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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN CHEMICAL CO LATEX LTD |
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Registered Office : |
E A Juffali Building, 4th Floor Madinah Road Al Mussadiyah
District PO Box 5728 Jeddah 21432 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.10.1993 |
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Com. Reg. No.: |
4030099051, Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of latex materials. |
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No. of Employees : |
45 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Saudi Arabia |
A2 |
A2 |
|
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 17% 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. Over 5 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 2005. 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 : ARABIAN CHEMICAL CO LATEX LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 18th October 1993
Commercial Registration Number : 4030099051, Jeddah
Chamber Membership Number : 45796
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Total Workforce : 45
Activities : Manufacture of latex materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tariq Bawazir, Human Resources Manager
ARABIAN CHEMICAL CO LATEX LTD
Building : E A Juffali
Building, 4th Floor
Street : Madinah Road
Area : Al
Mussadiyah District
PO Box : 5728
Town : Jeddah 21432
Country : Saudi Arabia
Telephone : (966-2) 6605696
/ 6633900
Facsimile : (966-2)
6609028
Mobile : (966-50)
5666441
Email : t.bawazir@jab.com.sa
/ b.hijleh@eajb.com.sa
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
· Street No. 263 Factory
premises
PO Box: 11571
Jubail 31961
Tel: (966-3)
3588088 / 3587176
Fax: (966-3)
3588248
Name Position
· Dr Suhail Al
Farooqi General
Manager
· Yasser Al Amin Factory
Manager
· Bashar Abu Hejli Commercial
Manager
· Nadeem Siddiqi Financial
Manager
· Tariq Bawazir Human
Resources Manager
Date of
Establishment : 03/05/1414 Hijri
(corresponding to 18th October 1993)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 4030099051, Jeddah
Chamber Member No. : 45796
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
· E A Juffali Bros 50%
Saudi Arabia
· Dow Chemicals 50%
United States of
America
· Arabian Chemical
Company (Polystyrene) Ltd
PO Box: 30135
Jeddah 21477
Tel: (966-2)
6372485
Fax: (966-2)
6373286
· Gulf Acrylic Co
Jeddah
· Juffali Polyone
Jeddah
Activities: Engaged in the manufacture of latex materials.
Production Capacity: 42,000 tonnes per year.
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 31/12/11: Year Ending
31/12/12:
Total Sales SR
18,300,000 SR
19,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Commercial Bank
King Abdul Aziz
Street
PO Box: 3555
Jeddah 21481
Tel: (966-2)
6446644
Fax: (966-2)
6446644
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
|
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.