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Report No. : |
356659 |
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Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
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Name : |
RASHED
ABDULRAHMAN AL RASHED AND SONS (RAR) |
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Registered Office : |
Rashed Al Rashed (RAR) Building, Prince Musaed Street, Crossing No. 1, P O Box: 99, Al Khobar 31952 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
Subject was founded in 1950, but was registered on 17/03/1395 Hijri (corresponding to 29th March 1975) |
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Com. Reg. No.: |
2051000019, Al
Khobar |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject’s
operations are performed through the following divisions: · Al Rashed Building Materials Division · Al Rashed Wood Products Factory Division · Transport Division · Cement Division · Sanitary Ware Division · Steel Products Factory Division (Al Rashed Fasteners) · Contracting Division · Real Estate Division |
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No. of Employees : |
1,800 |
RATING & COMMENTS
|
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 : |
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) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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. 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 : RASHED
ABDULRAHMAN AL RASHED AND SONS (RAR)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Start Date :
1950
Registration Date : 29th
March 1975
Commercial
Registration Number :
2051000019, Al Khobar
Chamber Membership
Number : 179
Issued Capital : SR
29,000,000
Paid up Capital : SR
29,000,000
Total Workforce : 1,800
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Magid Tanweer,
Senior Accountant
RASHED ABDULRAHMAN
AL RASHED AND SONS (RAR)
Building : Rashed Al Rashed (RAR) Building
Street : Prince Musaed Street, Crossing
No. 1
PO Box : 99
Town : Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-13) 8574991 / 8579655 / 8642109
/ 8642150
Facsimile : (966-13) 8573918 / 8649029 / 8572370
Email : corporate@alrashed.com / info@alrashed.com / mohammed.sabir@alrashid.com
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Al Khobar.
Branch Office
(s)
Location Description
·
Jeddah Office
premises
Tel: (966-12) 6720767
·
Dammam Office
premises
Tel: (966-13) 8323539
·
Thuqbah Office
premises
Tel: (966-13) 8953429
·
Al
Khobar Office
premises
Tel: (966-13) 8570377
·
Jubail Office
premises
Tel: (966-13) 8100744
·
Al Hasa Office
premises
Tel: (966-13) 5865776
·
Riyadh Office
premises
Tel: (966-11) 4482222 / 2767676
Name Position
·
Abdulaziz
Rashed Abdul Rahman Al Rashed Managing
Partner
·
Salah
Rashed Abdul Rahman Al Rashed Partner
·
Abdulmohsen
Rashed Abdul Rahman Al Rashed Partner
·
Abdulmonem
Rashed Abdul Rahman Al Rashed Partner
·
Abdulrahman
Rashed Abdul Rahman Al Rashed Partner
·
Ahed
Shihadeh Marketing
Manager
·
Kurshaid
Mohamed Sabir Finance Manager
·
Mohamed
Mubarak Ba Zayed Administration
Manager
·
Zaga
Mohamed Investment
Manager
·
Magid
Tanweer Senior
Accountant
Date of Establishment : Subject was
founded in 1950, but was registered on 17/03/1395
Hijri (corresponding to 29th
March 1975)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2051000019,
Al Khobar
Chamber Member No. : 179
Issued Capital : SR 29,000,000
Paid up Capital : SR 29,000,000
·
Abdulaziz
Rashed Abdul Rahman Al Rashed 20%
·
Abdulmohsen
Rashed Abdul Rahman Al Rashed 20%
·
Abdulmonem
Rashed Abdul Rahman Al Rashed 20%
·
Abdulrahman
Rashed Abdul Rahman Al Rashed 20%
·
Salah
Rashed Abdul Rahman Al Rashed 20%
·
Al
Rashed & Al Omran Company Ltd
Said Sayed Building
Khazzan Street
PO Box: 2743
Riyadh
Tel: (966-11) 4770566
Fax: (966-11) 4770334
CR No. 1010006104
·
Al
Rashed Food Co
Riyadh Industrial Area
PO Box: 60428
Riyadh 11545
Tel: (966-11) 4984487
Fax: (966-11) 4984203
·
Saudi
Public Transport Company (SAPTCO)
Al Takhassosi Street
PO Box: 10667
Riyadh 11443
Tel: (966-11) 4545000
Fax: (966-11) 4542100
·
Saudi
Filter Company
Second Industrial City
PO Box: 401
Dammam 31932
Tel: (966-13) 8430085
Fax: (966-13) 8430096
CR No. 2051001829
·
National
Factory for Bolts & Nuts
Al Khobar – Dammam Highway
PO Box: 185
Al Khobar 31952
Tel: (966-13) 8572717
Fax: (966-13) 8576164
CR No. 2051001335
·
Al
Rashed Abetong Co Ltd
Nasseem Road
PO Box: 6058
Riyadh
Tel: (966-11) 2410507
Fax: (966-11) 2413419
CR No. 1010029494
·
Saudi
Oberoi Company Ltd
First Street
PO Box: 5397
Dammam 31422
Tel: (966-13) 8345555
Fax: (966-13) 8349872
CR No. 2050010828
·
Arabian
Chemical Investment Corp
Industrial City II
PO Box: 5985
Jeddah
Tel: (966-12) 6534848
Fax: (966-12) 6530328
·
Al Bank
Al Saudi Al Fransi
Mather Road
PO Box: 56006
Riyadh 11554
Tel: (966-11) 4042222
Fax: (966-11) 4042311
·
Civil
Works Co
PO Box: 14390
Jeddah
·
Saudi
Arabian Maintenance and Services Co Ltd
·
Mubarraz
Water Co Ltd
·
Haradh
Agricultural and Livestock
·
Prefabricated
Building Co Ltd
·
United
Cement Marketing
·
Al
Rashed and Al Noseib Trading Co
·
Saud
Japanese Construction Co Ltd
·
Al
Rashed and Al Jundan Contracting Co Ltd
·
Dammam
Hotels Company Ltd
·
Dhahran
Harco Chemical Industries Ltd
·
Industrial
Supplies & Investment Co Ltd (Rarco)
·
Saudi
Coating Company Ltd
·
Ramat
Marketing & Distribution Co Ltd
Activities: Subject’s operations are performed through
the following divisions:
Address: Rakah Area
PO Box:
76556
Al Khobar
31952
Tel:
(966-13) 8579655
Fax:
(966-13) 8573918
Email: info@rarbmd.com
Activities: Engaged
in the import, distribution and retail of rebars, commercial steel, timber,
plywood, MDF, blockboard, ceramic tiles, quarry tiles, mirror tiles, swimming
pool tiles and wall tiles.
Al
Rashed Building Materials operates branches throughout the Kingdom, including
Al Khobar, Dammam, Jubail, Riyadh, Jeddah, Mecca, Al Hassa, Qassim, Madinah,
Khamis Mushiat, Jouf and Gizan.
Address : Dammam – Al
Khobar Highway
PO Box: 99
Al Khobar
31952
Tel:
(966-13) 8573922 / 8573918 / 8574127 / 8595845
Mob:
(966-54) 810613
Fax:
(966-13) 8573918 / 8590076 / 8573167
Management : Mahmoud Abdulrahim
Keshwa Division Manager
Raji
Mahmoud Raji Commercial
Manager
Suhail Butt Administrative
Secretary
History : This
division was originally established in 1983 under the name of “Al Rashed Wood
Products”. However, in 1995 and as a consequence of a restructuring program the
division was amalgamated with another division of the group, namely “Al Rashed
Prefabricated Houses & Pallets Factory”. Subsequently the division was
renamed under its current style of “Al Rashed Wood Products Factory Division”
and was registered under Commercial Registration Number 2051000019/014 in Al
Khobar and Industrial Concession Number : 930/S
Activities : Engaged
in the manufacture of wooden pallets, laminated plywood, wooden rails and
doors, door frames kitchen cabinets, desks and prefabricated housing units.
This division produces over 500,000 pallets per annum.
Address : Rakah Area
PO Box: 261
Al Khobar
31952
Tel:
(966-13) 8572205
Fax:
(966-13) 8576775
Activities : Engaged
in the provision of national short and long haul transport services, special
transport of all kinds of goods, heavy haulage and well trailer transport, as
well as container transport of unit goods.
Address : Rakah Area
PO Box: 246
Al Khobar
31952
Tel:
(966-13) 8570377
Fax:
(966-13) 8572256
Activities : Distributors
of Portland cement, rapid hardening cement, quick setting cement, water
replacements, hydrophobic Portland cement and oil well drilling Portland
cement.
Address : Rakah Area
PO Box:
2819
Al Khobar
31952
Tel:
(966-13) 8945960
Fax:
(966-13) 8942051
Activities : Distributors
and retailers of baths, bidets, shower trays, urinals, kitchen sinks, taps and
mirror frames.
Address : Al Khobar –
Dammam Coastal Way
PO Box: 185
Al Khobar
31952
Tel:
(966-3) 8572008
Fax: (966-3)
8576164
Activities : Producers
of galvanised steel wire, welded wire mesh steel, galvanised & PVC chain
link fence, barbed wire steel, black wire mesh and re-bar cutting and bending,
as well as various types of fasteners. Subject has a production capacity of
9,600 tonnes per annum.
Address : Rakah Area
PO Box: 246
Al Khobar
31952
Tel:
(966-13) 8570377
Fax:
(966-13) 8572256
Activities : General building and maintenance contractors.
Address : Rashed Al Rashed
Building
Prince
Musaed Street, Crossing No. 1
PO Box: 99
Al Khobar
31952
Tel:
(966-13) 8642109
Fax:
(966-13) 8649029
Activities : Real estate investors and developers.
Import
Countries: The United Kingdom,
Germany, Japan and the United States of America.
International
Suppliers:
·
Lonrho
Exports Ltd United
Kingdom
·
Redman
Fisher Engineering Ltd United
Kingdom
·
Krupp
Stahl AG Germany
·
Yoosung
Corp Japan
·
Jubi
Yuning Industrial Co Japan
Brand Names: ALRASHED
Operating Trend: Steady
Subject has a
workforce of approximately 1,800 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 509,300,000 SR 513,850,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Al Bank
Al Saudi Al Fransi
Prince Nasser Street
PO Box: 397
Al Khobar
Tel: (966-13) 8643896 / 8644996
·
Saudi
American Bank
Fluor Branch
PO Box: 842
Al Khobar 31952
Tel: (966-13) 8575503
·
Arab
National Bank (ANB)
PO Box: 37
Al Khobar 31952
Tel: (966-13) 8948660
Fax: (966-13) 8942752
·
National
Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-13) 8949669
Fax: (966-13) 8646474
Regular
Please note that
the correct name of the subject is “Rashed Abdulrahman Al Rashed and Sons
(RAR)” and not “Rashed Abdulrahman Al Rashed & Sons Group”.
Rashed Abdulrahman
Al Rashed and Sons (RAR) commenced trading in the 1950s and has since grown
into a leading Saudi business with diversified operations covering all aspects
of the building and construction industry. Al Rashed Building Materials is a
division within Rashed Abdulrahman Al Rashed and Sons (RAR).
Subject is owned by
members of the wealthy Al Rashed family who have been engaged in the building
and construction industries for nearly 50 years.
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.66.14 |
|
|
1 |
Rs.98.69 |
|
Euro |
1 |
Rs.72.55 |
|
SAR |
1 |
Rs.17.71 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
AMR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
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-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.