MIRA INFORM REPORT

Report No. :	351078
Report Date :	28.11.2015

IDENTIFICATION DETAILS

Name :	AL BILAD FIRE FIGHTING SYSTEMS CO LTD
Registered Office :	Street No. 27 2nd Industrial City, Dhahran Airport 31932, PO Box 694, Dammam
Country :	Saudi Arabia
Financials (as on) :	31.12.2014
Date of Incorporation :	18.11.1999
Com. Reg. No.:	2050022021, Dammam
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in the manufacture, design, installation and fabrication of firefighting equipment and solutions, ncluding fire hydrant and monitors, fire hose reels and cabinets, sprinkler, deluge and foam skids, CO2 systems, fire larm and gas detection, kitchen hoods, fire extinguishers, emergency safety showers and foam blending and refilling.
No. of Employee :	350

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. 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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	AL BILAD FIRE FIGHTING SYSTEMS CO LTD
2) Registered Address:
Address		:	Street No. 27 2nd Industrial City, Dhahran Airport 31932
Town		:	Dammam
Country		:	Saudi Arabia
PO Box		:	694
Phone (s)		:	(966-13) 8121023 (Ext 231/201/202/204)
Facsimile		:	(966-13) 8121597
Email		:	marketing@albilad.com
			sales@albilad.com.sa
3) Operational Address & Contact Details:
Address		:	Street No. 27 2nd Industrial City, Dhahran Airport 31932
Town		:	Dammam
Country		:	Saudi Arabia
PO Box		:	694
Phone (s)		:	(966-13) 8121023 (Ext 231/201/202/204)
Facsimile		:	(966-13) 8121597
Email		:	marketing@albilad.com
			sales@albilad.com.sa
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Limited Liability Company
Date of Registration		:	18th November 1999
Commercial Registration Number		:	2050022021, Dammam
Certificate		:	ISO 9001:2008
OTHER REGISTRATION/ MEMBERSHIPS
Chamber Membership Number		:	582
KEY FACTS
Operational Status		:	Steady
Financial Condition		:	Good
Primary Business Activity		:	Manufacture, design, installation and fabrication of firefighting equipment and solutions
Number of Employees		:	350
Capital		:	SR 20,000,000
Note: (1)
Engaged in the manufacture, design, installation and fabrication of firefighting equipment and solutions, ncluding fire hydrant and monitors, fire hose reels and cabinets, sprinkler, deluge and foam skids, CO2 systems, fire larm and gas detection, kitchen hoods, fire extinguishers, emergency safety showers and foam blending and refilling.
CAPITAL DETAILS
Issued Capital:
NO OF SHARES			VALUE OF SHARE	AMOUNT
N/A			N/A	SR 20,000,000
Paid Up Capital:
NO OF SHARES				AMOUNT
N/A			N/A	SR 20,000,000
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 128,750,000	SR 135,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr G R K Pillai, Senior Accountant
BANKERS
1	Name		National Commercial Bank
	PO Box		13 Dammam 31411
	Tel		(966-13) 8331188
	Fax		(966-13) 8336058
BRANCH OFFICES
1	PO Box		4900 Riyadh 11412
	Tel		(966-11) 4192990
	Fax		(966-11) 4192239
	Description		Office premises
2	PO Box		30752 Yanbu 41912
	Tel		(966-14) 3210451
	Fax		(966-14) 3210431
	Description		Office premises
SHAREHOLDERS
Sr.No	Name		Percentage
1	Al Bilad Establishment for Trading		50%
2	FAL Holding		50%
SENIOR MANAGEMENT
Sr.No	Name		Dsignation
1	Fahd Mohamed Al Azzl		Chairman
2	Turki Fahd Mohamed Al Azzl		Managing Director
3	Marwan Safi		Director
4	Sami Zoulio		Financial Manager
5	G R K Pillai		Senior Accountant
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country		Activity
1	United States of America		Import
International Suppliers:
Sr.No	Name		Country
1	Notifier Fire Alarm Company		United States of America
2	Edwards Systems Technology (EST)		United States of America
3	Reliable		United States of America
4	XTRALIS - Vesda		United States of America
5	Pyro-Chem / ANSUL - TYCO		United States of America
6	SOLBERG		United States of America
PREMISES
Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Dammam.
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : G R K Pillai, Senior Accountant
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.66.75
UK Pound	1	Rs.100.68
Euro	1	Rs.70.88
SAR	1	Rs. 17.80

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	ASH

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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