|
|
|
MIRA INFORM REPORT
|
Report No. : |
507992 |
|
Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
HADEED NAJD BRANCH OF THE NATIONAL COMPANY
FOR STEEL AND BUILDING MATERIALS |
|
|
|
|
Registered Office : |
New Kharj Road, Exit 13, PO Box 355868 & 16202, Riyadh 11383 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Date of Incorporation : |
07.07.2011 |
|
|
|
|
Com. Reg. No.: |
1010307125, Riyadh |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in the manufacture of steel billets |
|
|
|
|
No. of Employees : |
150 |
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. 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.
|
Source
: CIA |
SUMMARY
Company Name :
HADEED NAJD BRANCH OF THE NATIONAL COMPANY FOR
STEEL AND BUILDING MATERIALS
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
7th July 2011
Commercial Registration Number :
1010307125, Riyadh
Chamber Membership Number : 255900
Issued Capital :
SR 250,000
Paid up Capital :
SR 250,000
Total Workforce :
150
Activities :
Manufacture of steel billets
Financial Condition :
Undetermined
Payments :
No Complaints
Person Interviewed :
Adel Hamadah, Accounts Manager
COMPANY
NAME
HADEED NAJD BRANCH OF THE NATIONAL COMPANY
FOR STEEL AND BUILDING MATERIALS
ADDRESS
Registered &
Physical Address
Location : New Kharj
Road, Exit 13
PO Box :
355868 & 16202
Town : Riyadh 11383
Country : Saudi Arabia
Telephone : (966-11)
8124350 / 2659630 Ext. 14
Facsimile : (966-11)
4158177
Email : finance@najdsteel.com
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Riyadh.
KEY
PRINCIPALS
Name Position
Kamal Ahmed Ismail Chairman
Issa Samih Al Shanty General
Manager
Adel Hamadah Accounts
Manager
Ashok Kumar Production
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 7th
July 2011
Legal Form : Limited Liability
Company
Commercial Reg. No. : 1010307125, Riyadh
Chamber Member No. : 255900
Issued Capital : SR 250,000
Paid up Capital : SR 250,000
Name of Partner
(s) Percentage
National Company For Steel And Building
Materials 100%
Riyadh
OPERATIONS
Activities: Engaged in the manufacture of steel billets
Subject has a workforce of 150 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
Al Dhabab Street
PO Box: 1467
Riyadh 11431
Tel: (966-11) 4067888
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL
COMMENTS
Please note that the correct name of the subject is “Hadeed Najd Branch Of The National Company For Steel And Building Materials”
and not “Najd Steel Riyadh”.
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 67.22 |
|
|
1 |
INR 90.87 |
|
Euro |
1 |
INR 80.09 |
|
SAR |
1 |
INR 17.97 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.