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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
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Name : |
HEAT HUNTER ELECTRICAL INDUSTRIES CO |
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Registered Office : |
Al Shifa
Industrial Area, P O Box 241680, Riyadh 11322 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.05.2007 |
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Com. Reg. No.: |
1010232779, Riyadh |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of air conditioning products and spare parts |
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No. of Employees : |
12 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 : HEAT HUNTER ELECTRICAL INDUSTRIES CO
Also Known As : SAED AL HARARAH CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 14th May 2007
Commercial Registration Number : 1010232779, Riyadh
Chamber Membership Number : 181808
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Total Workforce : 12
Activities : Manufacturers of air conditioning products and spare parts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Zeshan Wahid Mohamed Wahid, General Manager
HEAT HUNTER
ELECTRICAL INDUSTRIES CO
SAED AL HARARAH CO
Registered &
Physical Address
Location : Al Shifa Industrial Area
PO Box : 241680
Town : Riyadh 11322
Country : Saudi Arabia
Telephone : (966-1) 2985862
Facsimile : (966-1) 4716014
Mobile : (966-55) 2895926 / 562777999 / (966-50) 8207039
Email : heathunter.ksa@gmail.com
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Industrial Area of Riyadh.
Name Nationality Position
·
Wasim
Ijaz Choudary Pakistani Managing
Director
·
Faisal
Mumtaz Choudary Pakistani Director
·
Zeshan
Wahid Mohamed Wahid - General
Manager
Date of Establishment : 26/04/1428
Hijri (corresponding to 14th May 2007)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 1010232779,
Riyadh
Chamber Member No. : 181808
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Name of Partner (s)
·
Wasim
Ijaz Choudary
·
Faisal Mumtaz
Choudary
Activities: Engaged in the manufacture of air
conditioning products and spare parts.
Import Countries: Europe and the Far East.
International Suppliers:
· AC Universal Eng Pakistan
Operating Trend: Steady
Subject has a workforce
of 12 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 Revenue SR 9,680,000 SR 10,000,000
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
Airport Road
PO Box: 2800
Tel: (966-1) 4772281
Fax: (966-1) 4730322
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with nothing
detrimental uncovered regarding the manner in which operations are conducted.
As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
UK Pound |
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
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 |
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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 |
|
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.