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MIRA INFORM REPORT
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Report No. : |
507058 |
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Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ABV ROCK GROUP LTD |
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Registered Office : |
Salah Al Din Al Ayoubi Street, Al Malaz, PO Box :
89426, Riyadh 11682 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
05.08.2008 |
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Com. Reg. No.: |
1010254468, Riyadh |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· Subject is engaged in the provision of general design, construction and engineering services · Subject is a construction contractor that operates in several interlinked sectors covering buildings and civil works and acts as a principal and specialist contractor. The core activities of the company are underground storage including tunnelling, road construction and pipelines. They undertake construction of airports, hospitals, industrial plants, dams and bridges including all associated electrical, mechanical and civil works. They also have the capabilities of operations and maintenance of their client’s completed projects. |
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No. of Employees : |
35 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. Approximately 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.
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 recently introduced a value-added tax of 5%. 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 : ABV ROCK GROUP LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 5th August 2008
Commercial Registration Number : 1010254468, Riyadh
Chamber Membership Number : 30820
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Total Workforce : 35
Activities : Providers of general design, construction and engineering services
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
Person Interviewed : Omar Saad, Finance Manager
COMPANY
NAME
ABV ROCK GROUP LTD
ADDRESS
Registered & Physical
Address
Street : Salah Al Din
Al Ayoubi Street
Area :
Al Malaz
PO Box :
89426
Town : Riyadh 11682
Country : Saudi Arabia
Telephone : (966-11)
4790170 / 4037878
Facsimile :
(966-11) 2064577
Email :
info@abvrock.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Riyadh.
KEY
PRINCIPALS
Name Position
·
Mohamed Hussein Ali Al Amoudi Managing
Director
· Saadon Al Saadoon General
Manager
· Omar Saad Finance
Manager
· Ali Eidi Operations
Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 5th
August 2008
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 1010254468, Riyadh
Chamber Member No. : 30820
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Name of Shareholders (s)
·
Mohamed Hussein Ali Al Amoudi
·
ABV Rock Group
OPERATIONS
Activities: Engaged in the provision of general design, construction and
engineering services.
Subject is a construction contractor that operates in several
interlinked sectors covering buildings and civil works and acts as a principal
and specialist contractor. The core activities of the company are underground
storage including tunnelling, road construction and pipelines. They undertake
construction of airports, hospitals, industrial plants, dams and bridges
including all associated electrical, mechanical and civil works. They also have
the capabilities of operations and maintenance of their client’s completed
projects.
Subject is ISO 9001:2008 accredited
Current Projects:
PDTSC - SPIMACO
Client:
SPIMACO
Details: The work includes construction of a pharmaceutical production building
consisting of three floors with a total building area of approximately 6,000m2.
Hilton 5-Star Hotel - KSU
Client:
King Saud University
Details: The work includes detailed design, engineering and construction of a
5-Star hotel building with a total building area of 48,487m2.
University Endowment - Medical
Center
Client:
King Saud University
Details: The work includes detailed design, engineering and construction of a
medical building with a total building area of 35,883m2.
Hilton, 5-Star Hotel, Residential
Suites
Client:
King Saud University
Details: The work includes detailed design, engineering and construction of a
5-Star hotel residential suites. Total building area of 55,390m2.
Medical Research Center - KSU
Client:
King Saud University
Details: The work includes detailed design, engineering and construction of a
specialized building to house the Prince Naif Center for Health Science
Research, total building area 31,800 m2. The new structure will feature
world-class facilities for research in cancer, molecular biology, genetics,
infectious diseases and other advanced medical fields. It will be located in
the Riyadh Techno Valley (RTV) complex.
Prince Sultan Advanced
Technological Research Institute
Client:
King Saud University
Details: The work includes detailed design, engineering and construction of a
specialized building to house the Prince Sultan Advanced Technological Research
Institute, total building area 20,000 m2.
King Abdullah Institute for Nano
Technology & Research Center
Client:
King Saud University
Details: The work includes detailed design, engineering and construction of a
specialized building to house the King Abdullah Institute for Nano Technology
& Research Center, total building area 10,000 m2.
Prince Salman Center for Local
Management
Client:
Prince Sultan University
Details: The work includes detailed design, engineering and construction of a building
to house the Prince Salman Center for Local Management, total building area of
29,000m2.
University Office Tower -
Building 013
Client:
King Saud University
Details: Office tower building with a total building area of 20,054m2.
Operating Trend: Steady
Subject has a workforce of 35 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
16,700,000 SR
17,350,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
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Arab National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-11)
4029000
Fax: (966-11)
4027747
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.
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 66.61 |
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1 |
INR 90.60 |
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Euro |
1 |
INR 79.86 |
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SAR |
1 |
INR 17.82 |
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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NIS |
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Report Prepared
by : |
SYL |
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
·
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.