MIRA INFORM REPORT

 

 

Report Date :

10.05.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

NATIONAL SPINNING COMPANY LTD

 

 

Registered Office :

2nd Industrial City, P O Box 859, Riyadh 11421

 

 

Country :

Saudi Arabia 

 

 

Date of Incorporation :

29.11.1995

 

 

Com. Reg. No.:

1010139398, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of carpets and blanket yarns

 

 

No. of Employees :

280

 

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

 

 

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 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Saudi Arabia 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                         : NATIONAL SPINNING COMPANY LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 29th November 1995

Commercial Registration Number            : 1010139398, Riyadh

Chamber Membership Number                : 75561

Issued Capital                                        : SR 30,000,000

Paid up Capital                                      : SR 30,000,000

Total Workforce                         : 280

Activities                                               : Manufacturers of carpets and blanket yarns

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

NATIONAL SPINNING COMPANY LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 2nd Industrial City

PO Box : 859

Town                 : Riyadh 11421

Country : Saudi Arabia

Telephone         : (966-1) 2658888 / 2657700 / 2651299 / 2652200

Facsimile          : (966-1) 2659999 / 2652011

Email                : scf@carpets.com / sales@nscyarns.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Abdullatif Omar Al Abdullatif                                                               Managing Partner

·       Fahd Omar Al Abdullatif                                                                     Partner

·       Ahmed Omar Al Abdullatif                                                                  Partner

·       Saeed Al Jabri                                                                                  Purchase Manager

·       Rafi John                                                                                          Marketing Manager

·       Hillal Amaid                                                                                      Accounts Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 07/07/1416 Hijri (corresponding to 29th November 1995)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1010139398, Riyadh

 

Chamber Member No. : 75561

 

Issued Capital              : SR 30,000,000

 

Paid up Capital            : SR 30,000,000

 

Name of Partner (s)                                                     

·       Al Abdullatif Industrial Company

Riyadh

·       Abdullatif Omar Al Abdullatif

·       Fahd Omar Al Abdullatif

·       Ahmed Omar Al Abdullatif

 

 

AFFILIATED COMPANIES

 

·       Saudi Carpet

PO Box: 859

Riyadh 11421

 

·       Adfa Blankets

PO Box: 859

Riyadh 11421

 

·       Eastern Textile Company Ltd

New Industrial Area

PO Box 859

Riyadh 11421

Tel: (966-1) 2654538 / 2650957 / 2650958

Fax: (966-1) 2653818

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of carpets and blanket yarns.

 

Production Capacity: 15 million kg of spun yarn per year.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 280 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

BANKERS

 

·       National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.46

UK Pound

1

Rs.86.27

Euro

1

Rs.69.40

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.