MIRA INFORM REPORT

 

 

Report No. :

324794

Report Date :

03.06.2015

 

IDENTIFICATION DETAILS

 

Name :

SAUDI NATIONAL STEEL FACTORY

 

 

Registered Office :

King Abd Aziz Street, District Khaldih, PO Box 640, Al Khobar 31952

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

02.02.2011

 

 

Com. Reg. No.:

2050074490

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subject will be engaged in the manufacture and processing of steel used for property development.

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Yet to Commence Commercial Operation

Payment Behaviour :

Unknown

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, 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

SUMMARY

 

Company Name                                    : SAUDI NATIONAL STEEL FACTORY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 2nd February 2011

Commercial Registration Number           : 2050074490, Al Khobar

Issued Capital                                       : SR 2,000,000

Paid up Capital                                     : SR 2,000,000

Total Workforce                         : 5

Activities                                               : Subject will be engaged in the manufacture and processing of steel

  used for property development

Financial Condition                                : Undetermined

Payments                                             : Unknown

Person Interviewed                                : Ahmed Ali Mushar Al Husseiny, Chairman

 

COMPANY NAME

 

SAUDI NATIONAL STEEL FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : King Abd Aziz Street

Area                 : District Khaldih

PO Box            : 640

Town                : Al Khobar 31952

Country : Saudi Arabia

Telephone         : (966-13) 8948629

Facsimile          : (966-13) 8948629

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Al Khobar.

 

Branch Office (s)

 

Location                                                                                   Description

 

3rd Industrial Zone                                                                      Factory premises (under construction)

Al Khobar

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ahmed Ali Mushar Al Husseiny                                                   Chairman

 

Mishary El Hosany                                                                    Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2nd February 2011, However production will begin by the end of 2015.

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 2050074490, Al Khobar

 

Issued Capital              : SR 2,000,000

 

Paid up Capital            : SR 2,000,000

 

Name of Partner (s)                                                     

 

Ahmed Ali Mushar Al Husseiny

 

El Nasr Projects Industrial Company

 

 

AFFILIATED COMPANIES

 

Amal El Eamar Company

 

El Husseiny Trading Company

 

 

OPERATIONS

 

Activities: Subject will be engaged in the manufacture and processing of steel used for property development.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

Al Bank Al Saudi Al Fransi

Prince Nasser Street

PO Box: 397

Al Khobar

Tel: (966-13) 8643896 / 8644996

 

 

PAYMENT HISTORY

 

Unknown

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.83

UK Pound

1

Rs.97.10

Euro

1

Rs.69.74

 

 

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%)

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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.