MIRA INFORM REPORT

 

 

Report No. :

303248

Report Date :

16.01.2015

 

IDENTIFICATION DETAILS

 

Name :

AL TEJARH AL RAQAMIH COMPANY

 

 

Registered Office :

Al Waleed Tower King Khalid Bin Al Waleed Street PO Box 23147 Jeddah 21426

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

01.01.1998

 

 

Com. Reg. No.:

2051032367, Jeddah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject is engaged in the import and distribution of structural steel, steel rebars, decorative profiles, construction chemicals, thermal and acoustical insulations, specialty chemicals and related products

 

 

No. of Employees :

80

 

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 :

No complaints

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

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

SUMMARY

 

Company Name                                    : AL TEJARH AL RAQAMIH COMPANY

Also Known As                                     : DIGI TRADE COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Start Date                                             : 1st January 1998

Registration Date                                  : 1st January 2005

Commercial Registration Number           : 2051032367, Jeddah

Issued Capital                                       : SR 500,000

Paid up Capital                                     : SR 500,000

Total Workforce                                     : 80

Activities                                               : Distributors of structural steel, steel rebars, decorative profiles,                                                                                      construction chemicals, thermal and acoustical

                                                            insulations, specialty chemicals and related products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Abdul Kawi Rasam, Finance Manager

 

 

 

 

 

COMPANY NAME

 

AL TEJARH AL RAQAMIH COMPANY

 

 

ALSO KNOWN AS

 

DIGI TRADE COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Waleed Tower

Street               : King Khalid Bin Al Waleed Street

PO Box            : 23147

Town                : Jeddah 21426

Country             : Saudi Arabia

 

Telephone         : (966-12) 6575898 / 6595612

Facsimile          : (966-12) 6510377 / 6595608

Email                : info@digitrade.com.sa

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Jeddah.

 

Branch Offices

 

Location                                                                                           Description

 

·       Old Mekkah Road, Km 40                                                                  Warehouse premises

Jeddah

 

·       Industrial Zone                                                                                  Warehouse premises

Dammam

 

·       King Khaled Street                                                                            Warehouse premises

Al Khobar 31952

Tel: (966-13) 8653636

Fax: (966-13) 8997091

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Yahia Abdo Ali Al Hamzi                                                                   Managing Director

 

·       Mohamed Yahia Abdo Ali Al Hamzi                                                   Director

 

·       Abdul Rahman Ghaleb                                                                      Administration Manager

 

·       Wael Rashad                                                                                    Purchasing Manager

 

·       Abdul Kawi Rasam                                                                           Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st January 1998, however subject was registered on 1st January 2005.

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2051032367, Jeddah

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Shareholder (s)                                                       Percentage

 

·       Yahia Abdo Ali Al Hamzi                                                       90%

 

·       Mohamed Yahia Abdo Ali Al Hamzi                                       10%

 

 

AFFILIATED COMPANIES

 

·       Silicon Trading & Contracting

PO Box: 4240

Al Khobar 31952

Tel: (966-13) 8897199

Fax: (966-13) 8897757 

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of structural steel, steel rebars, decorative profiles, construction

chemicals, thermal and acoustical insulations, specialty chemicals and related products. Subject owns and

operates 8 vehicles.

 

Import Countries: Turkey, Jordan and the United Arab Emirates.

 

Principal Suppliers:

 

·       Absal Steel                          Saudi Arabia

·       Attieh Steel Ltd                     Saudi Arabia

 

Clients:

 

·       Saudi Aramco

·       SABIC

·       Saudi Binladin Group

·       Petro Rabigh

·       Al Fozan Holding Group

 

Operating Trend: Steady

 

Subject has a workforce of 80 employees.

 

 

FINANCIAL DATA

 

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 65,000,000                           SR 60,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Abdul Kawi Rasam, Finance Manager

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-12) 6446644

Fax: (966-12) 6446644

 

·       Al Rajhi Banking & Investment Corporation

Al Mahjar Road

Jeddah

Tel: (966-12) 6377810

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.76

UK Pound

1

Rs.94.02

Euro

1

Rs.72.63

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.