MIRA INFORM REPORT

 

 

Report No. :

321422

Report Date :

13.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AL TAMIMI COMPANY FOR COMMERCIAL & MAINTENANCE

 

 

Formerly Known As :

AL TAMIMI COMPANY LTD

 

 

Registered Office :

Tamimi Building, 4th Floor, Dammam-Khobar Highway, Cross 16, PO Box 172, Dammam, 31801, Al Khobar, Dammam 31411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

17.06.1964

 

 

Com. Reg. No.:

2050001601

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of general foodstuff products, industrial machinery and automotive spare parts. Subject also provides catering services.

 

 

No. of Employees :

120

 

 

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                                    : AL TAMIMI COMPANY FOR COMMERCIAL & MAINTENANCE

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 17th June 1964

Commercial Registration Number           : 2050001601, Dammam

Chamber Membership Number               : 1386

Issued Capital                                       : SR 7,000,000

Paid up Capital                                     : SR 7,000,000

Total Workforce                         : 120

Activities                                               : Distributors of general foodstuff products, industrial machinery and

                                                               automotive spare parts.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Suresh Srinvasan, Finance Manager

 

 

 

COMPANY NAME

 

AL TAMIMI COMPANY FOR COMMERCIAL & MAINTENANCE

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Tamimi Building, 4th Floor

Street               : Dammam-Khobar Highway, Cross 16

PO Box            : 172, Dammam

                          31801, Al Khobar

Town                : Dammam 31411

Country : Saudi Arabia

Telephone         : (966-13) 8951128 / 8823428 / 8474050 / 8075700

Facsimile          : (966-13) 8471592 / 8471725

Email                : tamimi-ho@al-tamimi.com / sureshs@tamimi-commercial.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Tariq Ali Bin Abdullah Al Tamimi                                                 Managing Partner

 

Telal Ali Bin Abdullah Al Tamimi                                                 Partner

 

Hesham Ali Bin Abdullah Al Tamimi                                            Partner

 

Fahd Mohamed Bin Abdullah Al Tamimi                                      Partner

 

Noor Ali Bin Abdullah Al Tamimi                                                 Partner

 

Ayda Ali Bin Abdullah Al Tamimi                                                            Partner

 

Huwaida Ali Bin Abdullah Al Tamimi                                            Partner

 

Misfer Al Maliki                                                                          Human Resources Manager

 

Suresh Srinvasan                                                                      Finance Manager

 

Ahmed Al Arja                                                                           Administration Manager

 

Adeeb Al Fuhaid                                                                       Commercial Manager

 

Baker Al Kahwaji                                                                        Operations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17/02/1384 Hijri (corresponding to 17th June 1964)

 

History : Subject began in 1964 under the name “Al Tamimi Company Ltd”. However in 2014 it changed its name to “Al Tamimi Company for Commercial & Maintenance”.

 

Legal Form      : Limited Liability Partnership

 

Commercial Reg. No.   : 2050001601, Dammam

 

Chamber Member No.  : 1386

 

Issued Capital              : SR 7,000,000

 

Paid up Capital            : SR 7,000,000

 

Name of Partner (s)

 

Tariq Ali Bin Abdullah Al Tamimi                                                

 

Telal Ali Bin Abdullah Al Tamimi                                                

 

Hesham Ali Bin Abdullah Al Tamimi                                                       

 

Fahd Mohamed Bin Abdullah Al Tamimi                                     

 

Noor Ali Bin Abdullah Al Tamimi                                                

 

Ayda Ali Bin Abdullah Al Tamimi                                                           

 

Huwaida Ali Bin Abdullah Al Tamimi

 

 

AFFILIATED COMPANIES

 

Tamimi Global Co Ltd

 

Ali Al Abdullah Al Tamimi Co

 

Tamimi Markets

 

Tamimi Construction Co

 

Tamimi Tape Factory

 

Thrustboring Construction Co Ltd

 

Arabian International Tire Retreaders

 

Tamimi & Saihati

 

Basic Chemical Industries

 

Tamiami Clariant

 

Saudi Conduit Coating Company

 

Middle East Engineering Ltd

 

Middle East Power Co Ltd

 

Energy Equipment Rental Co Ltd

 

ITT Federal Services Arabia

 

Silvertech Middle East FZCO

 

Sheraton Dammam Hotel and Towers

 

International Catering and Services

 

Gulf International Contracting Co

 

Kuwait Pearls Catering Co

 

Tamimi Catering Services

 

Tamimi Global Co Ltd

 

Saudi Electrical Supply Co

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, industrial machinery and automotive spare parts. Subject also provides catering services.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 120 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 47,000,000                           SR 48,335,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Commercial Bank

PO Box: 13

Dammam 31411

Tel: (966-13) 8331188

Fax: (966-13) 8336058

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.64.20

UK Pound

1

Rs.100.03

Euro

1

Rs.71.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.