MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AL MUHAIDIB CONTRACTING CO

 

 

Registered Office :

Al Hail Street, Hay Al Rawda, PO Box 1023 & 9291, Jeddah 21431

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.04.2002

 

 

Com. Reg. No.:

4030138280

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged as general construction contractors for electrical, mechanical and infrastructure for the gas and oil field industry. Subject owns and operates 85 vehicles.

 

 

No of Employees :

40

 

 

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 :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                    : AL MUHAIDIB CONTRACTING CO

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Start Date                                             : 1977

Registration Date                                  : 28th April 2002

Commercial Registration Number           : 4030138280, Jeddah

Issued Capital                                       : SR 500,000

Paid up Capital                                     : SR 500,000

Total Workforce                         : 40

Activities                                               : General construction contractors for electrical, mechanical and

                                                                  infrastructure for the gas and oil field industry.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Sulaiman Abd El Kadar El Muhaidib, Chairman

 

 

 

COMPANY NAME

 

AL MUHAIDIB CONTRACTING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Hail Street

Area                 : Hay Al Rawda

PO Box            : 1023 & 9291

Town                : Jeddah 21431

Country : Saudi Arabia

Telephone         : (966-2) 6368877

Facsimile          : (966-2) 6363480 / 6378976

Mobile              : (966-9) 20026220

Email                : info@muhaidibco.com

 

Premises

 

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

Location                                                                                               Description

 

PO Box: 245030                                                                                    Office premises

Riyadh 11312

Tel: (966-1) 2636000

Fax: (966-1) 2742266

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Sulaiman Abd El Kadar El Muhaidib                                                       Chairman

 

Khaled Al Dilijan                                                                                    Office Manager

 

Marwan Al Zuraigh                                                                                 Operations Manager

 

 

LEGAL FORM & OWNERS

 

 

Date of Establishment  : 1977 however subject was registered on 28th April 2002

 

Legal Form      : Limited Liability Company

 

Commercial Reg. No.   : 4030138280, Jeddah

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Shareholder (s)                                               

 

Sulaiman Abdul Kader Al Muhaidib

 

Abdul Kader Al Muhaidib & Sons Co

 

 

AFFILIATED COMPANIES

 

Al Muhaidib Building Materials

 

Al Muhaidib Land Transport

 

Al Muhaidib Foods

 

Al Muhaidib Technical Supplies

 

Bawan Holding

 

Atheel Holding

 

ACWA Holding

 

United Sugar Co

 

Hoshan Co Ltd

 

Al Jazirah Dates & Food Factory

 

 

OPERATIONS

 

Activities: Engaged as general construction contractors for electrical, mechanical and infrastructure for the gas and oil field industry. Subject owns and operates 85 vehicles.

 

Subject is ISO 14001 and 9001 accredited.

 

Import Countries: Europe, United States of America, Japan, China and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of approximately 40 employees. The group employs approximately 2,500.

 

 

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:

 

Group Total Sales                     SR 820,000,000             SR 880,000,000

 

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

 

The above figures were provided by Mr Sulaiman Abd El Kadar El Muhaidib, Chairman

 

 

BANKERS

 

Saudi American Bank

Andalous Street

PO Box: 490

Jeddah 21411

Tel: (966-2) 6533555

 

National Commercial Bank

Industrial City Branch

PO Box: 18656

Jeddah 21425

Tel: (966-2) 6368224

 

 

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.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

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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.