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Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN UNITED FLOAT GLASS CO |
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Registered Office : |
New Akariyah Building, Tower II, Al Sitteen Street, Al Malaz District, P O Box 26994, Riyadh 11496 |
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Country : |
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Date of Incorporation : |
17.07.2006 |
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Com. Reg. No.: |
1010221369, Riyadh |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture and processing of float glass products |
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No. of Employees : |
400 |
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 UNITED FLOAT GLASS CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 17th July 2006
Commercial Registration Number : 1010221369, Riyadh
Chamber Membership Number : 168910
Issued Capital : SR 275,000,000
Paid up Capital : SR 275,000,000
Total Workforce : 400
Activities : Manufacture and processing of float glass products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Mohamed Rafiq, Accountant
ARABIAN UNITED
FLOAT GLASS CO
Registered &
Physical Address
Building : New Akariyah Building, Tower II
Street : Al Sitteen Street
Area : Al
Malaz District
PO Box : 26994
Town : Riyadh 11496
Country : Saudi Arabia
Telephone : (966-1) 4743939
Facsimile : (966-1) 4781207
Email : info@aufgc.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Riyadh.
Branch Offices
Location Description
·
Light
Industrial City Factory
premises
PO Box: 31561
Yanbu 51000
Tel: (966-4) 3255444
Fax: (966-4) 3250444
Name Position
·
Abdulaziz
Sulaiman Al Hudias Managing
Director
·
Zayed Fahd Al Dagaiser Director
·
Rashid
Saad Al Rashid Director
·
Ibrahim
Galiko Factory
Manager
·
Feras
Khalid Kurdi Finance
Manager
·
Naif
Telall Mulaeb Human
Resources Manager
·
Mohamed
Rafiq Accountant
Date of Establishment : 20/06/1427
Hijri (corresponding to 17th July 2006)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 1010221369, Riyadh
Chamber Member No. : 168910
Issued Capital : SR 275,000,000
Paid up Capital : SR 275,000,000
Name of Partner
(s)
·
Zayed Fahd Al Dagaiser
·
Fahd Saud Al Dagaiser
·
Ayad Fahd Al Dagaiser
·
Mohamed Abdulaziz Al Omair
·
Kamel Ibrahim Al Futooh
·
National Gas and Industrialization Company
·
Saudi Real Estate Company
·
National Shipping Company of Saudi Arabia
·
Al-Rashid Group
·
Room Trading Est
·
Mohamed Saleh Al Nafie & Sons
·
Al Maida Chemical
Activities: Engaged in the
manufacture and processing of float glass products.
Import
Countries: Belgium and the
United States of America
Subject has a
workforce of approximately 400 employees.
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.
·
Saudi
American Bank
Malaz Branch
PO
Box: 3388
Riyadh 11471
Tel: (966-1) 4774770
No complaints regarding
subject’s payments have been reported.
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.53.59 |
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UK Pound |
1 |
Rs.85.81 |
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Euro |
1 |
Rs.69.91 |
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.