MIRA INFORM REPORT

 

 

Report Date :

09.12.2014 

 

IDENTIFICATION DETAILS

 

Name :

ALDREES INDUSTRIAL AND TRADING COMPANY (ALITCO)

 

 

Formerly Known As :

MOHAMED SAAD ALDREES AND SONS COMPANY LIMITED

 

 

Registered Office :

Omar Al Mukhtar Building Al Rail Street Selim District PO Box 5511 & 2049

Riyadh 11432

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

1962

 

 

Com. Reg. No.:

1010205095, Riyadh

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacture and distribution of industrial machinery, building materials and agricultural  equipment.

 

 

No. of Employees :

300

 

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                                    : ALDREES INDUSTRIAL AND TRADING COMPANY (ALITCO)

Previously Known As                             : MOHAMED SAAD ALDREES AND SONS COMPANY LIMITED

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Joint Stock Company

Start Date                                             : 1962

Registration Date                                  : June 2008

Commercial Registration Number           : 1010205095, Riyadh

Chamber Membership Number               : 152808

Issued Capital                                       : SR 50,000,000

Paid up Capital                                     : SR 50,000,000

Total Workforce                         : 300

Activities                                               : Manufacture and distribution of industrial machinery, building materials and agricultural equipment

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

ALDREES INDUSTRIAL AND TRADING COMPANY (ALITCO)

 

 

PREVIOUSLY KNOWN AS

 

MOHAMED SAAD ALDREES AND SONS COMPANY LIMITED

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Omar Al Mukhtar Building

Street               : Al Rail Street

Area                 : Selim District

PO Box            : 5511 & 2049

Town                : Riyadh 11432

Country : Saudi Arabia

 

Telephone         : (966-11) 2044444 / 4463000

Facsimile          : (966-11) 2953333 / 4489646

Email                : info@alitco.com.sa

 

Premises

 

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

 

Branch Office (s)                                                                                  Description

 

     Location                                                                                          

 

·       Kilo 3, Makkah Road                                                                         Office premises

Jeddah

 

·       Al Arbaaen Street                                                                             Office premises

East Abakheel Complex

Borida

 

·       General Street                                                                                  Office premises

King Ali Mohamed Delbouh

Khamis Mushait

 

·       Al Madina El Monwraq                                                                      Office premises

Tabuk

 

·       Al Rabwa District                                                                              Factory premises

Prince Fwaz Bin Abdel Aziz Street

     Riyadh

 

·       Street No. 9                                                                                      Office premises

Dammam

 

·       Al Malky Street                                                                                 Office premises

Al Hfouf

 

·       South Al Khaldeya                                                                            Office premises

Dammam

 

·       2nd Industrial Area                                                                              Factory premises

Riyadh

 

·       3rd Industrial Area                                                                              Factory premises

Al Khorag Road

Riyadh

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdel Mohsen Mohamed Aldrees                                                      Chairman

 

·       Hussein Abdel Rahman Al Azal                                                          Vice Chairman

 

·       Eid Faleh Al Shamari                                                                        Director

 

·       Abdullah Abdul Mohsen Aldrees                                                        Director

 

·       Abdulrahman Abdulaziz Al Rabiah                                                     Director

 

·       Abdulrahman Ahmed Al Jafary                                                          Director

 

·       M B Mentrashy Eswaran                                                                    Chief Executive Officer

 

·       Mohamed Illias Shaju                                                                        Chief Financial Officer

 

·       Khalid Abdul Mohsen Aldrees                                                           Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1962 however the subject was registered in June 2008

 

Legal Form                  : Joint Stock Company

 

Commercial Reg. No.   : 1010205095, Riyadh

 

Chamber Member No.  : 152808

 

Issued Capital              : SR 50,000,000

 

Paid up Capital            : SR 50,000,000

 

Name of Shareholder (s)                                    

 

·       Abdel Mohsen Mohamed Aldrees                                         

 

·       Hussein Abdel Rahman Al Azal

 

·       Members of Mr Mohamed Saad Aldrees’ family

 

 

AFFILIATED COMPANIES

 

·       Aldrees Petroleum & Transport Services

 

·       Aldrees International Contractor Supply

 

·       Aldrees Irrigation & Agricultural

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of industrial machinery, building materials and agricultural  equipment.

 

Import Countries: Germany and United Arab Emirates

 

Export Countries: United Arab Emirates and Bahrain

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Al Rajhi Banking & Investment Corporation

PO Box: 28

Riyadh 11411

Tel: (966-11) 4054647 / 4054244

Fax: (966-11) 4044753 / 4052950

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.