MIRA INFORM REPORT

 

 

Report No. :

344077

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

THE INTERNATIONAL COMPANY FOR BUILDING MATERIALS LTD (BINEX)

 

 

Registered Office :

Hail Street Ruwais District, PO Box, 2194, Jeddah

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

10.08.1978

 

 

Com. Reg. No.:

4030016097, Al Khobar

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of building materials, construction chemicals, ceramic tiles, sanitary ware, hardware and basic steel products

 

 

No. of Employee :

320

 

 

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 :

Slow but correct

 

 

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, 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

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

THE INTERNATIONAL COMPANY FOR BUILDING MATERIALS LTD (BINEX)

 

2) Registered Address:

Address

:

Hail Street Ruwais District

PO Box

:

2194

Town

:

Jeddah

Country

 

Saudi Arabia

Phone (s)

:

(966-12) 6202400

Facsimile

:

(966-12) 6203803

Email

:

info@binex.com.sa

 

3) Physical Address & Contact Details:

Address

:

Al Khobar 31952 Saudi Arabia, Al Khobar 31952

PO Box

:

2194

Town

 

Al Khobar

Country

 

Saudi Arabia

Phone (s)

:

(966-13) 8823030

Facsimile

:

(966-13) 8828240

 

 

(966-13) 8826816

Email

:

president@binex.com.sa

 

 

vp@binex.com.sa

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Limited Liability Company

Date of Registration

:

10th August 1978

Trade License Number

:

n/a

Expiry Date

:

n/a

Commercial Registration Number

:

4030016097, Al Khobar

 

KEY FACTS

 

Operational Status

:

Normal

Financial Condition

:

Undetermined

Primary Business Activity

:

Distributors of building materials, construction chemicals, ceramic tiles, sanitary ware, hardware and basic steel products.

Number of Employees

:

320

Capital

:

SR 1,000,000

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

SR 1,000,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

SR 1,000,000

 

FINANCIAL DATA

 

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.

 

BRANCH OFFICE

 

1

Address

Al Qandeel Street Jeddah

 

Tel

(966-12) 2611840

 

Fax

(966-12) 2611841

 

Description

Showroom premises

 

2

Address

Takhassusi Street Riyadh

 

Tel

(966-11) 4629084

 

Fax

(966-11) 4646015

 

Description

Showroom premises

 

3

Address

Old Makkah Road, Kilo 10 Jeddah

 

Tel

(966-12) 6202400

 

Fax

(966-12) 6203803

 

Description

Office Premises

 

4

Address

Amir Salman Street Faisaliyah District Riyadh

 

Tel

(966-11) 2414145

 

Fax

(966-11) 2422856

 

Description

Office premises

 

Subject also has branch offices located in Al Jubail, Yanbu, Medina, Dammam and Mubraz

 

BANKERS

 

1

Name

Saudi British Bank

 

Address

 UCA Building

 

PO Box

109 Jeddah

 

Tel

(966-12) 6601028

 

2

Name

Saudi American Bank

 

Address

Andalous Street

 

PO Box

490 Jeddah 21411

 

Tel

(966-12) 6533555

 

3

Name

National Commercial Bank

 

Address

King Abdul Aziz Street

 

PO Box

3555 Jeddah 2148

 

Tel

(966-12) 6446644

 

Fax

(966-12) 6446644

 

SHAREHOLDERS

 

S. No.

Name of Shareholders

Country

No. of Shares

1

Xenel Marketing Ltd

n/a

n/a

2

Arabian Bulk Trade Limited

n/a

n/a

Total Share

 

 

SENIOR MANAGEMENT

 

Sr. No

Name

Nationality

Dsignation

1

Mohamed Ahmed Yousuf Zainal Alireza

 

Managing Director

2

Yousuf Ahmed Yousuf Zainal Alireza

 

Director

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Trade Activities:

 

Engaged in the import and distribution of building materials, construction chemicals, ceramic tiles, sanitary ware, hardware and basic steel products. Subject also provides engineering, installation, maintenance, after-sales, repair and delivery services.

 

Importing From - Countries

 

Sr. No

Name

Name

1

Uited Kingdom

Import

2

China

Import

 

International Suppliers:

 

Sr.No

Name

1

Sika

2

Laticrete

3

Catnic

4

USG

5

Primaboard

6

Eron

7

RFT

8

I Maskayo

 

Clients:

 

Sr.No

Name

1

Saudi Aramco

2

J & P

3

El Seif Engineering Contracting

4

Saad Trading & Contracting

5

Saudi Archirodon Ltd

 

PREMISES

 

Subject operates from a large suite of offices and a warehouse that are rented and located in the Central Business Area of Al Khobar.

 

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

 

Please note that subject’s registered address is located in Jeddah where it is registered under the number 4030016097. Its physical address in Al Khobar is registered under the number 2051007711.
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.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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%)

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.