|
|
|
MIRA INFORM REPORT
|
Report No. : |
494581 |
|
Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
FOUNDRY COMPANY LTD |
|
|
|
|
Registered Office : |
Al Khomra,
Warehouse No. 285, Warehouse City, Phase 1, P O Box: 115661, Jeddah 21381 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2017 |
|
|
|
|
Date of Incorporation : |
13.06.2000 |
|
|
|
|
Com. Reg. No.: |
4030130513,
Jeddah |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Manufacture of
cast metal products, including manhole covers, grating covers, elevator counter weights, customized
mechanical parts and related steel items. |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Saudi Arabia. |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 2017, the Kingdom incurred a budget deficit estimated at 8.3% 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 and reduced subsidies on electricity, water, and petroleum products and plans to introduce a value-added tax. 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.
|
Source
: CIA |
SUMMARY
Company Name :
INTERNATIONAL FOUNDRY COMPANY LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 13th
June 2000
Commercial
Registration Number :
4030130513, Jeddah
Industrial Licence
Number : N42
Issued Capital : SR
200,200,000
Paid up Capital : SR
200,200,000
Total Workforce :
100
Activities :
Manufacturers of cast metal products
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
INTERNATIONAL
FOUNDRY COMPANY LTD
ADDRESS
Registered & Physical
Address
Location : Al Khomra, Warehouse No. 285,
Warehouse City, Phase 1
PO Box : 115661
Town : Jeddah 21381
Country : Saudi Arabia
Telephone : (966-12) 2898625 / 2363638 / 2898646
/ 2886454
Facsimile : (966-12) 2889486 / 2361569
Mobile : (966-56) 7777366
Email : info@ifco-sa.com
Premises
Subject operates
from a suite of offices, a warehouse and a factory covering an area of 8,000
square metres that are rented and located in the Industrial Area of Jeddah.
KEY
PRINCIPALS
Name Position
·
Ahmed
Mohamed Ali Al Ghamdi Managing
Director
·
Turki
Mohamed Ali Al Ghamdi Director
·
Hosny
Abdullah General
Manager
·
Bandar
El Ghamdi Assistant
General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 13th
June 2000
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4030130513,
Jeddah
Industrial
Licence No. : N42
Issued Capital : SR 200,200,000
Paid up Capital : SR 200,200,000
Name of Shareholder (s)
·
Ahmed
Mohamed Ali Al Ghamdi
·
Turki Mohamed
Ali Al Ghamdi
OPERATIONS
Activities: Engaged in the manufacture of cast metal
products, including manhole covers, grating covers, elevator counter weights, customized mechanical parts and related steel
items.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 100 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year Ending
31/12/16: Year Ending
31/12/17:
Total Sales SR 127,150,000 SR 130,700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Al
Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-12) 6377810
·
Saudi
American Bank
Medinah Road
PO Box: 490
Jeddah 21411
Tel: (966-12) 6603993
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.99 |
|
|
1 |
INR 89.91 |
|
Euro |
1 |
INR 80.21 |
|
SAR |
1 |
INR 17.32 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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
·
Payment
record
·
Litigation
against the subject
·
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.