|
Report No. : |
311061 |
|
Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARABIAN COMPANY FOR WATER PIPE INDUSTRY LTD (ACWAPIPE) |
|
|
|
|
Registered Office : |
Bajeha Centre, Office No. 4, Al Dhahab Street, Al Sulaimaniyah
District, PO Box 2579, Riyadh |
|
|
|
|
Country : |
Saudi
Arabia |
|
|
|
|
Date of Incorporation : |
14.09.2008 |
|
|
|
|
Com. Reg. No.: |
1010256386 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture of water, sewerage and high quality industrial pipes. |
|
|
|
|
No. of Employees : |
230 |
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 – 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 :
ARABIAN COMPANY FOR WATER PIPE INDUSTRY LTD
(ACWAPIPE)
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
14th September 2008
Commercial Registration Number :
1010256386, Riyadh
Chamber Membership Number :
204859
Issued Capital :
SR 55,000,000
Paid up Capital :
SR 55,000,000
Total Workforce :
230
Activities :
Manufacturers of water, sewerage and high quality industrial pipes.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Bader Balqasem, Administration Manager
ARABIAN COMPANY FOR WATER PIPE INDUSTRY LTD (ACWAPIPE)
Registered &
Physical Address
Building : Bajeha
Centre, Office No. 4
Street : Al Dhahab
Street
Area : Al
Sulaimaniyah District
PO Box :
2579
Town : Riyadh
Country : Saudi Arabia
Telephone : (966-11)
2935758
Facsimile : (966-11)
2933272
Email : balqassem@acwapipe.com
/ info@acwapipe.com
Premises
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
PO Box: 5794 Factory
premises
Dammam 31432
Tel: (966-13) 8143383
Fax: (966-13) 8143380
ACWAPIPE Office
premises
PO
Box: 322
Rabigh 21911
Tel: (966-12) 4232734
Fax: (966-12) 4220167
Jeddah
Office premises
Name Position
Mohamed Abdullah Abu Nayyan Chairman
Sulaiman Al Dakheel General
Manager
Hisham Bin Mahfouz Commercial
Manager
Naseeb Mohamed Finance
Manager
Bader Balqasem Administration
Manager
Ahmed Saif Commercial
Manager
Khalid Al Darat Production
Manager
Naseeb Mohamed Akhtar Accounts
Manager
Date of Establishment : 14/09/1429 Hijri
(corresponding to 14th September 2008)
Legal Form : Limited Liability
Company
Commercial Reg. No. : 1010256386,
Riyadh
Chamber Member No. : 204859
Issued Capital : SR 55,000,000
Paid up Capital : SR 55,000,000
Name of Partner
(s) Percentage
Arabian Co for Water & Energy Development (AQUAPOWER) 65%
Riyadh
Al Harbi Holding Co 35%
Riyadh
Activities: Engaged in the manufacture of water, sewerage and high quality industrial pipes.
Subject produces Glass Reinforced Plastic (GRP) pipes with a production capacity of 24,000 tons per year and Glass Reinforced Epoxy (GRE) pipes with a capacity of 12,000 tons per year.
Subject is ISO 9001 accredited.
Import Countries: Europe and GCC countries.
Subject has a workforce of approximately 230 employees.
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
National Commercial Bank
Batha Branch
PO Box: 34
Riyadh 11411
Tel: (966-11) 4010076 / 4025084
Fax: (966-11) 4034625
No complaints regarding subject’s payments have been reported.
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.62.62 |
|
|
1 |
Rs.94.39 |
|
Euro |
1 |
Rs.67.96 |
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.