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Report No. : |
303252 |
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Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SAUDI MARBLE
& GRANITE FACTORY COMPANY LTD (SMG) |
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|
|
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Registered Office : |
Al Harbi Building, Salaheddine Street (60th Street) Al Malaz District, P O Box: 5750 & 25531, Riyadh 11432 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
08.08.1996 |
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Com. Reg. No.: |
1010143220,
Riyadh |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Subject is
engaged in the quarrying, cutting and processing of marble and granite. |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
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
MARBLE & GRANITE FACTORY COMPANY LTD (SMG)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 8th
August 1996
Commercial
Registration Number :
1010143220, Riyadh
Chamber Membership
Number : 79688
Issued Capital :
SR 100,000,000
Paid up Capital : SR
100,000,000
Total Workforce : 150
Activities :
Quarrying, cutting and processing of marble and granite.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ibrahim Al
Aqetaa, Finance Manager
SAUDI MARBLE &
GRANITE FACTORY COMPANY LTD (SMG)
Building : Al Harbi Building
Street : Salaheddine Street (60th Street)
Area : Al Malaz District
PO Box : 5750 & 25531
Town : Riyadh 11432
Country : Saudi Arabia
Telephone : (966-11) 4735350 / 2010000 / 4405800
Facsimile : (966-11) 4729436 / 2013003 / 4405808
/ 4405803
Mobile : (966-50) 9766257
Email : sales@smg.com.sa
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Riyadh.
Branch Office
(s)
Location Description
·
Makkah Road Owned
factory premises
Tirab Area
Riyadh
Tel:
(966-11) 4987014 / 5240512
·
Jeddah Office
premises
Tel: (966-12) 6948777
CR No. 4030001592/001
·
Dammam Office
premises
Tel: (966-13) 8575922 / 8080735
Name Position
·
Abdullah
Al Issa Swaider Al Harbi Managing
Partner
·
Fahad
Abdullah Al Issa Swaider Al Harbi Partner
·
Naif
Abdullah Al Issa Swaider Al Harbi Partner
·
Feras Al Jedie Factory
Manager
·
Essam
Chabel Marketing
Manager
·
Ibrahim Al Aqetaa Finance
Manager
·
Nehad
Bu Hamdan Purchasing
Manager
·
Abdulrahman
Al Harbi Human
Resources Manager
·
Zayed
Al Mazen Glass
Factory Manager
·
Abdullah Hassan Sales
Manager
Date of Establishment : 23/03/1417 Hijri
(corresponding to 8th August 1996)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010143220,
Riyadh
Chamber Member No. : 79688
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
·
Abdullah
Al Issa Swaider Al Harbi
·
Fahad
Abdullah Al Issa Swaider Al Harbi
·
Naif
Abdullah Al Issa Swaider Al Harbi
·
Al
Harbi Trading & Contracting Co
Riyadh
Tel: (966-11) 4775252
Fax: (966-11) 4775350
Activities: Engaged in the quarrying, cutting and
processing of marble and granite.
SMG owns and
operate 14 quarries within an 800-kilometer radius of the production facilities
with a block production capacity of 100,000 cubic meters per year.
Production
facilities are ISO 9002 certified.
Annual production to over 100,000 M3 of rough blocks and 4,000,000 (Four
Million) M2 of different sizes (slabs, standard sizes, cut-to-size, water-jet,
etc.) of stones, with a total personnel/work force of over 2,800.
Artstone Division
Artstone, a
division of SMG, the leading Saudi Company in Marble and Granite, is
specialized in providing its customers a variety of finest materials available
in the world of coverings. We have selected suppliers and manufacturers from
around the globe to offer products that are unique in their beauty and special
in their decorative ideas.
Salalah Division
Salalah was
established as a division of the Saudi Marble & Granite Factory. It is
specialized in the importing and manufacturing of the finest types of marble
that are carefully selected to mix between strength and beauty of design,
competing in that quality with the best international trademarks. Salalah has
gained a global trust and has become the choice of many local and international
projects.
Yara Ceramica Division
Yara Ceramica is
established as a division of SMG, specialized in producing a range of ceramic
tiles in distinctive colours and qualities for the construction industry.
Production Capacity: 1,800,000 square metres per year
Import
Countries: Europe and GCC
countries
Suppliers:
·
Bluescani Ceramic Spain
·
Al Mulhem Ceramic Saudi
Arabia
·
TRACO Saudi Arabia
Agencies Held:
·
Saudi
Ceramic
Brand Names: ARTSONE, SALAH and YARA CERAMIC
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
31/12/12: Year Ending
31/12/13:
Total Sales SR 415,000,000 SR 491,155,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Ibrahim Al Aqetaa, Finance Manager
·
National
Commercial Bank
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-1) 4776450
Fax: (966-1) 4769502
·
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4013030
No complaints
regarding subject’s payments have been reported.
Saudi Marble & Granite
Factory Company Ltd (SMG) was established in 1996 and is owned and managed by
members of the Harbi family who are well respected in the local business
community. The company specialises in the quarrying, cutting and processing of
marble and granite.
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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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 |
|
|
<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.