MIRA INFORM REPORT

Report Date :

15.09.2012

IDENTIFICATION DETAILS

Name :	KINGDOM PAINTS CO

Registered Office :	Old Industrial Area, P O Box 3180, Khamis Mushait

Country :	Saudi Arabia

Date of Incorporation :	23.11.2011

Com. Reg. No.:	5855024347, Khamis Mushait

Legal Form :	Joint Stock Company

Line of Business :	Manufacturers of decorative and industrial paints

No. of Employees :	80 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Business
Payment Behaviour :	Unknown
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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Saudi Arabia

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

SUMMARY

Company Name : KINGDOM PAINTS CO

Country of Origin : Saudi Arabia

Legal Form : Joint Stock Company

Registration Date : 23^rd November 2011

Commercial Registration Number : 5855024347, Khamis Mushait

Chamber Membership Number : 18050

Issued Capital : SR 3,000,000

Paid up Capital : SR 3,000,000

Total Workforce : 80

Activities : Manufacturers of decorative and industrial paints.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

COMPANY NAME

KINGDOM PAINTS CO

company ADDRESS

Registered & Physical Address

Location : Old Industrial Area

PO Box : 3180

Town : Khamis Mushait

Country : Saudi Arabia

Telephone : (966-7) 2381111

Facsimile : (966-7) 2382610

Email : info@kingdompaints.com

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Khamis Mushait.

KEY PRINCIPALS

Name Position

· Mahdi Saeed Fahad Al Qahtani Managing Director

· Abdul Kareem Bin Hussain Al Yousef Director

· Ayman Al Bana Plant Manager

· Motasim Mohamed Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 26/12/1432 Hijri (corresponding to 23^rd November 2011)

Legal Form : Joint Stock Company

Commercial Reg. No. : 5855024347, Khamis Mushait

Chamber Member No. : 18050

Issued Capital : SR 3,000,000

Paid up Capital : SR 3,000,000

Name of Shareholder (s)

· Mahdi Saeed Fahad Al Qahtani

· Abdul Kareem Bin Hussain Al Yousef

OPERATIONS

Activities: Engaged in the manufacture of decorative and industrial paints.

Import Countries: Europe and the Far East.

Brand Names: KP

Subject has a workforce of 80 employees.

FINANCIAL DATA

Subject is a newly formed business and as a result financial information is not currently available.

BANKERS

· Arab National Bank (ANB)

King Faisal Street

PO Box: 56921

Riyadh 11564

Tel: (966-1) 4029000

Fax: (966-1) 4027747

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.73
UK Pound	1	Rs.88.61
Euro	1	Rs.71.34

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%)

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