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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ABDUL AZIZ ISMAIL SONS CO FOR SANITARY
PRODUCTS |
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Registered Office : |
Highway Road –
King Abdullah Bridge, P O Box 6376,
Jeddah 21442 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.08.1996 |
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Com. Reg. No.: |
4030120063, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
importer and distributor of sanitary ware,
building materials and pipes. |
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No. of Employees : |
167 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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.
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Source : CIA |
Company Name : ABDUL AZIZ ISMAIL SONS CO FOR SANITARY PRODUCTS
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 8th August 1996
Commercial Registration Number : 4030120063, Jeddah
Chamber Membership Number : 61091
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Total Workforce : 167
Activities : Distributors of sanitary ware, building materials and pipes
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ABDUL AZIZ ISMAIL
SONS CO FOR SANITARY PRODUCTS
Registered &
Physical Address
Location : Highway Road – King Abdullah
Bridge
PO Box : 6376
Town : Jeddah 21442
Country : Saudi Arabia
Telephone : (966-12) 2520900 / 2520901
Facsimile : (966-12) 2521100
Email : aisco@gmail.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Jeddah.
Name Position
·
Munir
Abdulaziz Ismail Managing
Partner
·
Dr
Adnan Abdulaziz Ismail Partner
·
Dr
Fouad Abdulaziz Ismail Partner
·
Nashat
Abdulaziz Ismail Partner
·
Salem
Ba Obaid Financial
Manager
·
Emad Shaban
Khalili Sales
Manager (Sanitary ware)
·
Afaq
Beg Mira Sales
Manager (Electromechanical Products)
·
Reda
Rahman Khan Sales
Manager (Pipe)
Date of Establishment : 23/03/1417
Hijri (corresponding to 8th August 1996)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030120063,
Jeddah
Chamber Member No. : 61091
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Name of Partner (s)
·
Munir
Abdulaziz Ismail
·
Dr
Adnan Abdulaziz Ismail
·
Dr
Fouad Abdulaziz Ismail
·
Nashat
Abdulaziz Ismail
Activities: Engaged in the import and distribution of
sanitary ware, building materials and pipes.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a workforce
of 167 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 36,700,000 SR 38,200,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
National Bank
Medina Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
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.