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Report No. : |
346596 |
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Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
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Name : |
MARBLE &
GRANITE INTERNATIONAL CO LTD |
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|
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Registered Office : |
Makkah - |
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Country : |
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Date of Incorporation : |
4030035170,
Jeddah |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Processing of
marble, granite and stone products. |
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No. of Employee : |
450 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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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) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 |
Company Name : MARBLE & GRANITE
INTERNATIONAL CO LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 10th
July 1982
Commercial
Registration Number :
4030035170, Jeddah
Chamber Membership
Number : 14419
Issued Capital : SR
100,000,000
Paid up Capital : SR
100,000,000
Total Workforce : 450
Activities :
Processing of marble, granite and stone products
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Person Interviewed : Moosa Sheito, Finance Manager
MARBLE &
GRANITE INTERNATIONAL CO LTD
Street : Makkah - Madinah Express High Way
Area : Industrial Area
PO Box : 41019
Town : Jeddah 21521
Country : Saudi Arabia
Telephone : (966-12) 6777555
Facsimile : (966-12) 6777680
Email : mhic@zajil.com
/ mgic@mgiksa.com / mgic@mgicksa.com
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Jeddah.
Branch Office
(s)
Location Description
·
Tahlia Street Rented
showroom premises
Jeddah
Tel: (966-12) 6733813
Name Position
·
Eng
Mohamed General
Manager & Chief Executive Officer
·
Joseph Machantr Commercial
Manager
·
Moosa Sheito Finance
Manager
Date of Establishment : 19/09/1402
Hijri (Corresponding to 10th July 1982)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030035170,
Jeddah
Chamber Member No. : 14419
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
·
Construction
Products Holding Co. (CPC-KSA) 98.72%
Red Sea Plaza, 2nd Floor
Al Andalous Street
PO Box: 11669
Jeddah 21463
Tel: (966-12) 6579460
Fax: (966-12) 6579412
·
Saudi
Co for Development Construction Ltd (SACODECO)
1.28%
Al Hamdaniah District
Jeddah
Tel: (966-12) 6774120
Subject is a member of the well known Binladin Group of Companies whose
operations date back to 1931 when Mohamed Binladin founded the company. From
its humble beginnings as a general contractor the group has grown and
prospered. Over the years the company has been entrusted with many major
construction projects that have helped Saudi Arabia to develop its resources
and expand its infrastructure.
Under the leadership of the late Mohamed Binladin, the company
diversified into other areas and became an international conglomerate with
interests ranging from its traditional construction business through to
industrial and power projects, petroleum, chemicals and mining, telecommunications,
operations and maintenance, manufacturing and trading to satellite
communications.
The Binladin Group of Companies includes the following concerns:
·
Binladin
Bemco
·
Mohamed
Binladin Organisation
·
Huta-Hegerfeld
Saudi Ltd
·
National
Company for Foundations
·
Project
Management & Development Co
·
Binladin
Contracting & Trading Co
·
Adhesive
Manufacturing Company Limited
·
Art
Company for Crystal Industry
·
Artificial
Stone Factory
·
Al
Salem Air Conditioning Co
·
Al
Salem Light Industries
·
Jeddah
Electrical Distribution Assemblies Ltd
·
Metal
Artwork Saudi Co
·
Modern
Factory for Casting Sanitary Fittings (MOFAC)
·
Mimar
Industrial Group
·
A Metal
·
Casareen
Contract Manufacturing
·
Palwa
Beleuchtungs GmbH
·
Palwa
Iberica SA
·
Precast
Manufacturing Co
·
Saudi
Company for Development
·
The
Gypsum & Glass Reinforced Concrete
·
The
Woodwork Factory
·
Drapery
& Upholstery Factory
·
United
Spare Parts Co
·
Binladin
Losinger Ltd
·
Binladin
Saudi Marble Co Ltd
·
Binladin
G.N.B. Ltd
·
Al
Salem Schreder Lighting Co Ltd
·
Dunia Multi
Media
·
Hazar
Media Group
·
Dar Al
Reisha for Publishing & Distribution Co
·
Editions
Hazar
·
Focus
Press
·
Hazar
Advertising & Hazar Graphics
·
Hazar
Graphics
·
Hazar
Licensing
·
Hazar
Productions
·
Hazar
Publishing Dar El Reisha
·
Morooj
Advertising
·
Reisha
Information Systems
·
Young
Future Publishing
·
United
Saudi Maintenance & Services Co
·
Saudi
Services Co Ltd
·
Casareen
Retail International (Caj Shop)
·
The
Studio
·
Al
Salem York Services Co
·
Arabian
Elevator and Escalator Co (Areeco)
·
Forship
Limited
·
Canareen
Inc
·
United
Transport Company
·
Lotus
Residential Compounds
·
Salhia
Lotus Beach Resort
·
Binladin
Telecommunication Company
·
Al
Salem Agencies & Services Co
·
Al
Salem for Industrial Kitchens
·
Building
Products Company
·
General
Food & Consumer Goods Sal (GFC)
·
International
Food & Consumable Goods Co Ltd
·
Arrow
Food Distribution
·
GFC
Limited
·
International
Co for Importing Food & Consumable Goods
·
United
Foodstuffs & Catering Co Sal
·
United
Foodstuffs & Consumer Products Co
·
Golden
Fields Limited
·
Mimar
Trading Group
·
Arabian
Rootes Ltd for Trading
·
Mimar
General Trading Ltd Sd
·
Mimar
Trading
·
Mimar
Sri
·
Kuala
Lumpur
·
Sidra
Trading
·
Unimar
Trading
·
Binladin
Brothers
·
Binladin
Industrial Co Ltd
·
National
Heavy Industries (Abraj)
·
Al
Mihdar Binladin Development Co Ltd
·
Al Fadl
Binladin & J&P Ltd
·
Saudi
Aircraft Services Ltd
·
Saudi
Traffic Safety Co Ltd
·
BSW
Electric Power Contracting Co Ltd
·
Binladin
for Contracting and Trading Co
·
Saudi
Ceramic Co
·
United
Medical Group
Activities: Engaged in the processing of marble,
granite and stone products.
Subject has supplied marble and granite for use in a number of
prestigious projects including Hayat Regency Hotel in Jordan, Hilton Hotel in
Jeddah, Al Faisaliah Tower in Riyadh, Kula Lumpur Central Mosque and the Harem
Mosque in Mecca.
Import
Countries: Europe and the
United States of America
International
Clients:
·
Canareen
Inc Canada
·
Sidra
Trading Ltd Hong
Kong
·
Mimar
IC VE Dis Ticaret Ltd Turkey
·
Mimar
SRI Italy
·
Areen
Stone Craft Ltd United
Kingdom
·
Casareen France
·
Unimar
Trading Ltd United
Arab Emirates
Export
Countries: Canada, United States
of America, United Kingdom, France, Italy, Spain, Turkey, Hong Kong,
Japan, Malaysia, Lebanon and the United Arab Emirates
Subject has a
workforce of approximately 450 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 1,011,000,000 SR 1,100,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Moosa Sheito, Finance
Manager
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
·
Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-12) 6600272
Fax: (966-12) 6650202
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-12) 6513333
·
Saudi
American Bank
Andalous Street
PO Box: 490
Jeddah 21411
Tel: (966-12) 6533555
Acc No. 860158
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.65.15 |
|
|
1 |
Rs.100.53 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.