MIRA INFORM REPORT

 

 

Report Date :

16.10.2014

 

IDENTIFICATION DETAILS

 

Name :

OBEIKAN GLASS COMPANY

 

 

Registered Office :

Al Razi Street, Yanbu Industrial City, 30083, Yanbu 51000

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

09.12.2007

 

 

Com. Reg. No.:

1010241520, Yanbu

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the manufacture of clear float glass that meets European Standard E-572-2.

 

 

No. of Employees :

120

 

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                                    : OBEIKAN GLASS COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 9th December 2007

Commercial Registration Number           : 1010241520, Yanbu

Chamber Membership Number               : 1110327

Issued Capital                                       : SR 200,000,000

Paid up Capital                                     : SR 200,000,000

Total Workforce                                    : 120

Activities                                               : Manufacturers of clear float glass

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

OBEIKAN GLASS COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street              : Al Razi Street

Area                 : Yanbu Industrial City

 

PO Box            : 30083

 

Town                : Yanbu 51000

Country : Saudi Arabia

 

Telephone         : (966-4) 3925299 / 3925756 / 3573100 / 3931071

Facsimile          : (966-4) 3931071

 

Premises

 

Subject operates from a suite of offices and a factory covering 378,400 square metres that are owned and located in the Industrial Area of Yanbu.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Fahd Abdulrahman Al Obeikan                                                          Managing Partner

 

·       Abdullah Abdulrahman Al Obeikan                                                     Partner

 

·       Tariq Abdulrahman Al Obeikan                                                          Partner

 

·       Saleh Nasser Al Jasir                                                                        Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30/11/1428 Hijri (corresponding to 9th December 2007)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 1010241520, Yanbu

 

Chamber Member No.  : 1110327

 

Issued Capital              : SR 200,000,000

 

Paid up Capital            : SR 200,000,000

 

Name of Partner (s)

 

·       Fahd Abdulrahman Al Obeikan

 

·       Abdullah Abdulrahman Al Obeikan

 

·       Tariq Abdulrahman Al Obeikan

 

·       Saleh Nasser Al Jasir

 

 

AFFILIATED COMPANIES

 

·       Obeikan Paper Industries Co Ltd

Al Kharj Road

Industrial City No. 3

PO Box: 355010

Riyadh 11383

Tel: (966-1) 2654351 / 4983392 / 2654316 / 2654328 / 2941289

Fax: (966-1) 2654315 / 2941286 / 2941280

 

·       Al Obeikan Bookshop

Ibn Thnayyan Building

King Fahed Street

Olaya

PO Box: 6672

Riyadh 11452

Tel: (966-1) 4654424

Fax: (966-1) 4982300

 

·       Obeikan Saint Gobain Co Ltd

Kharj Road

3rd Industrial Area

PO Box: 1087

Riyadh 11431

Tel: (966-1) 2651144

Fax: (966-1) 2650272

 

·       Obeikan Industrial Investment Group

Ibn Thnayyan Building

King Fahed Street

Olaya

PO Box: 6672

Riyadh 11452

Tel: (966-1) 4654424

Fax: (966-1) 4982300

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of clear float glass that meets European Standard E-572-2.

 

Production Capacity: 225,000 tons of sheet glass per year.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 120 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

 

·       National Commercial Bank

Yanbu

Tel: (966-4) 3221551

 

 

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.61.10

UK Pound

1

Rs.98.15

Euro

1

Rs.77.68

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

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.