|
Report No. : |
305816 |
|
Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAUDI CABLE COMPANY (SCC) |
|
|
|
|
Registered Office : |
Al Hamra District, Al Musadyah Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
01.01.1975 |
|
|
|
|
Com. Reg. No.: |
4030009931 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject’s
operations are performed through the following divisions: Manufacturing Division Manufacturers of electrical wires, power cables (overhead lines, insulated
power cables, building wires and speciality cables), telecom cables, fibre
optics, primary and secondary network cables, copper and aluminium conductors
and rods, PVC compounds, wooden reels and electrical devices. All of
subject’s operations are ISO 9002 certified. |
|
|
|
|
No. of Employees : |
800 |
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 : |
Slow but correct |
|
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, 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 |
Company Name :
SAUDI CABLE COMPANY (SCC)
Country of Origin :
Saudi Arabia
Legal Form :
Joint Stock Company
Registration Date :
1st January 1975
Commercial Registration Number :
4030009931, Jeddah
Chamber Membership Number :
13677
Issued Capital :
SR 760,000,000
Paid up Capital :
SR 760,000,000
Total Workforce :
800
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Poor
Payments :
Nothing detrimental uncovered
SAUDI CABLE COMPANY (SCC)
Registered &
Physical Address
Location : Al Hamra
District, Al Musadyah Area
PO Box : 4403 &
2824
Town : Jeddah 21491
Country : Saudi Arabia
Telephone : (966-12)
6380080 / 6380002 / 6694060 / 6087666
Facsimile : (966-12)
6379877 / 6354026 / 6352220 / 6352202 / 6355916 / 6377991
Email : info@saudicable.com
Premises
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
Industrial Estate, Phase II Owned
warehouse premises
PO Box: 9903
Jeddah 21491
Tel: (966-12) 6370189 / 6379877
Xenel Building Rented
office premises
Thalateen Street
Olaya
PO Box: 6793
Riyadh 11452
Tel: (966-11) 4649080
Fax: (966-11) 4644148
King Abdulaziz Street, 10th Cross Rented
office premises
PO Box: 2449
Al Khobar 31952
Tel: (966-13) 8947544
Fax: (966-13) 8982991
Name Position
Khalid Ahmed Yousuf Zainal Alireza Chairman
Waheeb A Linjawi Managing
Director
Shaukat Aziz Sheikh Abdulaziz Director
Yousif A Alireza Director
Adnan A Maimani Director
Abdulhadi A Shaif Director
Mansour M Abdulghaffar Director
Abdullah H Masri Director
Saleh Eaid Al Hosaini Director
Abdullah A Maimani Director
Mohamed Jaroon Al Attass General
Manager
Zuhair Mansoor Al Agail Operations
Manager
Mahmood Al Mutairi Public
Relations Manager
Guillermo P Varela Finance
Manager
Date of Establishment : 1st
January 1975
History : Subject was
formed in January 1975 and registered as a Limited Liability Partnership
between the following
foreign and Saudi partners:
- Chevron Inc (USA)
- NFK Group (Netherlands)
- Xenel Industries
- HRH Prince Badr Bin Abdul
Muhsin Bin Abdul Aziz
- Sheikh Abdul Karim Bakr Ahmed
- Sheikh Mansour Bin Fahd Al
Gheshiyan
- Eng. Omar Hashim Khalifati
In December 1986, the five local partners bought out Chevron Inc of the
USA and NFK Group of the Netherlands.
In April 1987 the Ministry of Commerce gave its approval for the company
to offer shares to the public and to be converted into a Public Joint Stock
Company. A public flotation was handled by the Saudi Investment Bank and
Consulting Center for Finance and Investment. The issue was SR 134 million
amounting to 725,000 shares priced at SR 184.80 – SR 185.0 each with investors
having to take a minimum of 1,000 shares. The offer date was 10th
November 1987 and the issue was fully subscribed.
Legal Form : Joint Stock
Company
Commercial Reg. No. : 4030009931,
Jeddah
Chamber Member No. : 13677
Issued Capital : SR 760,000,000
Paid up Capital : SR 760,000,000
Name of
Shareholder (s) Percentage
Xenel Industries 16.60%
PO Box: 2824
Jeddah
HRH Prince Badr Bin Abdul Muhsin Bin Abdul Aziz ]
]
Sheikh Abdul Karim Bakr Ahmed ]
]
Sheikh Mansour Bin Fahd Al Gheshiyan ] 83.40%
]
Omar Hashim Khalifati ]
]
Members of the general public and private investors ]
Subject is a member of the SCC Group of Companies, which includes the
following concerns:
Name Stake
Held
Demirer Kablo Tesisleri Sanayi & Ticaret AS 100.00 %
Tesisleri Ve Ticaret AS
Barrbaros Bulvari 49
Besiktas
Istanbul
Turkey
Tel: (90-1) 1615163
Saudi Cable Company Marketing Co (SCCM)
100.00 %
Madinah Road
Rawdah Area
PO Box: 9903
Jeddah 21423
Saudi Arabia
Tel: (966-12) 6694174
Fax: (966-12) 6695581
Mastel Communication & Information Network Systems Ltd 100.00 %
PO Box: 50808
Jeddah 21533
Tel: (966-12) 6834888
Fax: (966-12) 6621858
Mass Projects Limited
100.00 %
PO Box: 4403
Jeddah 21491
Tel: (966-12) 6652400
Mass Centres Limited
100.00 %
PO Box: 4403
Jeddah 21491
Tel: (966-12) 6600731
Fax: (966-12) 6611607
Mass Holding AS
100.00 %
Turkey
Mass Kablo AS
100.00 %
Turkey
Tel: (90-212) 2615163
Fax: (90-212) 2618486
Kavel Kablo Elektrik Malzamesi AS
100.00 %
Turkey
Tel: (90-212) 2776426
Fax: (90-212) 2778976
Mass International Trading Co
100.00 %
Ireland
Mass International Corp
100.00 %
United States of America
Midal Cables Ltd 50.00 %
PO Box: 5939
Manama
Bahrain
Tel: (973-17) 662050 / 830111
Fax: (973-17) 660259 / 830168
Aluminium Wheel Co 41.20 %
Manama
Bahrain
Aluminium Technic Co 41.20 %
Manama
Bahrain
Saudi Information Development Industries 22.50 %
PO Box: 32411
Jeddah
Tel: (966-12) 6623332
Fax: (966-12) 6827091
Alujan Corp 17.60 %
Jeddah
Activities: Subject’s operations are performed through the following divisions:
Manufacturing Division
Manufacturers of electrical wires, power cables (overhead lines,
insulated power cables, building wires and speciality cables), telecom cables,
fibre optics, primary and secondary network cables, copper and aluminium conductors
and rods, PVC compounds, wooden reels and electrical devices. All of subject’s
operations are
ISO 9002 certified.
Subject operates the following
factories:
Power Cable Plant
Industrial Estate,
Phase II
PO Box: 4403
Jeddah
Tel: (966-12) 6380080
Copper Rod Plant
Industrial Estate,
Phase II
PO Box: 4403
Jeddah
PVC Compounds &
Reel Plants
Industrial Estate, Phase II
PO Box: 4403
Jeddah
Tel: (966-12) 6370189 /
6370196
Telecom Cable Plant
Industrial Estate,
Phase III
PO Box: 30091
Jeddah 21477
Tel: (966-12) 6376060
Fax: (966-12) 6375462
Production Capacity per Annum
Product Capacity
Copper 26,000
units
Aluminium wires 26,000
units
PVC Compounds 19,000
units
Wooden cable pulleys 62,000 units
Telephone cables 4,500 units
Conductors LV 700 units
Electrical cables 2,900 units
Telecom cables 10,080
units
Hub-Jamshoro Project
This contract was awarded to SCC by the Pakistani government and covered
the linking of the recently built Hub River electrical power generation plant
to Pakistan’s electricity network grid. When completed the project accounted
for 13% of Pakistan’s total electric supply.
XE-NYL Plastics
XE-NYL Plastics is an operating division of Saudi Cable Company with
manufacturing facilities in Jeddah’s industrial area. Production capacity
currently stands at 12,000 tonnes of cable grade PVC compounds per annum, but
the plant’s design is such that this output could be doubled.
Import Countries: United States of America, the Far East, Europe,
Russia, Zambia and Iran
International Suppliers:
Memaco Services Ltd United
Kingdom
Mare Rich Ltd United
Kingdom
BP Chemicals Greece
Export Countries: Subject exports products to over 50 countries,
particularly the Indian subcontinent, as well as other GCC members and the
Middle East
Subject has a workforce of approximately 800 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR 000’s)
Balance Sheet 31/12/13 31/12/12 31/12/11 31/12/10
|
Current Assets |
1,227,353 |
1,582,244 |
1,792,189 |
1,501,757 |
|
Inventory |
520,470 |
786,964 |
994,018 |
864,574 |
|
Investments |
440,224 |
419,829 |
401,692 |
405,455 |
|
Fixed Assets |
857,832 |
919,761 |
873,885 |
856,734 |
|
Other Assets |
166,172 |
65,295 |
45,278 |
14,025 |
|
Total Assets |
3,212,051 |
3,774,093 |
4,107,062 |
3,642,545 |
|
Current Liabilities |
2,168,760 |
2,256,645 |
2,619,001 |
1,978,521 |
|
Non-Current Liabilities |
365,141 |
589,081 |
466,660 |
464,398 |
|
Other Liabilities |
- |
0 |
0 |
0 |
|
Shareholders’ Equity |
678,150 |
928,367 |
1,021,401 |
1,199,626 |
|
Minority Interests |
- |
- |
- |
- |
|
Total Liabilities and Shareholder Equity |
3,212,051 |
3,774,093 |
4,107,062 |
3,642,545 |
Profit & Loss
Account
|
Sales |
2,447,859 |
2,687,850 |
3,199,565 |
1,857,106 |
|
Sales Cost |
2,315,621 |
2,546,143 |
2,997,458 |
1,756,576 |
|
Total Income |
132,238 |
141,707 |
202,107 |
100,530 |
|
Other Revenues |
124,877 |
70,472 |
88,544 |
144,851 |
|
Total Revenues |
257,115 |
212,179 |
290,651 |
245,381 |
|
Admin and Marketing Expenses |
166,045 |
175,755 |
144,496 |
161,901 |
|
Depreciation |
77,300 |
74,104 |
66,910 |
90,860 |
|
Other Expenses |
213,548 |
114,414 |
71,376 |
69,921 |
|
Total Expenses |
456,893 |
364,273 |
282,782 |
322,682 |
|
Net Income Before Zakat |
-199,778 |
-152,094 |
7,869 |
-77,301 |
|
Zakat |
29,339 |
4,311 |
2,766 |
10,515 |
|
Net Income |
-229,117 |
-156,405 |
5,103 |
-87,816 |
|
Balance First Period |
63,464 |
219,869 |
272,276 |
360,092 |
|
Reserves |
0 |
0 |
510 |
0 |
|
Cash Dividends |
0 |
0 |
57,000 |
0 |
|
Other Distributions |
0 |
0 |
0 |
0 |
|
Balance End Period |
-165,653 |
63,464 |
219,869 |
272,276 |
Local sources consider subject’s financial condition to be Poor.
Riyad Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
Saudi British Bank
PO Box: 109
Jeddah 21411
Tel: (966-12) 6512121
National Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
No complaints regarding subject’s payments have been reported.
Saudi Cable Company was established in 1975 as a Limited Liability
Partnership. It was converted into a Public Joint Stock Company in 1988 and
floated on the Stock Exchange. It is engaged in the manufacture and supply of
electrical and telecommunications cables, copper rod, PVC compounds, wooden
reels and related products.
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.61.74 |
|
|
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.