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Report Date : |
24.12.2012 |
IDENTIFICATION DETAILS
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Name : |
UNITED WOOD PRODUCTS CO LTD |
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|
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Registered Office : |
Al Kharj Road, 2nd Industrial
Area, PO Box: 240, Riyadh 11383 |
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|
|
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Country : |
Saudi Arabia |
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|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
1010180530 |
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Legal Form : |
Closed Shareholding Co |
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Line of Business : |
Manufacture of wooden doors, windows, skirting, architraves and
panelling |
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|
No. of Employees : |
360 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
Company Name :
UNITED WOOD PRODUCTS CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Closed Shareholding Co
Start Date :
1988
Registration Date :
29th October 2004
Commercial Registration Number :
1010180530, Riyadh
Chamber Membership Number :
149525
Issued Capital :
SR 25,680,000
Paid up Capital :
SR 25,680,000
Total Workforce :
360
Activities :
Manufacture of wooden doors, windows, skirting, architraves and panelling
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hazem Maroof Al Zamamiri, Finance Manager
UNITED WOOD PRODUCTS CO LTD
Registered &
Physical Address
Street : Al Kharj
Road
Area : 2nd
Industrial Area
PO Box : 240
Town : Riyadh 11383
Country : Saudi Arabia
Telephone : (966-1) 2657777
/ 2651559 / 2650999
Facsimile : (966-1) 2651108
Email : info@uwpco.com / unitedwood@akmas.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Riyadh.
Name Position
Abdullah Abdulaziz Al Rabieh Managing
Partner
Essa Al Turki Administration
Manager
Yousef Al Tuwaijiri Factory
Manager
Hazem Maroof Al Zamamiri Finance
Manager
Date of Establishment : Subject’s
operations date back to 1988, however it was registered on 29th
October 2004
Legal Form : Closed Shareholding Co
Commercial Reg. No. : 1010180530,
Riyadh
Chamber Member No. : 149525
Issued Capital : SR 25,680,000
Paid up Capital : SR 25,680,000
Name of Partner
(s) Percentage
Bawan Holding 95%
Abdullah Abdulaziz Al Rabieh 5%
Activities: Engaged in the manufacture
of wooden doors, windows, skirting, architraves and panelling.
Subject
was ISO 9001 accredited in 1998.
Import Countries: Europe and the United States of America
International
Suppliers:
Interwood Mobel Pvt Ltd Pakistan
Halspan Ltd United
Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 360 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
136,000,000 SR 129,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures were confirmed by Hazem Al Zababri, Finance Manager.
Arab National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-1) 4029000
Fax: (966-1) 4027747
No complaints regarding subject’s payments have been reported.
Date of transaction January
2008 April
2009
Credit amount 206,480 616,250
Amount overdue 0 0
Payment terms 60
days 90
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Canadian
Dollars Canadian
Dollars
Established in 1988, subject is engaged in the manufacture of wooden doors
and windows.
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.55.08 |
|
UK Pound |
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.