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Report No. : |
319718 |
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Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Al Tahlia Street, 10374, Jeddah 21433 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
11.11.2008 |
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Com. Reg. No.: |
4602002670 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of steel conduits, mechanical and scaffolding tubes, construction props and fences in addition to hand rail systems |
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No of Employees : |
140 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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, 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.
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Source
: CIA |
Company Name : INTERNATIONAL TUBE & CONDUIT COMPANY LTD (ITCC)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 11th November 2008
Commercial Registration Number : 4602002670
Chamber Member Number : 132923
Issued Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
Total Workforce : 140
Activities : Manufacture of steel conduits, mechanical and scaffolding tubes,
construction props and fences in addition to hand rail systems.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Persons Interviewed : Ahmed Sabih, Finance Manager
INTERNATIONAL TUBE
& CONDUIT COMPANY LTD (ITCC)
Location : Al Tahlia Street
PO Box : 10374
Town : Jeddah 21433
Country : Saudi Arabia
Telephone : (966-12) 6060275
Facsimile : (966-12) 6061095
Email : sales@itcc-group.com / sabih@itcc-group.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Jeddah.
Branch Office
(s)
Location Description
·
King
Abdullah Economic City Owned
factory covering 20,000
Rabegh square
metres
Name Nationality Position
·
Sheikh Waleed Ahmed Attieh Saudi Chairman
·
Sheikh
Ahmed Attieh Saudi Managing
Director
·
Hussam
Abdul Qader Qamr Eddine Lebanese Director
·
Hatim Al Mawolawi - General
Manager
·
Ahmed Sabih - Finance
Manager
·
Waleed Reefi - Commercial
Manager
·
Atef Baker - Administration
Manager
Date of Establishment : 13/11/1429 Hijri
(corresponding to 11th November 2008)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4602002670
Chamber Member No. : 132923
Issued Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
·
Bahra
Cable Co
Jeddah
·
M&M
Holding
Lebanon
·
Sheikh
Ahmed Attieh
·
Sheikh
Waleed Ahmed Attieh
·
Hussam
Abdul Qader Qamr Eddine
·
Attieh Ulma
Jeddah
·
ATC
Logistic
Jeddah
Activities: Engaged in the manufacture of steel
conduits, mechanical and scaffolding tubes, construction props and fences in
addition to hand rail systems.
Subject is ISO 9001:2008 accredited.
Import Countries: Belgium and Germany
Operating Trend: Steady
Subject has a
workforce of approximately 140 employees.
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 83,794,696 SR 86,734,669
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ahmed Sabih, Finance Manager
·
National
Commercial Bank
Palestine Square
PO Box: 7161
Jeddah 21462
Tel: (966-12) 6697384
Fax: (966-12) 6697388
No complaints
regarding subject’s payments have been reported.
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 |
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US Dollar |
1 |
Rs. 63.20 |
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1 |
Rs. 97.00 |
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Euro |
1 |
Rs. 69.33 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.