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Report No. : |
336446 |
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Report Date : |
18.08.2015 |
IDENTIFICATION DETAILS
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Name : |
DELMON COMPANY
LTD |
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Registered Office : |
Delmon Tower, 4th
Floor, Dammam
- Al Khobar Express Highway, Khalidiya District, P O Box: 6800, Dammam 31452 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.04.1417 Hijri (Corresponding to 21st
August 1996) |
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Com. Reg. No.: |
2050021815,
Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is
engaged as oil and gas contractors. |
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No. of Employees : |
150 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
Company Name : DELMON
COMPANY LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 21st
August 1996
Commercial
Registration Number :
2050021815, Dammam
Chamber Membership
Number : 2365
Issued Capital : SR
15,000,000
Paid up Capital : SR
15,000,000
Total Workforce : 150
Activities : Oil and gas contractors
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Gamal Hakim, Finance Manager
DELMON COMPANY LTD
Building : Delmon Tower, 4th
Floor
Street : Dammam - Al Khobar Express
Highway
Area : Khalidiya District
PO Box : 6800
Town : Dammam 31452
Country : Saudi Arabia
Telephone : (966-13) 8577777 / 8471777
Facsimile : (966-13) 8471683
Email : info@delmon.com.sa / delmon@delogss.com / accounts@delomon.com
/ nabil@delmon.com
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Dammam.
Branch Office
(s)
Location Description
·
PO Box:
4616 Office
premises
Riyadh 11423
Tel:
(966-11) 4612823
Fax:
(966-11) 4644861
·
PO Box:
132352 Office
premises
Jeddah 21382
Tel:
(966-12) 6311642
Fax:
(966-12) 6311642
·
2nd
Industrial Area Office
premises
Dammam
Tel: (966-13) 8121771
Name Position
·
Ahmed Sulaiman Abdullah Al Ghonaim Managing
Partner
·
Mohamed Sulaiman Abdullah Al Ghonaim Partner
·
Abdul Wahab Abdullah Al Ghonaim Partner
·
Gamal Hakim Finance
Manager
·
Nabil Abdulazim Assistant
Finance Manager
·
Safar
Abdulrahman Financial
Controller
·
Mohamed Fenil Senior
Accountant
·
Ergun Taj Commercial
Manager
·
Hareth Mohamed Jeddah
Branch Manager
Date of Establishment : 06/04/1417
Hijri (corresponding to 21st August 1996)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050021815,
Dammam
Chamber Member No. : 2365
Issued Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
·
Ahmed Sulaiman Abdullah Al Ghonaim
·
Mohamed Sulaiman Abdullah Al Ghonaim
·
Abdul Wahab Abdullah Al Ghonaim
·
Delmon
Chemical Industries Factory
2nd Industrial City
PO Box: 6800
Dammam 31452
Tel: (966-13) 8581659 / 8121771
Fax: (9661-3) 8581653 / 8121705
Email: dcichem@delmon.com.sa
·
Delmon Salt Factory
·
Delmon Gasket Factory
·
National
Factory for Processing & Treating Minerals
·
Delmon
Travel & Tours Company
Activities: Engaged as oil and gas contractors.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 150 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 541,627,000 SR 546,302,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Gamal Hakim, Finance Manager
·
Riyad
Bank
Prince Mohammed Street
PO Box: 2123
Dammam
Tel: (966-13) 8323440
Fax: (9661-3) 8337829
Acc No. 3020768169901
No complaints
regarding subject’s payments have been reported.
Established in
1996, subject is owned and managed by members of the Al Ghonaim family who are
well respected in the local business community.
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.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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 |
|
|
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 |
-- |
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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.