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MIRA INFORM REPORT
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Report No. : |
483390 |
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Report Date : |
03.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HARSCO BAROOM
LIMITED |
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Registered Office : |
Al Imam Al Shafie
Street, Al Faisaliya District, P O Box: 55039, Jeddah 21534 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
24.08.2009 |
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Com. Reg. No.: |
4030192982,
Jeddah |
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Legal Form : |
Joint Venture |
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Line of Business : |
Subject is engaged
in the provision of construction and industrial maintenance services, such as
total access solutions, total forming and shoring, training, planning,
development and logistics. |
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No. of Employees : |
50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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 2016, the Kingdom incurred a budget deficit estimated at 13.6% of GDP, which was financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has cut capital spending. Plans to cut deficits include introducing a value-added tax and reducing subsidies on electricity, water, and petroleum products. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the health care, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.
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Source
: CIA |
SUMMARY
Company Name : HARSCO
BAROOM LIMITED
Also Known As : HARSCO
INFRASTRUCTURE
Country of Origin : Saudi
Arabia
Legal Form :
Joint Venture
Registration Date : 24th
August 2009
Commercial
Registration Number :
4030192982, Jeddah
Issued Capital : SR
500,000
Paid up Capital : SR
500,000
Total Workforce :
50
Activities :
Providers of construction and industrial maintenance services
Financial Condition : Undetermined
Payments :
Regular
Person Interviewed : Noaaman Taj,
Accounts Manager
COMPANY
NAME
HARSCO BAROOM
LIMITED
ALSO
KNOWN AS
HARSCO
INFRASTRUCTURE
ADDRESS
Registered & Physical
Address
Street : Al Imam Al Shafie Street
Area : Al Faisaliya
District
PO Box : 55039
Town : Jeddah 21534
Country : Saudi Arabia
Telephone : (966-12) 6192000 / 6512222 / 6832528
Facsimile : (966-12) 6192043
/ 6832528
Email : info@harsco.sa
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Jeddah.
Branch Offices
Location Description
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Amlag
Road Office
premises
PO Box: 47
Yanbu
Tel: (966-14) 3570344
Fax: (966-14) 3912232
CR No. 4700018981
KEY
PRINCIPALS
Name Position
·
Frank
Nicholas Grasberger President
·
Hassan
Abdullah Mohamed Baroom Managing
Director
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Vince
Porter Country
Manager
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Noaaman
Taj Accounts
Manager
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Arif
Khan Sales
Manager
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Hussien
Zakir Khan Project
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 24th
August 2009
Legal Form :
Joint Venture
Commercial Reg. No. : 4030192982,
Jeddah
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Shareholder (s)
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Hassan
Abdullah Mohamed Baroom
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Harsco
Corporation
United States of America
OPERATIONS
Activities: Engaged in the provision of construction
and industrial maintenance services, such as total access
solutions, total forming and
shoring, training, planning, development and logistics.
Import
Countries: Germany, United
States of America and China
Subject has a
workforce of 50 employees.
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.
BANKERS
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Samba
Financial Group
Prince Sultan Ibn Abdulaziz
Al Mohammadiyah
Jeddah 23615
Tel: (966-12) 2153333
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
According to local
sources, subject meets its payment obligations in a timely manner and the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.67 |
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1 |
INR 86.11 |
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Euro |
1 |
INR 76.59 |
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SAR |
1 |
INR 16.95 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.