MIRA INFORM REPORT
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Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
HYDRAULIC SERVICES STEEL ENGINEERING |
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Registered Office : |
Dallah Sanaiyah,
P O Box 10617, Dammam 31443 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
25.11.2006 |
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Com. Reg. No.: |
2050052636, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Fabrication of stainless steel and carbon steel products |
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No. of Employees
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20 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 250,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : HYDRAULIC SERVICES STEEL ENGINEERING
Also Known As : H S STEEL ENGINEERING
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 25th November 2006
Commercial Registration Number : 2050052636, Dammam
Chamber Membership Number : 78445
Issued Capital : SR 1,250,000
Paid up Capital : SR 1,250,000
Total Workforce : 20
Activities : Fabrication of stainless steel and carbon steel products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
Person Interviewed : K S Namboodiri, Financial Manager
COMPANY NAME
HYDRAULIC SERVICES
STEEL ENGINEERING
ALSO KNOWN AS
H S STEEL ENGINEERING
company ADDRESS
Registered &
Physical Address
Location : Dallah Sanaiyah
PO Box : 10617
Town : Dammam 31443
Country : Saudi Arabia
Telephone : (966-3) 8184133
Facsimile : (966-3) 8180164
Mobile : (966-50) 0157213 / 6829649
Email : rao.hssteel@gmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Dammam.
KEY PRINCIPALS
Name Nationality Position
·
Swayampu
Sree Nivasa Rao Indian Managing
Partner
·
Yousef
Ahmed Al Hadalehm Saudi Partner
·
K S
Namboodiri - Financial
Manager
·
P S
Raju - Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 05/11/1427
Hijri (corresponding to 25th November 2006)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050052636,
Dammam
Chamber Member No. : 78445
Issued Capital : SR 1,250,000
Paid up Capital : SR 1,250,000
Name of Partner (s)
·
Swayampu
Sree Nivasa Rao
·
Yousef
Ahmed Al Hadalehm
OPERATIONS
Activities: Engaged in the fabrication of stainless
steel and carbon steel products, vessels, tanks, pipes and
aluminium bulkers.
Import
Countries: Europe and the
Far East.
Clients:
·
Aramco
·
Sabic
·
Advanced
Petrochemical
·
Technip
·
Satrup
·
Chemnol
·
Tasnee
Operating Trend: Steady
Subject has a
workforce of 20 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales SR 16,500,000 SR 18,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr K S Namboodiri, Financial Manager
BANKERS
·
National
Commercial Bank
Airport Road
PO Box: 2800
Tel: (966-1) 4772281
Fax: (966-1) 4730322
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 |
|
US Dollar |
1 |
Rs.51.45 |
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UK Pound |
1 |
Rs.80.38 |
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Euro |
1 |
Rs.69.12 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.