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Report No. : |
320581 |
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Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SAUDI COMPANY FOR
DEVELOPMENT OF CONSTRUCTION AND TRADING LTD (SACODECO) |
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Registered Office : |
Bin Laden Industrial Complex, Al Hamdaniyah District, P O Box: 44066, Jeddah 21581 |
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Country : |
Saudi Arabia |
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Year of Establishment : |
1990 |
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Com. Reg. No.: |
4030072240,
Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Import and
Distribution of Interior and Exterior Fittings and General Decoration
Materials, as well as Undertaking Interior and Exterior Decoration Works. |
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No. of Employees : |
8,000 |
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) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Company Name : SAUDI
COMPANY FOR DEVELOPMENT OF CONSTRUCTION AND
TRADING LTD (SACODECO)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 1990
Commercial
Registration Number :
4030072240, Jeddah
Issued Capital : SR
40,000,000
Paid up Capital : SR
40,000,000
Total Workforce : 8,000
Activities :
Distributors of interior and exterior fittings and general decoration
materials, as well as undertaking interior
and exterior decoration works
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
SAUDI COMPANY FOR
DEVELOPMENT OF CONSTRUCTION AND TRADING LTD (SACODECO)
Building : Bin Laden Industrial Complex
Area : Al Hamdaniyah District
PO Box : 44066
Town : Jeddah 21581
Country : Saudi Arabia
Telephone : (966-12) 6775766
Facsimile : (966-12) 6773808
Email : info@sacodeco.net
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Jeddah.
Branch Office
(s)
Location
·
Jeddah
·
Makkah
·
Madinah
·
Riyadh
Name Nationality Position
·
Abdullah
Mohamed Al Yafeay Saudi Chairman
·
Ali Abu
Ourafy - Financial
Manager
·
Zakwan Ntesa - Purchasing
Manager
Date of Establishment : 1990
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4030072240,
Jeddah
Issued Capital : SR 40,000,000
Paid up Capital : SR 40,000,000
·
Abdullah
Mohamed Al Yafeay
·
CPC
Products Holding Company
·
Vision Electro
Mechanical Company
·
MTTS -
Modern Times Technology Systems
·
Empower
Contracting
·
First
Vision Company for Renewable Energy Systems
·
Vision
Networks Company
·
Bahra
Steel Company
·
Riyadh
Steel Company
·
PREMCO
Ready-Mix Company
·
Adhesive
Manufacturing Company Limited – AMC
·
Precast
Manufacturing Company Limited
·
Bahra
Precast Company
·
United
Arab Aluminium Company – UAAC
·
Arabian
Elevators and Escalators Company AREECO
·
HUTA
Foundation Works Company
·
Bahra
Cable Company
·
Factory
For Assembly Of Mechanical and Electrical Works
·
Alharameyn
Gate
·
Axal
construction Limited
·
Rental
Equipment Company
·
Fast
finishing Contracting Company
Activities: Engaged in the import and distribution of interior
and exterior fittings and general decoration materials, as well as undertaking
interior and exterior decoration works.
Import
Countries: Egypt, Germany,
China, Italy and France
Local Suppliers:
·
Arabian
Roots
·
Al
Fozan Holding Group
·
Al
Muhaidib Contracting
Local Clients:
·
King
Abdul Aziz Int'l Airport
·
King
Abdullah National Guard
·
King
Saud University
·
Princess
Noura University
Subject has a
workforce of approximately 8,000 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.
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
·
Al Bank
Al Saudi Al Hollandi
King Abdulaziz Street
PO Box: 67
Jeddah
Tel: (966-12) 6446849
·
Al Bank
Al Saudi Al Fransi
Al Sharafiya Branch
Medina Road
PO Box: 7888
Jeddah 21472
Tel: (966-12) 6605863
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.63.88 |
|
|
1 |
Rs.97.21 |
|
Euro |
1 |
Rs.72.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
-- |
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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.