MIRA INFORM REPORT

 

 

Report Date :

05.08.2014

 

IDENTIFICATION DETAILS

 

Name :

ABDULRAHMAN ALI ABDULRAHMAN TURKI CORPORATION FOR TRADING & CONTRACTING

 

 

Registered Office :

ATCO Building , King Khalid Bin Abdulaziz Street, Bareed District, P O Box 718, Dammam 31421

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

22.02.1984

 

 

Com. Reg. No.:

2050014409

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged as general marine, HVAC and electromechanical contractors.

 

 

No. of Employees :

1000

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 16% 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 6 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                                     : ABDULRAHMAN ALI ABDULRAHMAN TURKI CORPORATION FOR

  TRADING & CONTRACTING

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 22nd February 1984

Commercial Registration Number            : 2050014409, Dammam

Membership Number                              : 1/42333

Issued Capital                                        : SR 3,000,000

Paid up Capital                                      : SR 3,000,000

Total Workforce                                     : 1,000

Activities                                               : General marine, HVAC and electromechanical contractors.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Miraz Beg, Treasury Officer

 

 

 

COMPANY NAME

 

ABDULRAHMAN ALI ABDULRAHMAN TURKI CORPORATION FOR TRADING & CONTRACTING

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : ATCO Building

Street               : King Khalid Bin Abdulaziz Street

Area                 : Bareed District

PO Box             : 718

Town                 : Dammam 31421

Country             : Saudi Arabia

Telephone         : (966-13) 8335588 / 8332339 / 8345694 / 8826769 / 8343542

Facsimile          : (966-13) 8339881 / 8872701

Mobile               : (966-50) 5905130

Email                : info@atco.com.sa / a.otaibi@atco.com

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Dammam.

 

 

KEY PRINCIPALS

 

 

Name                                                                                       Position

 

Abdulrahman Ali Al Turki                                                            Managing Partner

 

Zaid Abdulrahman Ali Al Turki                                                     Partner

 

Fahd Abdulrahman Ali Al Turki                                                    Partner

 

Nawaf Abdulrahman Ali Al Turki                                                   Partner

 

Miraz Beg                                                                                 Treasury Officer

 

Zayadat Hussain                                                                        Finance Manager

 

Ehab El Sharif                                                                           Operations Manager

 

Hussain Moosa Jarad Al Otaibi                                                   Human Resources Manager

 

Yaseer Dawood                                                                         Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment              : 20/05/1404 Hijri (corresponding to 22nd February 1984)

 

Legal Form                              : Limited Liability Partnership

 

Commercial Reg. No.              : 2050014409, Dammam

 

Membership No.                      : 1/42333

 

Issued Capital                          : SR 3,000,000

 

Paid up Capital                        : SR 3,000,000

 

 

Name of Partner (s)

 

Abdulrahman Ali Al Turki

 

Zaid Abdulrahman Ali Al Turki

 

Fahd Abdulrahman Ali Al Turki

 

Nawaf Abdulrahman Ali Al Turki

 

 

AFFILIATED COMPANIES

 

Subject is a member of the A A Turki Group of Companies, which includes the following concerns:

 

Sagr Al Baydaa Trading Agencies Co Ltd

PO Box: 3501

Al Khobar 31952

Tel: (966-3) 8648644

Fax: (966-3) 8649945

 

Al Sagr Saudi Insurance Co

PO Box: 3501

Al Khobar 31952

Tel: (966-3) 8595363 / 8596124

Fax: (966-3) 8595490

 

East & West Express

PO Box: 718

Dammam 31421

Tel: (966-3) 8332339

Fax: (966-3) 8339881

 

Arabian Business Forms Co

Al Khobar-Dammam Highway

Al Khalideya Area

PO Box: 718

Dammam 31421

Tel: (966-3) 8588322 / 8330508 / 8335588 / 8332329

Fax: (966-3) 8588316

 

Keller Turki Co Ltd

Saudi Arabia

 

Honeywell Turki Arabia Ltd

PO Box: 718

Dammam 31421

Tel: (966-3) 8342442

Fax: (966-3) 8342828

 

Redland Industrial Services (Arabia) Ltd

PO Box: 718

Dammam 31421

Tel: (966-3) 8343343 / 8343113 / 8342937

 

ATCO Marine Services EC

Bahrain

 

ATCO Development Ltd

42 Albemarle Street

London W1X 3FE

United Kingdom

Tel: (44-207) 4913664

Fax: (44-207) 6291120

 

ATCO Development Inc

11777 Katy Freeway, Suite 300S

Houston

Texas 77079

United States of America

Tel: (1-281) 8701500

Fax: (1-281) 5316000

 

A A Turki Corporation

ATCO Building

King Khalid Street

PO Box: 718

Dammam 31421

Tel: (966-3) 8335588 / 8332339 / 8345694 / 8826769

Fax: (966-3) 8339881 / 8872701

CR No. 2050002046

 

 

OPERATIONS

 

Activities: Engaged as general marine, HVAC and electromechanical contractors.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                              SR 387,000,000             SR 400,000,000

 

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

 

The above figures were provided by Mr Miraz Beg, Treasury Officer

 

 

BANKERS

 

National Commercial Bank

PO Box: 13

Dammam 31411

Tel: (966-13) 8331188

Fax: (966-13) 8336058

 

Saudi American Bank

PO Box: 3113

Dammam 31471

Tel: (966-13) 8337171

 

Al Bank Al Saudi Al Hollandi

Dhahran Street

PO Box: 70

Dammam

Tel: (966-13) 8323212

 

 

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.61.02

UK Pound

1

Rs.102.69

Euro

1

Rs.81.91

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.