MIRA INFORM REPORT

 

 

Report No. :

319111

Report Date :

28.04.2015

 

IDENTIFICATION DETAILS

 

Name :

SAUDI SPECIALITY CHEMICAL INDUSTRIES CO LTD

 

 

Registered Office :

Madinah Highway Road, Industrial Area, Phase 5, PO Box 22973, Jeddah 21416

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.12.1997

 

 

Com. Reg. No.:

4030153259

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the production of chemicals used in the production of paints, water treatments and veterinary products as well as for the construction industry.

 

 

No. of Employees :

115

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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, telecommuncations, 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : SAUDI SPECIALITY CHEMICAL INDUSTRIES CO LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 30th December 1997

Commercial Registration Number           : 4030153259, Jeddah

Chamber Membership Number               : 102483

Issued Capital                                       : SR 20,000,000

Paid up Capital                                     : SR 20,000,000

Total Workforce                         : 115

Activities                                               : Production of chemicals.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Omar Lababanah, Purchasing Manager

 

 

COMPANY NAME

 

SAUDI SPECIALITY CHEMICAL INDUSTRIES CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Madinah Highway Road

Area                 : Industrial Area, Phase 5

PO Box            : 22973

Town                : Jeddah 21416

Country : Saudi Arabia

Telephone         : (966-12) 6081911

Facsimile          : (966-12) 6081912

Mobile              : (966-54) 2343084

Email                : info@ssci.com.sa

 

Premises

 

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

 

Branch Offices

 

Location                                                                                               Description

 

Al Riyadh Building, 2nd Floor, Office No. 23                                            Office premises

PO Box: 220765

Riyadh 11311

 

Olaya Main Street                                                                                  Office premises

Olaya District

Riyadh

Tel: (966-11) 2631183

Fax: (966-11) 4506438

 

PO Box: 6955                                                                                       Office premises

Dammam 31452

Tel: (966-13) 8341659

Fax: (966-13) 8341695

 

 

KEY PRINCIPALS

 

Name                                                   Nationality                                Position

 

Jamal Fouzi Mohamed Matalaqa                        Jordanian                      Managing Partner

 

Mohamed Saleh Abdul Wahab Sheikh                Saudi                            Partner

 

Ahmed Al Ahmed                                                 Saudi                         Partner

 

Mohamed Fouzi Matalqa                                           -                            General Manager

 

Nazir Khargat                                                           -                            Commercial Manager

 

Mamoun Mansour                                                     -                            Technical Manager

 

Maher Mohamed Zeyoud                                          -                            Finance Manager

 

Omar Lababanah                                                      -                            Purchasing Manager

 

Huda Matalaqa                                                         -                            Assistant Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 01/09/1418 Hijri (corresponding to 30th December 1997)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030153259, Jeddah

 

Chamber Member No.  : 102483

 

Issued Capital              : SR 20,000,000

 

Paid up Capital            : SR 20,000,000

 

Name of Partner (s)

 

Jamal Fouzi Mohamed Matalaqa

 

Mohamed Saleh Abdul Wahab Sheikh

 

Ahmed Al Ahmed

 

 

AFFILIATED COMPANIES

 

Global Aqua Technologies Co Ltd (Gatco)

Jeddah

Saudi Arabia

 

Middle East Advanced Refrigeration Work Industries Co Ltd (Meari)

Jeddah

Saudi Arabia

 

 

OPERATIONS

 

Activities: Engaged in the production of chemicals used in the production of paints, water treatments and veterinary products as well as for the construction industry.

 

Import Countries: Europe, Japan, India and the United States of America.

 

International Suppliers:

 

Donaldson Filter                        United States of America

High Gasket                              Italy

ITR                                           Italy

Mitsubishi Corporation               Japan

Somutomo                                Japan

SNF                                          France

SABIC                                      Saudi Arabia

Fly Ash Co Ltd                          India

 

Operating Trend:                      Steady

 

Subject has a workforce of 115 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                SR 116,200,000             SR 120,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-12) 6446644

Fax: (966-12) 6446644

 

Saudi British Bank

PO Box: 109

Jeddah 21411

Tel: (966-12) 6512121

 

 

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.63.61

UK Pound

1

Rs.96.55

Euro

1

Rs.69.18

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

               


 

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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