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MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL FACTORY FOR AIR CONDITIONERS CO (NFAC) |
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Registered Office : |
Al Essa Building, 6th Floor, Airport Road, P O
Box – 20409, Riyadh 11455 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
1010013523, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of Air Conditioners |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
NATIONAL FACTORY FOR AIR CONDITIONERS CO (NFAC)
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
1974
Commercial Registration Number :
1010013523, Riyadh
Issued Capital :
SR 98,000,000
Paid up Capital :
SR 98,000,000
Total Workforce :
650
Activities :
Manufacture of air conditioners
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 1,500,000
COMPANY NAME
NATIONAL FACTORY FOR AIR CONDITIONERS CO (NFAC)
ADDRESS
Registered & Physical Address
Building : Al Essa
Building, 6th Floor
Street : Airport Road
PO Box : 20409
Town : Riyadh 11455
Country : Saudi Arabia
Telephone : (966-1) 2241212
/ 4031719 / 4031723
Facsimile : (966-1)
4035859 / 4027639 / 4985715
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
Al Kharj Road, Km 34 Owned
factory premises
PO Box : 20409
Riyadh 11455
Tel : (966-1) 4983730
Fax : (966-1) 4027639 / 4985715
KEY PRINCIPALS
Name Position
Fahad Saleh Al Essa Chief
Executive
Sunny Alex Finance
Manager
Sherif Edin Ahmed Accounts
Manager
Baby Moothaparambil Administration
Manager
Qazi Syed Aziz Akhtar Materials
Manager
Prasan Kumar Purchasing
Manager
Baby M. Dinesan Assistant
Sales Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1974
History : Subject’s
operations date back to 1974, however it was incorporated on 4/11/1397
Hijri (Corresponding to 1977) between the following partners :
1. Sheikh Abdulaziz Hamad Al Essa
2. Sheikh Saleh Hamad Al Essa
In December 1998, and under an amendment entered with the Riyadh
Commercial Register, the two partners
withdrew from the business and assigned all their shares in the capital to two new partners, namely Al Hassel Commercial
Investments Co Ltd and Al Hassel Economic Development Company Ltd.
Subsequently, subject was re-registered as a Limited Liability
Partnership with the current partners.
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 1010013523, Riyadh
Industrial Licence No. : 77 & 80
Issued Capital : SR 98,000,000
Paid up Capital : SR 98,000,000
Name of Partner (s)
Al Hassel Commercial Investments Co Ltd
Al Hassel Economic Development Company Ltd
AFFILIATED COMPANIES
National Refrigeration Co
Al Essa Building
King Abdul Aziz Street
PO Box : 2091
Riyadh 11421
Tel : (966-1) 4031212
Fax : (966-1) 4027639
Hamad A. Al Essa & Sons Co
Al Essa Building, 5th Floor
King Abdul Aziz Street
PO Box : 2091
Riyadh 11451
Tel : (966-1) 4020178 / 4039284
Fax : (966-1) 4035859
Al Essa Business for Trading & Contracting Co Ltd
PO Box : 2091
Riyadh 11451
Tel : (966-1) 4039295
Fax : (966-1) 4035859
OPERATIONS
Activities: Engaged in the manufacture of an extensive line of residential room air
conditioners, evaporative coolers, and refrigeration equipment, centrifugal
fans, window freon air conditioners, various wall-mounted air
conditioning units, central air conditioners and water coolers.
The plant is an ISO-9001 accredited factory.
Annual Production Capacity :
Centrifugal fans 100
units
Window freon air conditioners 250,000
units
Various wall air-conditioning units 1,000
units
Various split air conditioners 12,000 units
Central air conditioning units
500 units
Water coolers 20
units
Agents for :
Haas
Gibson
Hitachi
Bauknecht
Champion
Arvin
Crafft
Dolphin
Import Countries: The Far East, United Kingdom, Germany, the United
States of America and India
International Suppliers:
Kelvinator International United
States of America
A O Smith Corporation United
States of America
Qualitair Ltd United
Kingdom
York Deutschland GmbH Germany
Micron International India
Export Countries: Subject’s products are marketed throughout the
Middle East and China
Operating Trend: Steady
Subject has a workforce of approximately 650 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales SR
420,000,000 SR 450,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
Al Bank Al Saudi Al Fransi
Airport Road
PO Box : 1290
Riyadh
Tel : (966-1) 4760284
Saudi American Bank
PO Box : 833
Riyadh 11471
Tel : (966-1) 4774770
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction December 2005
Credit amount 68,000
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
National Factory For Air Conditioners Co (NFAC) is one of the largest
integrated manufacturers of air conditioning units in the Middle East,
employing some 650 people with a total annual production capacity of over
260,000 units.
According to local sources subject’s financial position is considered to
be good with payment obligations generally met promptly. As such NFAC is deemed
a sound trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)