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MIRA INFORM REPORT
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Report No. : |
511077 |
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Report Date : |
25.05.2018 |
IDENTIFICATION DETAILS
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Name : |
PRISMA METAL INDUSTRIAL LIMITED
COMPANY |
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Registered Office : |
Bahrain Thoqbha Highway Baghlaf, Al Azizia Industrial Area PO Box 3044 Al
Khobar 31952 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.04.2010 |
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Com. Reg. No.: |
2051042510 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the design, fabrication and
installation of metal products, including, windows, doors, curtain wall
systems, skylights, point fixed systems, metal cladding, canopies and space frames. |
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No. of Employees : |
75 |
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 : PRISMA METAL INDUSTRIAL LIMITED COMPANY
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 7th April 2010
Commercial Registration Number : 2051042510, Al
Khobar
Chamber Member Number : 136496
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Total Workforce : 75
Activities : Design, fabrication and installation of metal products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
PRISMA METAL INDUSTRIAL LIMITED COMPANY
ADDRESS
Registered &
Physical Address
Street :
Bahrain Thoqbha Highway
Area :
Baghlaf, Al Azizia Industrial Area
PO Box :
3044
Town : Al Khobar 31952
Country :
Saudi Arabia
Telephone :
(966-13) 8901419
Facsimile :
(966-13) 8904962
Email : prisma@prismaksa.com
Premises
Subject operates from a suite of offices and a factory
covering 13,000 m2 that are rented and located in the Industrial
Area of Al Khobar.
There is a further 37,000 m2 of
factory under construction.
KEY
PRINCIPALS
Name Position
· Jalal Ahmed Abdul Khaliq Managing
Director
· Adel Ali Mahmoud Director
· Hussam Abdul Sattar Dabbab Accounts
Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 7th
April 2010
Legal
Form : Limited
Liability Company
Commercial
Reg. No. : 2051042510, Al Khobar
Chamber Member No. : 136496
Issued Capital : SR
500,000
Paid up Capital : SR
500,000
Name of Partner (s)
· Jalal Ahmed Abdul Khaliq
· Adel Ali Mahmoud
OPERATIONS
Activities: Engaged in the design, fabrication and
installation of metal products, including, windows, doors, curtain wall
systems, skylights, point fixed systems, metal cladding, canopies and space
frames.
Subject is ISO 9001:2015 accredited.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 75 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
27,000,000 SR
29,000,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
·
Arab National Bank (ANB)
PO
Box: 37
Al
Khobar 31952
Tel:
(966-13) 8948660
Fax:
(966-13) 8942752
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
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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 68.39 |
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1 |
INR 91.44 |
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Euro |
1 |
INR 80.14 |
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SAR |
1 |
INR 18.08 |
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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DIV |
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Report Prepared
by : |
TRU |
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.