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Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED ACCREDITED COMPANY |
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Registered Office : |
Boulevard Building, 1st Floor Al Rawdah Street PO Box
126227 Jeddah 21352 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.07.2009 |
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Com. Reg. No.: |
4030191661, Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Producers of large polypropylene woven bags. |
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No. of Employees : |
150 |
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 : UNITED ACCREDITED COMPANY
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 12th July 2009
Commercial Registration Number : 4030191661, Jeddah
Chamber Membership Number : 142638
Issued Capital : SR 11,000,000
Paid up Capital : SR 11,000,000
Total Workforce : 150
Activities : Producers of large polypropylene woven bags.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
UNITED ACCREDITED COMPANY
Building : Boulevard
Building, 1st Floor
Street : Al Rawdah
Street
PO Box : 126227
Town : Jeddah 21352
Country : Saudi Arabia
Telephone : (966-2) 6900158
Facsimile : (966-2)
6915350
Mobile : (966-55)
5366405
Email : sales@uac.sa.com
Subject operates from a medium sized suite of offices that are rented and
located in the Central Business Area of Jeddah.
Branch Offices
Location Description
· Industrial City Factory
premises covering 31,000
Jeddah square
metres
Name Position
· Dr Rami Al Amoudi General
Manager
· Mohamed Al Adel Finance
Manager
· Samir Al
Taraboulis Commercial
Manager
Date of
Establishment : 19/07/1430 Hijri
(corresponding to 12th July 2009)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 4030191661, Jeddah
Chamber Member No. : 142638
Issued Capital : SR 11,000,000
Paid up Capital : SR 11,000,000
· Midroc Group
Holding Co 100%
Jeddah
Activities: Engaged in the production of large polypropylene woven bags.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of approximately 150 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
16,200,000 SR
18,000,000
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
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
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.59.44 |
|
|
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.43 |
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 |
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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 |
|
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.