MIRA INFORM REPORT

 

 

Report Date :

29.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SAUDI SCAFFOLDING FACTORY

 

 

Registered Office :

Dammam – Al Khobar Highway, P O Box 2194, Al Khobar 31952, Dammam

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

19.10.1986

 

 

Com. Reg. No.:

2050013351, Dammam

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

manufacturer of scaffolding, roll-formed building profiles, gypsum plasterboard, expanded metal sheets and beads

 

 

No of Employees :

280 (approximately)

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

 

 

 

 

SUMMARY

 

Company Name                                     : SAUDI SCAFFOLDING FACTORY

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 19th October 1986

Commercial Registration Number            : 2050013351, Dammam

Chamber Membership Number                : 10996

Issued Capital                                        : SR 13,000,000

Paid up Capital                                      : SR 13,000,000

Total Workforce                                     : 280

Activities                                               : Manufacture of scaffolding, roll-formed building profiles, gypsum

                                                              plasterboard, expanded metal sheets and beads

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Nassir Khan, Finance Manager

COMPANY NAME

 

SAUDI SCAFFOLDING FACTORY

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Dammam – Al Khobar Highway

PO Box             : 2194, Al Khobar 31952

Town                 : Dammam

Country             : Saudi Arabia

Telephone         : (966-3) 8823030

Facsimile          : (966-3) 8828240

Mobile               : (966-56) 273009 / (966-59) 0597988

Email                : corporate@saudiscaffolding.com / scaff@binex.com.sa / admin@binex.com.sa

                          dammam@saudiscaffolding.com.sa

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                          Description

 

·       1st Industrial Area                                                                              Factory premises

Dammam

Tel: (966-3) 8473535 / 8474327

Fax: (966-3) 8473255

 

·       PO Box: 16896                                                                                 Office premises

Riyadh 11474

Tel: (966-1) 2446428

Fax: (966-1) 2708798

 

·       PO Box: 8776                                                                                   Office premises

Jeddah 21492

Tel: (966-2) 6202400

Fax: (966-2) 6203973

 

·       PO Box: 151                                                                                     Office premises

Jubail 31951

Tel: (966-3) 3419191

Fax: (966-3) 3419192

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hesham Ali Reda Zeinal                                                                     Managing Partner

 

·       Yousef Ahmed Zeinal Ali Reda                                                           Partner

 

·       Adnan Abdul Jalil Abdul Jawad                                                           Partner

 

·       Abdulrahman Abdulaziz Al Rais                                                          General Manager

 

·       Mohamed Ali T                                                                                  Assistant General Manager

 

·       Joe Fernandes                                                                                  Procurement Manager

 

·       Farid Hamad Al Salem                                                                       Public Relations Manager

 

·       Ram Deshpandi                                                                                Commercial Manager

 

·       Tawfiq Al Humaid                                                                              Legal Affairs Manager

 

·       Nassir Khan                                                                                      Finance Manager

 

·       Aslam Cader                                                                                     Production Manager

 

·       Irefan Alireza                                                                                     Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16/02/1407 Hijri (corresponding to 19th October 1986)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2050013351, Dammam

 

Chamber Member No. : 10996

 

Issued Capital              : SR 13,000,000

 

Paid up Capital            : SR 13,000,000

 

Name of Partner (s)

 

·       Arabian Bulk Trading (ABT)

PO Box: 2194

Al Khobar 31952

     Tel: (966-3) 8823030

     Fax: (966-3) 8825764

 

·       International Co For Building Material Ltd (BINEX)

PO Box: 2194

Al Khobar 31952

Tel: (966-3) 8823030

Fax: (966-3) 8825764

 

 

AFFILIATED COMPANIES

 

Subject belongs to the Xenel Group of companies that consists of the following concerns:

 

·       National Petroleum (NATPET)

·       Saudi Cable Co

·       Hidada Co Ltd

·       Al Ujain Smelting

·       Arabian Bulk Trade Ltd

·       Aeromovel

·       AMI & Magrabi

·       Imdad

·       Hub Power Company Ltd

·       Resources Sciences Arabia Ltd

·       Xenel Contracting Ltd

·       Tecnimont Arabia Ltd

·       Xpronet Inc

·       Xentury City

·       Arabian Services Group

·       Saudi Services and Operations Company

·       Xenel Maintenance Ltd

·       Al Karam Al Arabi Ltd

·       Safra Company Ltd

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of scaffolding, roll-formed building profiles, gypsum plasterboard, expanded metal sheets and beads.

 

Import Countries: Europe and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 280 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 Revenue                            SR 85,000,000                           SR 87,300,000

 

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

 

 

BANKERS

 

·       Arab National Bank (ANB)

King Street

PO Box: 18

Dammam 31411

Tel: (966-3) 8323440

Fax: (966-3) 8337829

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              April 2006

Amount overdue                                     0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

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.59.08

UK Pound

1

Rs.99.20

Euro

1

Rs.80.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

 

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.