|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED FABRICS SAAF LTD |
|
|
|
|
Formerly Known As : |
ADVANCED FABRICS CO LTD |
|
|
|
|
Registered Office : |
Al Oyoun Street Al Jern Industrial Area PO Box: 1065 Al Ahsa 31982 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.06.2002 |
|
|
|
|
Com. Reg. No.: |
2250027835, Al Ahsa |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of non-woven fabrics for medical, hygiene and industrial uses. |
|
|
|
|
No. of Employees : |
250 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 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 : ADVANCED FABRICS SAAF LTD
Also Known As : ADVANCED FABRICS CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 15th June 2002
Commercial Registration Number : 2250027835, Al Ahsa
Chamber Membership Number : 115559
Issued Capital : SR 20,000,000
Paid up Capital : SR 20,000,000
Total Workforce : 250
Activities : Manufacturers of non-woven fabrics for medical, hygiene and industrial
uses.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sofarbar Santhil, Finance Manager
ADVANCED FABRICS SAAF LTD
ALSO KNOWN AS: ADVANCED FABRICS
CO LTD
Street : Al Oyoun
Street
Area : Al Jern
Industrial Area
PO Box : 1065
Town : Al Ahsa
31982
Country : Saudi Arabia
Telephone : (966-3) 5324000
Facsimile : (966-3)
5324004
Email : info@saafnw.com
Subject operates from a suite of offices and a factory covering an area
of 15,000 square metres that are owned and located in the Industrial Area of Al
Ahsa.
Name Position
· George Abraham Managing
Director
· Munir Haddad General
Manager
· Loay Ayoub Commercial
Manager
· Sofarbar Santhil Finance
Manager
· Rajendra Singh Chief
Financial Officer
Date of
Establishment : 04/04/1423 Hijri
(corresponding to 15th June 2002)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2250027835, Al Ahsa
Chamber Member No. : 115559
Issued Capital : SR 20,000,000
Paid up Capital : SR 20,000,000
· Takween Advanced Industries 99%
Al Ahsa
· Ultra Pak Packaging Co Ltd 1%
Jeddah
Activities: Engaged in the manufacture of non-woven fabrics for medical, hygiene
and industrial uses.
Production Capacity: 30,000 metric tonnes per annum
Import Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR
284,800,000 SR 287,500,000
Local sources consider subject’s financial condition to be Fair.
Estimated revenue for the year ending 31/12/12 is SR 290,000,000.
The above figures were provided by Mr Sofarbar Santhil, Finance Manager
·
Al Rajhi Banking & Investment Corporation
Al Amir Mohamed
Street
PO Box: 1362
Al Khobar 31952
Tel: (966-3)
8640019 / 8641234 / 8649468
Fax: (966-3)
8649482
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.