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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
Mitsubishi Electric Saudi Ltd. |
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Registered Office : |
Akariyah New
Building, Building No. 3, Salahuddine Street P O Box 2391, Riyadh 11451 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.01.1980 |
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Com. Reg. No.: |
1010028258,
Riyadh |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Supply,
installation and maintenance of elevators, escalators and moving walkways |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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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.
|
Source : CIA |
Company Name : MITSUBISHI ELECTRIC
SAUDI LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 28th
January 1980
Commercial
Registration Number : 1010028258,
Riyadh
Membership Number : 12343
Issued Capital : SR
8,000,000
Paid up Capital : SR
8,000,000
Total Workforce : 120
Activities :
Supply, installation and maintenance of elevators, escalators and moving
walkways
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jassim Amin,
Finance Manager
MITSUBISHI ELECTRIC
SAUDI LTD
Building : Akariyah New Building, Building
No. 3
Street : Salahuddine Street
PO Box : 2391
Town : Riyadh 11451
Country : Saudi Arabia
Telephone : (966-1) 4777947 / 2062210
Facsimile : (966-1) 4777950
Mobile : (966-55) 2200705
Email : info@melsa.com.sa
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Riyadh.
Branch Office
(s)
Location Description
·
Jeddah Office
premises
Tel: (966-2) 6505507
·
Dammam Office
premises
Tel: (966-3) 8336528
Name Position
·
Jiro
Kurashima President
·
Sam
Achalla Barvahtesen Operations
Manager
·
Roberto
Genetizo Technical
Manager
·
Khalid
Saif Administration
Manager
·
Mushtaq
Ahmed Regional
Manager
·
Jassim
Amin Finance
Manager
Date of Establishment : 11/03/1400
Hijri (corresponding to 28th January 1980)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 1010028258,
Riyadh
Membership
No. : 12343
Issued Capital : SR 8,000,000
Paid up Capital : SR 8,000,000
·
Mitsubishi
Electric Corp 55%
Japan
·
Omar
Kassim Al Esayi Co Ltd 45%
Jeddah
Tel: (966-2) 6440224 / 6445121
Activities : Engaged in the supply, installation and
maintenance of elevators, escalators and moving walkways.
Import Countries : Europe and Japan.
Operating Trend : Steady
Subject has a
workforce of 120 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 466,800,000 SR 479,500,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Jassim Amin, Finance Manager
·
National
Commercial Bank
Malaz Branch
PO Box: 42536
Tel: (966-1) 4776450
Fax: (966-1) 4769502
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.54.17 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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 |
|
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 |
|
<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.