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Report No. : |
342504 |
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Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
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Name : |
JEDDAH CABLE COMPANY LTD (JCC) |
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Registered Office : |
Industrial Area No. 3, PO Box No.: 31248, Jeddah 21497 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.03.1986 |
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Com. Reg. No.: |
4030092405, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is
engaged in the manufacture and marketing of copper rods, building wires,
control cable electric wires, cables for low, medium and high voltage, copper
cables for telephone lines, copper pipes, copper bars, plastic granules for
insulation, PVC compounds and wooden reels. |
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No. of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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, 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 |
Company Name : JEDDAH
CABLE COMPANY LTD (JCC)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 20th
March 1986
Commercial
Registration Number :
4030092405, Jeddah
Chamber Membership
Number : 30620
Issued Capital : SR
150,000,000
Paid up Capital : SR
150,000,000
Total Workforce :
700
Activities :
Manufacture and marketing of cables, copper rods and wiring.
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Medhat Wafiq,
Assistant Finance Manager
JEDDAH CABLE COMPANY LTD (JCC)
Location : Industrial Area No. 3
PO Box : 31248
Town : Jeddah 21497
Country : Saudi Arabia
Telephone : (966-12) 6360770 / 6380881 / 6372299
Facsimile : (966-12) 6364695 / 6350909 / 6354754
Email : info@jeddah-cable.com / info@cablesenergia.com
Subject operates
from a suite of offices, a factory, warehouse and showroom that cover an area
of 25,000 square metres that are owned and located in the Industrial Area of
Jeddah.
Branch Office
(s)
Location Description
·
PO Box:
2450 Sales
Office
Riyadh 11451
Tel: (966-11) 4024996
Fax: (966-11) 4038447
·
PO Box:
4689 Sales
Office
Dammam
Tel: (966-13) 8330069 /
8336216
Fax: (966-13) 8336540
·
PO Box:
431 Sales
Office
Yanbu
Tel: (966-14) 3222232
Fax: (966-14) 3227686
·
Madinah Sales Office
·
Al Hasa Sales
Office
Name Position
·
Hisham
Helal Sadeq Ahmed Al Suwaidi Managing
Partner
·
Omar
Hisham Helal Sadeq Ahmed Al Suwaidi General
Manager
·
Ahmed
El Dewani Finance
Manager
·
Nashat
Fakhry Finance
Manager
·
Medhat
Wafiq Assistant
Finance Manager
·
Asif
Mohamed Financial
Controller
·
Syed
Ansar Ali Production
Manager
·
Ahmed
Ghamdi Personnel
Manager
Date of Establishment : 20th
March 1986
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030092405,
Jeddah
Chamber Member No. : 30620
Industrial Licence No. : 321/S
Issued Capital : SR 150,000,000
Paid up Capital : SR 150,000,000
·
Hisham
Helal Sadeq Ahmed Al Suwaidi 75%
·
Gulf
Investment Corporation (GIC) 25%
Kuwait
·
Energya Wire Company Ltd
Industrial Area, Phase 3
PO Box: 31248
Jeddah 21497
Tel: (966-12) 6360770 / 6644350
Fax: (966-12) 6364695
Activities: Engaged in the manufacture and marketing of
copper rods, building wires, control cable electric wires,
cables for low, medium and high voltage, copper cables for telephone lines,
copper pipes, copper bars, plastic granules for insulation, PVC compounds and
wooden reels.
Import
Countries: Senegal,
Ethiopia, Oman, Kuwait, Germany, Spain and the United Kingdom
International
Suppliers:
·
Sosem Senegal
·
GBD Ethiopia
·
BEC Oman
·
Rafif Kuwait
Operating Trend: Steady
Subject has a
workforce of approximately 700 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 1,715,000,000 SR 1,900,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr. Medhat Wafiq, Assistant Finance Manager
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
·
Saudi
British Bank
PO Box: 109
Jeddah 21411
Tel: (966-12) 6512121
·
Saudi
American Bank
Madinah Road
PO Box: 490
Jeddah 21411
Tel: (966-12) 6603993
Regular
Established in
1986, Jeddah Cable Company Ltd (JCC) is a leading manufacturer of cables in the
Kingdom and enjoys an excellent reputation for the quality of its products.
Subject deals with
many international suppliers from around the globe and maintains a good
relationship with them meeting payment obligations in a timely manner.
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.66.10 |
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UK Pound |
1 |
Rs.100.89 |
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Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
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Analysis Done by
: |
HNA |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
|
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 |
-- |
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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.