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Report No. : |
320569 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
JOANNOU & PARASKEVAIDES (OVERSEAS) LTD |
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Registered Office : |
24 Jaber Ibn Rashid Street, Dhabab Street, Shama Al Muraba District 5881 Riyadh 11432 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
1975 |
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Com. Reg. No.: |
1010083862 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
General construction contractors, specialising in dams, bridges, tunnels, roads, infrastructure works, hospitals, housing complexes, airports, power stations and oil and gas projects. |
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No of Employees : |
5000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – 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 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
Company Name : JOANNOU & PARASKEVAIDES (OVERSEAS) LTD
Also Known As : J & P SAUDI ARABIA LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1975
Commercial Registration Number : 1010083862, Riyadh
Chamber Membership Number : 6696
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
Total Workforce : 5,000
Activities : General construction contractors
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME: JOANNOU & PARASKEVAIDES (OVERSEAS) LTD
ALSO KNOWN AS: J & P SAUDI ARABIA LTD
Street : 24 Jaber Ibn Rashid Street,
Dhabab Street
Area : Shama Al Muraba District
PO Box : 5881
Town : Riyadh 11432
Country : Saudi Arabia
Telephone : (966-11) 4040002 / 4040003 / 4040004
Facsimile : (966-11) 4039575 / 4010123 / 4010001
Email : jandpmail@jandp.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
·
PO Box:
720 Rented office premises
Al Khobar 31952
Tel: (966-13) 8571966 / 8579096
Fax: (966-13) 8572308
·
PO Box:
5028 Rented
office premises
Jeddah 21422
Tel: (966-12) 6674551
Fax: (966-12) 6604515
Name Nationality Position
·
George
Paraskevaides Greek Chief
Executive
·
Righas
Alkis - Administration
Manager
·
Akram
Khojah - Commercial
Manager
·
Chri
Chirtoforu - Financial
Manager
Date of Establishment : 1975
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010083862,
Riyadh
Chamber Member No. : 6696
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
·
Prince
Mohamed Bin Saud Bin Abdulaziz 51 %
·
Joannou
& Paraskevaides (Overseas) Ltd 49 %
14 New Street
St. Peter Port
Guernsey
Channel Islands
Tel: (44-1481) 723232
Fax: (44-1481) 710091
·
Joannou
& Paraskevaides (Overseas) Ltd
44 Kifisias Avenue
Marousi GR-15125
Athens
Greece
Tel : (30-1) 6107270
Fax : (30-1) 6107280
Email : jnpest@otenet.gr
·
J &
P (Hellas) SA
9 Frangoklisias Street
Marousi
GR-15125
Athens
Greece
Tel : (30-1) 6185500 / 6104310
Fax : (30-1) 6104380
Email : info@jphellas.gr
·
J &
P (Oman) LLC
PO Box : 603
Muscat 113
Oman
Tel : (968) 590200
Fax : (968) 590699
·
Joannou
& Paraskevaides (Overseas) Ltd
Deira
PO Box : 4624
Dubai
United Arab Emirates
Tel : (971-4) 2212248
Fax : (971-4) 2284365
·
Joannou
& Paraskevaides (Overseas) Ltd
PO Box : 2536
Abu Dhabi
United Arab Emirates
Tel : (971-2) 4492777 / 6221533
Fax : (971-2) 4992031 / 6221536
·
Joannou
& Paraskevaides Qatar WLL
PO Box : 18637
Doha
Qatar
Tel : (974) 4675409
Fax : (974) 4675433
Email : jandpdoh@qatar.net.qa
·
Joannou
& Paraskevaides (Overseas) Ltd
PO Box : 2055
Tripoli
Libya
Tel : (218-21) 3612137 /
3612138
·
Joannou
& Paraskevaides (Overseas) Ltd
3 Al Malik Aladit Street
Shahibandar Square
PO Box : 8105
Damascus
Syria
Tel : (963-11) 4415030
Fax : (963-11) 4449703
Email : jnpdamascus@net.sy
·
Joannou
& Paraskevaides (Overseas) Ltd
9 Shehab Street
Mohandessin, Giza
Cairo
Egypt
Tel : (20-2) 7485403 / 3384960
Fax : (20-2) 7499161
·
Dragados/J&P
(Hellas) JV
PO Box : 19918
Addis Ababa
Ethiopia
Tel : (251-1) 338236 / 339333
Fax : (251-1) 339352
Email : dragados-zeus@telecom.net.et
·
Joannou
& Paraskevaides (Overseas) Ltd
1 Byron Avenue
PO Box : 21178
CY-1503 Nicosia
Cyprus
Tel : (357-2) 868600
Fax : (357-2) 818868 / 676269
Email : jandp@spidernet.com.cy
·
Joannou
& Paraskevaides (UK) Ltd
16 Hanover Square
London W1R OHB
United Kingdom
Tel : (44-207) 4936493
Fax : (44-207) 4930059
Email : London@jandp.org
Activities: General construction contractors,
specialising in dams, bridges, tunnels, roads, infrastructure works,
hospitals, housing complexes,
airports, power stations and oil and gas projects.
Completed Projects:
·
Residential
Complex, Riyadh
·
King
Abdullah Financial District - Construction of Financial Plaza, Riyadh
·
Information
Technology and Communication Complex, Riyadh
·
Construction
of Al Bustan II Residential Buildings, Riyadh
·
Al
Bustan II Residential Complex & Villa, Riyadh
Current Projects:
·
Al
Wasim Housing Projects, Riyadh
·
King
Abdullah Security Projects, Riyadh, Jeddah, Tabuk, Yanbu and Qassim
Import
Countries: Europe and the United
States of America
Subject has a
workforce of approximately 5,000 employees, depending on the volume of
contracts.
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.
·
Al
Rajhi Banking & Investment Corporation
PO Box: 28
Riyadh 11411
Tel: (966-11) 4054647 / 4054244
Fax: (966-11) 4044753 / 4052950 / 4037156
·
Saudi
British Bank
Dhabab Street
PO Box: 9084
Riyadh 11413
Tel: (966-11) 4050677
·
Al Bank
Al Saudi Al Hollandi
Al Rashi Centre
Al Dhabab Street
PO Box: 1467
Riyadh 11431
Tel: (966-11) 4067888
No complaints
regarding subject’s payments have been reported.
Credit amount 15,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Opinion on the
credit figure of EUR 150,000:
Please note that
the subject’s commercial registration number is 1010083862 and not 1010039386.
Joannou &
Paraskevaides (Overseas) Ltd has operations dating back to 1975 and is very
well established in the market. It offers a range of general construction
services and has completed many prestigious projects throughout Saudi Arabia.
The company is 51%
owned by the wealthy Prince Mohamed Bin Saud Bin Abdulaziz and 49% by the
internationally renowned Joannou & Paraskevaides (Overseas) Ltd.
Local sources report
that subject’s operating history is clear with no problems noted regarding the
manner in which payment obligations are fulfilled. The company enjoys the full
support of its shareholders and we are of the opinion it would not enter into
financial transactions it could not see its way clear to fulfil. As such the
above credit figure is deemed admissible.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.51 |
|
|
1 |
Rs. 95.95 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.