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Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
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Name : |
AL WASIL INDUSTRY COMPANY |
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Registered Office : |
King Abdullah Road, Exit 10 PO Box 21599 Riyadh 11485 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
04.10.1986 |
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Com. Reg. No.: |
1131002483 |
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Legal Form : |
Closed Joint Stock Company |
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Line of Business : |
Manufacturers of irrigation products, drinking water tanks,
sanitation systems, sprinklers, pipes, electricity conduits, telecom ducts,
rubber ring joints and seals. |
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No. of Employees : |
1,500 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 one-fifth 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. Almost
6 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 December 2005
after many years of negotiations. 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 : AL WASIL INDUSTRY COMPANY
Country of Origin : Saudi Arabia
Legal Form : Closed Joint Stock Company
Registration Date : 4th October 1986
Commercial Registration Number : 1131002483
Chamber Membership Number : 35690
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
Total Workforce : 1,500
Activities : Manufacturers of irrigation products, drinking water tanks, sanitation
systems, sprinklers, pipes, electricity conduits, telecom ducts, rubber ring
joints and seals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
AL WASIL INDUSTRY COMPANY
Location : King Abdullah
Road, Exit 10
PO Box : 21599
Town : Riyadh 11485
Country : Saudi Arabia
Telephone : (966-1) 4508431
/ 4508432 / 4508433 / 4508434
Facsimile : (966-1)
4508435 / 4508422
Mobile : (966-50)
5456358
Email : info@al-wassel.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Riyadh.
Branch Office (s)
Location Description
· Al Qassim
Industrial Area Factory
premises
Buraidah
Tel: (966-6)
3220545 / 3220294
Name Position
· Saleh Al Abdullah
Al Abdulaziz Al Mushaygih Chairman
· Abdulaziz Al
Abdullah Al Abdulaziz Al Mushaygih Managing
Director
· Nasser Al Abdullah
Al Abdulaziz Al Mushaygih Director
· Abdul Qader Al
Abdullah Al Abdulaziz Al Mushaygih Director
· Ezzedine Ahmed Al
Khalifa Administration
Manager
· Hesham Mohamed Financial
Controller
Date of
Establishment : 4th
October 1986
Legal Form : Closed Joint Stock Company
Commercial Reg.
No. : 1131002483
Chamber Member No. : 35690
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
· Saleh Al Abdullah
Al Abdulaziz Al Mushaygih
· Abdulaziz Al
Abdullah Al Abdulaziz Al Mushaygih
· Nasser Al Abdullah
Al Abdulaziz Al Mushaygih
· Abdul Qader Al
Abdullah Al Abdulaziz Al Mushaygih
Activities: Engaged in the manufacture of irrigation products, drinking water
tanks, sanitation systems, sprinklers,
pipes, electricity conduits, telecom ducts, rubber ring joints and
seals.
Subject has a workforce of approximately 1,500 employees.
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
·
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4013030
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.68 |
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|
1 |
Rs.84.84 |
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Euro |
1 |
Rs.71.87 |
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 |
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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 |
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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.