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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
KANOOZ INDUSTRIAL SERVICES |
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Registered Office : |
Mina Port Area PO Box 961
Dammam 31421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.01.2002 |
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Com. Reg. No.: |
2050012702, Dammam |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject’s operations are performed through the following divisions: · Project Division Engaged as
turnaround and maintenance contractors for catalyst replacement,
nitrogen services and chemical cleaning. · Services Division Engaged as providers of solid
and liquid waste treatment services. |
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No. of Employees : |
820 |
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 : |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Saudi Arabia |
A2 |
A2 |
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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
SUMMARY
Company Name : KANOOZ INDUSTRIAL SERVICES
Country of Origin : Saudi Arabia
Legal Form : Sole Proprietorship
Registration Date : 18th January 2002
Commercial Registration Number : 2050012702, Dammam
Chamber Membership Number : 9051
Invested Capital : SR 150,000
Total Workforce : 820
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Marlon Gargar, Financial Manager
KANOOZ INDUSTRIAL SERVICES
Location : Mina Port Area
PO Box : 961
Town : Dammam 31421
Country : Saudi Arabia
Telephone : (966-3) 8475001
/ 8475002 / 8475003 / 8475004
Facsimile : (966-3)
8475008
Email : brmdam@kanooz.com
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Dammam.
Branch Office (s)
Location Description
· PO Box: 1094 Workshop
Premises
Jubail 31951
Tel: (966-3)
3625999 / 3624539
Fax: (966-3)
3623011
Email: brmjub@kanooz.com
· PO Box: 42696 Workshop
Premises
Riyadh 11551
Tel: (966-1)
4981595 / 4985207
Fax: (966-1)
4982419
Email: brmryd@kanooz.com
· PO Box: 22082 Workshop
Premises
Jeddah 21495
Tel: (966-2)
2880642 / 2880638
Fax: (966-2)
2880638
Email: brmjed@kanooz.com
· PO Box: 402 Workshop
Premises
Yanbu 41911
Tel: (966-4)
3906020 / 3905925
Fax: (966-4)
3906022
Email: brmybu@kanooz.com
· PO Box: 22082 Workshop
Premises
Jeddah 21495
Tel: (966-2) 4223622
Fax: (966-2)
4223622
Name Position
· Abdullah Ali
Abdullah Al Karimi Proprietor
& General Manager
· Mohamed Yamin
Abdul Karim Assistant
General Manager
· Marlon Gargar Financial
Manager
· Aaron Isaac Financial
Controller
· Joseph Stalin Operations
Manager
· Sarat Nair Jubail
Branch Manager
· Saeed Al Omari Riyadh
Branch Manager
· D S Sastry Jeddah
Branch Manager
· Sendhil Nathan Yanbu
Branch Manager
Date of
Establishment : 05/11/1422
(corresponding to 18th January 2002)
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 2050012702, Dammam
Chamber Member No. : 9051
Invested Capital : SR 150,000
Mr Abdullah Ali Abdullah Al Karimi is the sole proprietor of the
business.
· Arakan Paper Cup
Factory
Dammam
Activities: Subject’s operations are performed through the following divisions:
· Project Division
Engaged as turnaround and
maintenance contractors for catalyst replacement, nitrogen services and
chemical cleaning.
· Services Division
Engaged as providers of solid and liquid
waste treatment services.
Operating Trend: Steady
Subject has a workforce of approximately 820 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
158,700,000 SR 165,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Marlon Gargar, Financial Manager
·
National Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3)
8331188
Fax: (966-3)
8336058
·
Arab National Bank (ANB)
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-1)
4029000
Fax: (966-1)
4027747
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.42 |
|
|
1 |
Rs. 102.10 |
|
Euro |
1 |
Rs. 87.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
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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 |
|
-- |
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.