MIRA INFORM REPORT

 

 

Report No. :

320567

Report Date :

08.05.2015

 

IDENTIFICATION DETAILS

 

Name :

NAS TRUST INDUSTRIAL & GENERAL CONTRACTING CORP

 

 

Registered Office :

Jubail Light Industrial Area, PO Box 1233 & 764, Jubail 31951 & 31971

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

28.03.1990

 

 

Com. Reg. No.:

2055004162

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of raw materials and provision of general contracting and construction services.

 

 

No. of Employees :

500

 

 

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, 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                                    : NAS TRUST INDUSTRIAL & GENERAL CONTRACTING CORP

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 28th March 1990

Commercial Registration Number           : 2055004162, Jubail

Invested Capital                                    : SR 15,000,000

Total Workforce                                     : 500

Activities                                               : Distributors of raw materials and provision of general contracting and

                                                                  construction services.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Kannan Hamsa, Finance Manager

 

 

 

COMPANY NAME

 

NAS TRUST INDUSTRIAL & GENERAL CONTRACTING CORP

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Jubail Light Industrial Area

PO Box            : 1233 & 764

Town                : Jubail 31951 & 31971

Country             : Saudi Arabia

Telephone         : (966-13) 3623900 / 7661769

Facsimile          : (966-13) 3626020 / 7663784

Email                : mail@nastrust.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Jubail.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Nawaf Jaleel Al Shammari                                                          Proprietor

 

Binod Kumar                                                                             General Manager

 

Sims Sudhakaran                                                                      Assistant General Manager

 

Kannan Hamsa                                                                          Finance Manager                                  

 

Jims Sudhakaran                                                                       Operations Manager

 

Prims Sudhakaran                                                                     Procurement Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th March 1990

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 2055004162, Jubail

 

Invested Capital           : SR 15,000,000

 

Mr Nawaf Jaleel Al Shammari is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

Nawaf Al Shammari Est

Saudi Arabia

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of raw materials and provision of general contracting and construction services.

 

Import Countries: United Arab Emirates and India

 

Local Suppliers:

 

Home Art Trading Est

 

Local Clients:

 

Sadara

SAFCO

SABIC

Tasnee

Saudi International Petrochemical Company

 

Operating Trend: Steady

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                SR 42,000,000                           SR 50,000,000

 

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

 

The above figures were provided by Mr Kannan Hamsa, Finance Manager

 

 

BANKERS

 

Riyadh Bank

Jubail

 

National Commercial Bank

PO Box: 58

Jubail 51951

Tel: (966-13) 3612896

Fax: (966-13) 3611750

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Nas Trust Industrial & General Contracting Corp” and not “Nas Trust Corp”.

 

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 business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.88

UK Pound

1

Rs.97.21

Euro

1

Rs.72.51

 

 

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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