|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNITED MINING
INDUSTRIES (UMCO) |
|
|
|
|
Registered Office : |
Al Razi Street,
Light Industrial City, 31491, Yanbu 51000 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
06.02.2010 |
|
|
|
|
Com. Reg. No.: |
4700012262, Yanbu |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture
of gypsum board and gypsum powder |
|
|
|
|
No. of Employees |
150 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Company Name : UNITED MINING INDUSTRIES (UMCO)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 6th
February 2010
Commercial Registration
Number : 4700012262, Yanbu
Chamber Membership
Number : 1029
Issued Capital : SR
102,000,000
Paid up Capital : SR
102,000,000
Total Workforce : 150
Activities :
Manufacturers of gypsum board and gypsum powder
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Koda Joda,
Finance Manager
UNITED MINING
INDUSTRIES (UMCO)
Street : Al Razi Street
Area : Light Industrial City
PO Box : 31491
Town : Yanbu 51000
Country : Saudi Arabia
Telephone : (966-4) 3968777
Facsimile : (966-4) 3962666
Mobile : (966-53) 6000710 / (966-56)
9725068
Email : wajdi@ugc.com.sa / koda@ugc.com.sa / shaukat@ugc.com.sa / ubaid@ugc.com.sa
Subject operates from
a suite of offices and a factory covering 114,000 square metres that are rented
and located in the Industrial Area of Yanbu.
Branch Office
(s)
Location Description
·
Seventy Street., Al Safa Plaza Office premises
PO Box 127398,
Jeddah 21352
Tel: (966-2) 6913497 / 6774164
Fax: (966-2) 6823651 / 6776316
Name Position
·
Dr
Fouad F Al Saleh Chairman
·
Raed I
Al Mudaiheem Managing
Director
·
Ali
Saleh Al Dakheel Director
·
Fahad
Ibrahim Al Moajil Director
·
Khalid
Ibrahim Al Moajil Director
·
Khalid
A Al Shamil Director
·
Saad
Khashmieer Export
Manager
·
Koda
Joda Finance
Manager
·
Shaukat
Parker Plant
Manager
·
Naif Al
Nazhawi Human
Resources Manager
·
Mohamed
Ubaid Accountant
Date of Establishment : 22/02/1431
Hijri (corresponding to 6th February 2010)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4700012262,
Yanbu
Chamber Member No. : 1029
Issued Capital : SR 102,000,000
Paid up Capital : SR 102,000,000
·
Abdul
Kader Al Muhaideb & Sons 33.33%
Al Khobar
·
Rashid
Al Rashid & Co 33.33%
Al Khobar
·
Al
Mojel Trading & Contracting Co 33.33%
Riyadh
Activities: Engaged in the manufacture of gypsum board
and gypsum powder. Production of gypsum powder began in October 2008, whereas
gypsum board was in July 2010.
Production
Capacity: 40 million square
metres per year.
Import
Countries: Europe, Canada and
the Far East.
International
Suppliers:
·
Maiz Products Ltd India
·
Javon Machinery Ltd China
·
Nanlone China
·
Gyptech Canada
Operating Trend: Steady
Subject has a
workforce of approximately 150 employees.
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 68,208,783 SR 78,940,871
Local sources
consider subject’s financial condition to be Fair.
The above figures were provided by Mr Koda Joda, Finance Manager
·
Riyad
Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4013030
·
Saudi
British Bank
Olaya Road
PO Box: 10914
Riyadh 11443
Tel: (966-1) 4657171
·
Arab
National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027747
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.59.72 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.