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Report Date : |
01.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN REFRACTORIES FACTORY CO |
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Registered Office : |
2nd
Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.10.1992 |
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Com. Reg. No.: |
2050024195, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers of refractory shaped and unshaped material based on magnesia and alumina |
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No. of Employees : |
45 employees |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi
Arabia |
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 |
Saudi Arabia - ECONOMIC OVERVIEW
Saudi Arabia
has an oil-based economy with strong government controls over major economic
activities. It possesses about one-fifth 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 80% of budget revenues, 45%
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. Diversification efforts are focusing on power generation,
telecommunications, natural gas exploration, and petrochemical sectors. Almost
6 million foreign workers play an important role in the Saudi economy,
particularly in the oil and service sectors, while Riyadh is struggling to
reduce unemployment among its own nationals. Saudi officials are particularly
focused on employing its large youth population, which generally lacks the
education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia''s first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in December 2005
after many years of negotiations. The government has begun establishing six
"economic cities" in different regions of the country to promote
foreign investment and plans to spend $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
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Source : CIA |
Company Name : ARABIAN REFRACTORIES FACTORY CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 14th October 1992
Commercial Registration Number : 2050024195, Dammam
Chamber Membership Number : 3966
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Total Workforce : 45
Activities : Manufacturers of refractory shaped and unshaped material based on
magnesia and alumina.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Usama Fouad, Financial Manager
ARABIAN
REFRACTORIES FACTORY CO
Registered &
Physical Address
Location : 2nd Industrial Area
PO Box : 9285
Town : Dammam 31413
Country :
Telephone : (966-3) 8423366 / 8421092
Facsimile : (966-3) 8431802
Email : usama@harariyat.com / info@harariyat.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.
Name Position
·
Abdulrahman
A Al Sulaim Managing
Partner
·
Abdullah
Al Mangoor Partner
·
Mohamed
Al Mojil Partner
·
Usama
Fouad Financial
Manager
·
Adnan
Al Saeedi Administration
Manager
·
Tom
Mathew Plant
Manager
Date of Establishment: 14th October 1992
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050024195,
Dammam
Chamber Member No.: 3966
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner (s)
·
Abdulrahman
A Al Sulaim
·
Abdullah
Al Mangoor
·
Mohamed
Al Mojil
·
Heirs
of Abdullah A Al Sulaim
Activities: Engaged in the manufacture of refractory
shaped and unshaped material based on magnesia and
alumina.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial highlights
provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR 36,200,000 SR 39,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Usama Fouad, Financial Manager
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject meets its payment obligations in a timely manner and the
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
UK Pound |
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
---- |
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.