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Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SUN ACE GULF CO LTD |
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Registered Office : |
Jubail Industrial City PO Box 11121 Jubail 31961 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.02.2000 |
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Com. Reg. No.: |
2055004529, Jubail |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of chemical additives and speciality chemicals for the polymer and plastic industries, as well as PVC stabilisers and additives. |
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No. of Employees : |
35 |
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 : SUN ACE GULF CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 7th February 2000
Commercial Registration Number : 2055004529, Jubail
Chamber Membership Number : 389
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Total Workforce : 35
Activities : Manufacturers of chemical additives and speciality chemicals for the
polymer and plastic industries, as well as PVC stabilisers and additives.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SUN ACE GULF CO LTD
Location : Jubail
Industrial City
PO Box : 11121
Town : Jubail 31961
Country : Saudi Arabia
Telephone : (966-3) 3412230
/ 3412240
Facsimile : (966-3)
3411319
Email : dawood@sunace.com
/ office@sunace.com.sa
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Jubail.
Name Position
· Hamdan Abdulaziz
Al Hamdan Managing
Director
· Khalid Abdulaziz
Al Hamdan Director
· Adam Hansroid General
Manager
· Mazen Kamal Hatit Financial
Manager
Date of
Establishment : 03/11/1420 Hijri
(corresponding to 7th February 2000)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2055004529, Jubail
Chamber Member No. : 389
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
· Hamdan Abdulaziz
Al Hamdan
· Khalid Abdulaziz
Al Hamdan
· Saudi Pan Gulf
Trading Co (Gulf Steel Works)
PO Box: 2473
Al Khobar 31952
Tel: (966-3)
8670444
Fax: (966-3)
8672497
CR No. 2055003300
· Saudi Pan Gulf
Holding Co Ltd SPG
Al Qurnaish Street
PO Box: 2473
Al Khobar 31952
Tel: (966-3) 8670444 / 8670333
Fax: (966-3) 8962497
· Saudi Pan Gulf
Welding Solutions
· Saudi Pan Gulf
Steel
· Saudi Pan Gulf
Industrial Systems
· Saudi Pan Gulf
Industrial Fabrication Co
· Saudi Pan Gulf
Piping System Ltd
· Saudi Pan Gulf
Food Ltd
· Saudi Pan Gulf
Valves
· Saudi Pan Gulf
Technologies Pvt Ltd
· Hamdan Consultancy
· Aker Kaverner Gulf
Ltd
· General Automotive
Services
· Al Sanbok
Restaurant Trading Co
· Gulf Korea
Inspection & Testing
Activities: Engaged in the manufacture of chemical additives and speciality
chemicals for the polymer and plastic
Industries as well as PVC stabilisers and
additives.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of 35 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
14,600,000 SR
15,225,000
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
PO Box: 58
Jubail 51951
Tel: (966-3)
3612896
Fax: (966-3)
3611750
No complaints regarding subject’s payments have been reported.
Credit amount EUR
100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear and the subject is deemed a fair trade
risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
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 |
|
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.