MIRA INFORM REPORT

Report Date :

17.06.2011

IDENTIFICATION DETAILS

Name :	SAUDI AIRCONDITIONING MANUFACTURING CO LTD (SAMCO)

Registered Office :	Industrial Area, Phase 3, Street 321, Road 39 PO Box 8755 Jeddah 21492

Country :	Saudi Arabia

Financials (as on) :	31.12.2010

Date of Incorporation :	17.06.1980

Com. Reg. No.:	4030002537, Jeddah

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacture of air conditioners and fans.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 1,000,000

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Saudi Arabia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : SAUDI AIRCONDITIONING MANUFACTURING CO LTD (SAMCO)

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Registration Date : 17^th June 1980

Commercial Registration Number : 4030002537, Jeddah

Chamber Membership Number : 10100

Issued Capital : SR 39,300,000

Paid up Capital : SR 39,300,000

Total Workforce : 350

Activities : Manufacture of air conditioners and fans.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 1,000,000

COMPANY NAME

SAUDI AIRCONDITIONING MANUFACTURING CO LTD (SAMCO)

ADDRESS

Registered & Physical Address

Location : Industrial Area, Phase 3, Street 321, Road 39

PO Box : 8755

Town : Jeddah 21492

Country : Saudi Arabia

Telephone : (966-2) 6373202 / 6380260

Facsimile : (966-2) 6363731

Email : info@eajb.com.sa

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Jeddah.

Branch Office (s)

Location Description

· PO Box: 297 Rented sales office

Jeddah 21411

Tel: (966-2) 6672222

Fax: (966-2) 6607268

· PO Box: 86 Rented sales office

Riyadh 11411

Tel: (966-1) 4022222

Fax: (966-1) 4022122

· PO Box: 24 Rented sales office

Dammam 31411

Tel: (966-3) 8323333

Fax: (966-3) 8325779

KEY PRINCIPALS

Name Position

· Hansan Yousef Basoun General Manager

· Hadi Abdul Ghani Public Relations Manager

· Omar Banja Finance Manager

· Moeen Ahmed Commercial Manager

· Robem Seryano Factory Manager

· Rakesh Kumar Quality Control Manager

LEGAL FORM & OWNERS

Date of Establishment : 04/08/1400 Hijri (corresponding to 17^th June 1980)

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 4030002537, Jeddah

Chamber Member No. : 10100

Issued Capital : SR 39,300,000

Paid up Capital : SR 39,300,000

Name of Partner (s) Percentage

· E.A. Juffali & Brothers 51%

Juffali Building

Madinah Road, Kilo-6

PO Box: 1049

Jeddah

Tel: (966-2) 6672222

Fax: (966-2) 6694010

· Carrier Corp 49%

2100, Ponce de Leon Boulevard

Coral Gates

Florida

United States of America

AFFILIATED COMPANIES

Subject is a member of the E.A. Juffali Group, which consists of the following concerns :

Name Country

· Saudi Refrigerators Manufacturing Co Ltd Saudi

· Saudi Cement Company Saudi

· Saudi Building Systems Manufacturing Co Ltd (Butler) Saudi

· Saudi Business Machines Limited (SBM) Saudi

· Saudi Ericsson Communications Co Ltd Saudi

· Saudi Tractor Manufacturers Company Saudi

· Arabian Computer Projects Ltd Saudi

· Carrier Saudi Service Company Ltd Saudi

· Orient Transport Co Ltd Saudi

· Raychem Saudi Arabia Ltd Saudi

· Steel Products Company Ltd Saudi

· Saudi Liebherr Service Company Ltd Saudi

· National Automobile Industry Company Ltd Saudi

· Fluor Arabia Saudi

· National Insurance Company Saudi

· Juffali Real Estate Saudi

· Arabian Metal Industries Ltd Saudi

· Beck Arabia Company Saudi

· I.H.I. Saudi Arabia Saudi

· Pool Arabia Saudi

· BICC Saudi Arabia Saudi

· Circuit Box and Fuse Manufacturing Company Saudi

· Petrochemical Engineering Limited Saudi

· Saudi Insulation Manufacturing Company Saudi

· E.A. Juffali & Brothers UAE

OPERATIONS

Activities: Engaged in the manufacture of wall, central, split and window air conditioners and fans.

The plant has a licensed capacity in excess of 470,000 units per year and serves many export markets in addition to the domestic market.

Import Countries: United States of America and Europe.

Brand Names: YORK, KELVINTAOR, CARRIER and VULCAN

Operating Trend: Steady

Subject has a workforce of approximately 350 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 120,000,000 SR 126,000,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Saudi American Bank

Madinah Road

PO Box: 490

Jeddah 21411

Tel: (966-2) 6603993

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

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.90
UK Pound	1	Rs.72.54
Euro	1	Rs.63.39

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
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
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
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
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
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.