MIRA INFORM REPORT

Report Date :

25.04.2013

IDENTIFICATION DETAILS

Name :	AL JAZEERA AMBITIONS FACTORY CO

Registered Office :	King Khalid Street, P O Box 4819, Dammam 31412

Country :	Saudi Arabia

Date of Incorporation :	24.02.2004

Com. Reg. No.:	2050044913, Dammam

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacturers of scaffolding equipment.

No. of Employees :	300

RATING & COMMENTS

MIRA’s Rating :

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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 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

SUMMARY

Company Name : AL JAZEERA AMBITIONS FACTORY CO

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Registration Date : 24^th February 2004

Commercial Registration Number : 2050044913, Dammam

Issued Capital : SR 12,500,000

Paid up Capital : SR 12,500,000

Total Workforce : 300

Activities : Manufacturers of scaffolding equipment.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Sajid Ali Taqour, Finance Manager

COMPANY NAME

AL JAZEERA AMBITIONS FACTORY CO

Company ADDRESS

Registered & Physical Address

Location : King Khalid Street

PO Box : 4819

Town : Dammam 31412

Country : Saudi Arabia

Telephone : (966-3) 8430760 / 8413334 / 8184775

Facsimile : (966-3) 8422508 / 8184558

Mobile : (966-50) 5927378 / 5873694

Email : m@mjavid.com / sajid@mjavid.com / jafco@sify.com / aljubran@zajil.net

Premises

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

KEY PRINCIPALS

Name Nationality Position

· Mohamed Javid Ibrahim Indian Managing Partner

· Fouad Ahmed Al Jubran Saudi Partner

· Ismail Ibrahim - General Manager

· Sajid Ali Taqour - Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 03/01/1425 Hijri (corresponding to 24^th February 2004)

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 2050044913, Dammam

Issued Capital : SR 12,500,000

Paid up Capital : SR 12,500,000

Name of Partner (s)

· Mohamed Javid Ibrahim

· Fouad Ahmed Al Jubran

AFFILIATED COMPANIES

· Fast Al Jazeera United Factory Co

Dammam

· Fas International

Guru Ram Dass Road

Dhandari Kalan

G T Road

Ludhiana 141 010

Punjab

India

OPERATIONS

Activities: Engaged in the manufacture of scaffolding equipment, including modular scaffolding, scaffolding steel

tubes and fittings for the building and construction industries. Subject’s product range includes prop pipe support, props (European type), push pull props, H-frame, jack and base head, K-lock, K-stage, solider system and scaffolding accessories.

Import Countries: Europe and the Far East.

Subject has a workforce of approximately 300 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

PO Box: 13

Dammam 31411

Tel: (966-3) 8331188

Fax: (966-3) 8336058

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.54.30
UK Pound	1	Rs.82.88
Euro	1	Rs.70.80

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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