|
Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AIR CONDITIONING
SYSTEM FACTORY |
|
|
|
|
Registered Office : |
Al Ahsa Industrial Area, 920, Al Ahsa 31982 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
05.06.2007 |
|
|
|
|
Com. Reg. No.: |
1006406407, Al Ahsa |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Manufacture of air conditioning ducts and related parts. |
|
|
|
|
No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 – 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 |
|
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 |
Company Name :
AIR CONDITIONING SYSTEM FACTORY
Country of Origin :
Saudi Arabia
Legal Form :
Sole Proprietorship
Registration Date :
5th June 2007
Commercial Registration Number :
1006406407, Al Ahsa
Trade Licence Number :
143/S
Invested Capital :
SR 100,000
Total Workforce :
45
Activities :
Manufacture of air conditioning ducts and related parts
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AIR CONDITIONING SYSTEM FACTORY
Location : Al Ahsa
Industrial Area
PO Box : 920
Town : Al Ahsa
31982
Country : Saudi Arabia
Telephone : (966-3) 5847170
/ 5364362
Facsimile : (966-3)
5874426 / 5371159
Email : acs@mjb.com.sa
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Al Ahsa.
Name Position
· Saleh Mohamed
Zawad Bukhamseen Proprietor
& General Manager
· Mohamed Al Masry Assistant
General Manager
· Samir Hussain Production
Manager
Date of
Establishment : 19/05/1428 Hijri
(corresponding to 5th June 2007)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1006406407, Al Ahsa
Trade Licence No. : 143/S
Invested Capital : SR 100,000
Mr Saleh Mohamed Zawad Bukhamseen is the sole proprietor of the
business.
Activities: Engaged in the manufacture of air conditioning ducts and related parts
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
9,200,000 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.
·
Riyad Bank
Prince Mohammed
Street
PO Box: 2123
Dammam
Tel: (966-3)
8323440
Fax: (966-3)
8337829
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 business is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.54 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.