : (966-50) 4649041
Email : info@tisco.com.sa
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dammam.
Name Position
·
Dr
Mohamed Fahd Ayed Al Malki Managing
Partner
·
Saad
Mohamed Saad Al Zahrani Partner
Date of Establishment : 13th
September 2008
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050062119,
Dammam
Chamber Member No. : 124004
Issued Capital : SR 300,000
Paid up Capital : SR 300,000
Name of Partner (s)
·
Dr
Mohamaed Fahd Ayed Al Malki
·
Saad
Mohamed Saad Al Zahrani
Activities: Engaged as electrical and electro mechanical
contractors. Subject provides electrical works pertaining to power substations
and transmission lines, electro-mechanical projects such as pump stations,
motors and turbines, instrumentation
and control services, technical and field support services and industrial material trading.
Operating Trend: Steady
Subject has a
workforce of 74 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 Revenue SR 10,754,464 SR 11,882,750
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Saad Mohamed Saad Al Zahrani, Partner
·
Riyad
Bank
Prince Mohammed Street
PO Box: 2123
Dammam
Tel: (966-3) 8323440
Fax: (966-3) 8337829
·
Arab
National Bank (ANB)
King Street
PO Box: 18
Dammam 31411
Tel: (966-3) 8323440
Fax: (966-3) 8337829
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
<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.