MIRA INFORM REPORT

 

 

Report Date :

27.11.2014

 

IDENTIFICATION DETAILS

 

Name :

METALS CORNER TRADE AND INDUSTRY CO LTD

 

 

Registered Office :

King Abdullah Road, Exit No. 10, 9645, Riyadh 11423

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

15.11.2000

 

 

Com. Reg. No.:

1010162945, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subjects operations are performed through the following divisions.

·         Trading Division

·         Industrial Division

 

 

No of Employees :

58

 

 

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 – 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                                    : METALS CORNER TRADE AND INDUSTRY CO LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 15th November 2000

Commercial Registration Number           : 1010162945, Riyadh

Chamber Membership Number               : 105068

Issued Capital                                       : SR 24,000,000

Paid up Capital                                     : SR 24,000,000

Total Workforce                                     : 58

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person (s) Interviewed                           : Fayez Hassan Saleh, Financial Controller

COMPANY NAME

 

METALS CORNER TRADE AND INDUSTRY CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : King Abdullah Road, Exit No. 10

 

PO Box            : 9645

 

Town                : Riyadh 11423

Country             : Saudi Arabia

 

Telephone         : (966-11) 2788783 / 2788953

Facsimile          : (966-11) 2788920

Mobile              : (966-50) 5202102

Email                : aldrees@metalscorner.com / info@metalscorner.com

 

Please note that subject’s previous address was, Al Taawoun Area, Exit No. 9, Riyadh.

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Riyadh.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       2nd Industrial Area                                                                              Shredding plant

     Dammam

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulrahman Saud Omar Al Bulhaid                                                  Managing Partner

 

·       Mohamed Ahmed Aldrees                                                                 Chief Executive Officer

 

·       Absar Alam                                                                                      Commercial Manager

 

·       Ibrahim Al Kaswani                                                                           Financial Manager

 

·       Fayez Hassan Saleh                                                                         Financial Controller

 

·       Mudasir Mohamed                                                                            Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th November 2000

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 1010162945, Riyadh

 

Chamber Member No.  : 105068

 

Issued Capital              : SR 24,000,000

 

Paid up Capital            : SR 24,000,000

 

Name of Partner (s)                                      Percentage

 

·       Seder Co Ltd                                                99%

Riyadh

Saudi Arabia

 

·       Abdulrahman Saud Omar Al Bulhaid                1%

 

 

AFFILIATED COMPANIES

 

·       Seder Group For Trading & Contracting

Prince Sultan Bin Salman Street

Al Woorood District

PO Box: 8896

Riyadh 11391

Tel: (966-11) 4606666

Fax: (966-11) 4028885 / 4607588

 

 

OPERATIONS

 

Activities: Subjects operations are performed through the following divisions.

 

·         Trading Division

 

Engaged in the import and distribution of ferrous and non ferrous scrap metals

 

·         Industrial Division

 

Engaged in the operation of a shredding plant for metals.

 

Import Countries: India and China

 

Operating Trend: Steady

 

Subject has a workforce of 58 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 157,300,000                         SR 165,000,000

 

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

 

The above figures were provided by Mr Fayez Hassan Saleh, Financial Controller

 

 

BANKERS

 

·       National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-11) 4772281

Fax: (966-11) 4730322

 

 

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.61.87

UK Pound

1

Rs.97.23

Euro

1

Rs.77.21                            

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SMN

 

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.