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Report No. : |
351678 |
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Report Date : |
28.11.2015 |
IDENTIFICATION DETAILS
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Name : |
BITUMAT CO LTD |
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Registered Office : |
Dammam Industrial City II 7487 Dammam 31462 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
16.06.1984 |
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Com. Reg. No.: |
2050014708,
Dammam |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Subject
manufactures a complete range of roofing and sub-grade waterproofing products
and also produces a wide range of protective coatings, including primers,
fibered and non-fibered protective coatings for foundation damp proofing,
Environment friendly waterproofing emulsions, flashing compounds, crack
sealing compounds. The company also manufactures PVA base bonding agents,
sand stabilizers, and waterproofing PVA coatings for horizontal and vertical
applications. |
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No. of Employee : |
350 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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, 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 |
Company Name : BITUMAT CO
LTD
Country of Origin : Saudi
Arabia
Legal Form : Limited
Liability Partnership
Registration Date : 16th
June 1984
Commercial
Registration Number : 2050014708, Dammam
Chamber Membership
Number : 1848
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
Total Workforce : 350
Activities :
Manufacturers of waterproofing products and protective coatings.
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Babu Ramanu
Jam, Financial Controller
BITUMAT CO LTD
Location : Dammam Industrial City II
PO Box : 7487
Town : Dammam 31462
Country : Saudi Arabia
Telephone : (966-13) 8121040 / 8121213 / 8121210
/ 8423688
Facsimile : (966-13) 8121189 / 8121190
Email : marketing@bitumat.com / lutfi@bitumat.com / ramanujam@bitumat.com / bizfina@bitumat.com
Subject operates
from a suite of offices, manufacturing facilities and warehousing covering an
area of 100,000 square metres that are owned and located in the Industrial Area
of Dammam.
Branch Office
(s)
Location Description
·
PO Box:
58698 Rented
sales office
Riyadh 11515
Tel: (966-11) 4770443 / 4792553
Fax: (966-11) 4762318
·
PO Box:
58698 Rented
sales office
Jeddah 11515
Tel: (966-12) 6644449
Fax: (966-12) 6640506
Name Position
·
Ghassan
Awadi Chief
Executive Officer
·
Sayed Abdullah Rezwi Business
Development Manager
·
Kamal
Al Shareef Finance
Manager
·
Badr
Khalifa Al Qahtani Administration
Manager
·
S G Agha Export
Manager
·
Babu
Ramanu Jam Financial
Controller
·
Lutfi
Farah Senior Accountant
Date of Establishment : 17/09/1404 Hijri (corresponding to 16th
June 1984)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050014708, Dammam
Chamber Member No. : 1848
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
·
Gulf Investment Corporation (GIC)
GIC Building
Jaber Al Mubarak Street
Sharq
PO Box: 3402
Safat 13035
Kuwait
Tel: (965) 2225000 / 2431911
Fax: (965) 2448894
Email: gic@gic.com.kw
Gulf Investment Corporation
(GIC) specialises in the development of private enterprise and economic growth in the Gulf region. It
is owned by the following shareholders:
Name Percentage
held
Government
of Bahrain 16.66%
Government of
Kuwait 16.66%
Government of Oman 16.66%
Government of
Qatar 16.66%
Government of
Saudi Arabia 16.66%
Government of
United Arab Emirates 16.66%
Activities: Subject manufactures a complete range of
roofing and sub-grade waterproofing products and also
produces a wide range of protective coatings, including primers, fibered
and non-fibered protective coatings for foundation damp proofing, Environment
friendly waterproofing emulsions, flashing compounds, crack sealing compounds.
The company also manufactures PVA base bonding agents, sand stabilizers, and
waterproofing PVA coatings for horizontal and vertical applications.
The company was accredited with the ISO 9002 certification in 1995 and
in 2004 it received the ISO 9001:2000.
Import
Countries: United States of
America and Europe.
Export
Countries: Subject exports
over 50% of its capacity to more than 50 countries around the world,
particularly
the Far East
Operating Trend: Steady
Subject has a
workforce of approximately 350 employees.
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 275,000,000 SR
281,000,000
Local sources
consider subject’s financial condition to be Good.
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-13) 8331188
Fax: (966-13) 8336058
·
Saudi
Investment Bank (SAIB)
PO Box: 1581
Dammam
Tel: (966-13) 8342020
Fax: (966-13) 8349111
Regular
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 |
|
|
1 |
Rs.100.68 |
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Euro |
1 |
Rs.70.88 |
|
SAR |
1 |
Rs.17.80 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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 |
-- |
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.