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MIRA INFORM REPORT
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Report No. : |
486047 |
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Report Date : |
16.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FUTURE PIPE
INDUSTRIES LLC |
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Formerly Known As : |
FUTURE PIPE INDUSTRIES
LTD |
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Registered Office : |
Street No. 39,
2nd Industrial City, P O Box: 8513, Dammam 31492 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
21.07.1422
Hijri (Corresponding to 8th
October 2001) |
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Com. Reg. No.: |
2050039230,
Dammam |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is
engaged in the production
of large diameter GRP pipe and fittings (300 – 3000mm diameter), valves, diaphragms,
rings, washers, glass fibre reinforced plastic, plastic tanks and vats and
concrete products. |
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No. of Employees : |
230 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 : FUTURE
PIPE INDUSTRIES LLC
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 8th
October 2001
Commercial
Registration Number :
2050039230, Dammam
Chamber Membership
Number : 699
Issued Capital : SR 50,000,000
Paid up Capital : SR 50,000,000
Total Workforce :
230
Activities :
Production of large
diameter GRP pipe and fittings, valves, diaphragms,
rings, washers, glass fibre reinforced
plastic, plastic tanks and vats and
concrete products
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
FUTURE PIPE
INDUSTRIES LLC
ADDRESS
Registered & Physical
Address
Street : Street No. 39
Area : 2nd Industrial City
PO Box : 8513
Town : Dammam
31492
Country : Saudi Arabia
Telephone : (966-3) 8123454 / 8123190
Facsimile : (966-3) 8123453
Mobile : (966-50) 6971181 (966-53) 2900610 / 2758590
Email : sales-saudiarabia@futurepipe.com
/ h.vaid@futurepipe.com / b.diab@futurepipe.com
Please note that
the correct PO Box number is 8513 and not 8512.
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Dammam.
Branch Office
(s)
Location Description
·
Riyadh Office
premises
Tel: (966-11) 2930004
·
Jeddah Office
premises
Tel: (966-12) 2637161
KEY
PRINCIPALS
Name Position
·
Hassan
Vaid Commercial
Manager
·
Mohamed Qadourah Accounts
Manager
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Bilal
Diab Purchase
Manager
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Hassan
Al Abdi Human
Resources Manager
LEGAL
FORM & OWNERS
Date of Establishment : 21/07/1422 Hijri (Corresponding to 8th
October 2001)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2050039230,
Dammam
Chamber Member No. : 699
Issued Capital : SR 50,000,000
Paid up Capital : SR
50,000,000
Name
of Partner (s) Percentage
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Future
Pipe Industries BV 95%
J C Kellerlaan 3
PO Box: 255
7770 AG Hardenberg
The Netherlands
Tel: (31-523) 288911
Fax: (31-523) 288441
Email: info@futurepipe.nl
·
Future
Pipe Industries LLC
5%
PO
Box: 29205
Abu
Dhabi
United
Arab Emirates
Tel:
(971-2) 6270008
Fax: (971-2) 6270009
Email:
info@future-pipe.com
AFFILIATED
COMPANIES
·
Future
Pipe Industries Co Ltd
PO Box: 20743
Doha
Qatar
Tel: (974) 44325192 / 44327192
Fax: (974) 44437241
Email: fpi@qatar.net.qa
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Future
Pipe Industries SAE
PO Box: 96
Sixth of October City 12573
Egypt
Tel: (20-11) 341610
Fax: (20-11) 341608
Email: fpi@starnet.com.eg
·
Future
Pipe Industries Co Sal
Mimosa Building, 1st
Floor
John Kennedy Street
Ain El Mreisseh Sector
PO Box 135009
Beirut
Lebanon
Tel: (961-1) 369870 /
369932
Fax: (961-1) 369860
OPERATIONS
Activities: Engaged in the production of large diameter GRP pipe
and fittings (300 – 3000mm diameter), valves,
diaphragms,
rings, washers, glass fibre reinforced plastic, plastic tanks and vats and
concrete products.
Import
Countries: United Kingdom,
Germany and France
Subject has a
workforce of approximately 230 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
·
Al Bank
Al Saudi Al Hollandi
Dhahran Street
PO Box: 70
Dammam
Tel: (966-13) 8323212
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National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-13) 8331188
Fax: (966-13) 8336058
PAYMENT
HISTORY
No complaints regarding
subject’s payments have been reported.
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.18 |
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Euro |
1 |
INR 77.45 |
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SAR |
1 |
INR 17.08 |
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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NIY |
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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
·
Company
background and operations size
·
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
·
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.