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Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
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Name : |
BASTECH SYSTEMS PRIVATE LIMITED |
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Registered Office : |
Badrigh Trade Center King Khalid Road Al Sharafiya District, PO Box:
17059 Jeddah 21484 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
01.03.2012 |
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Com. Reg. No.: |
4030039134 |
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Legal Form : |
Branch of a Foreign Corporation |
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Line of Business : |
Distributors and installers of security systems and CCTV products |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Maximum Credit Limit: |
US$ 40,000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 $373
billion between 2010 and 2014 on social development and infrastructure projects
to advance Saudi Arabia's economic development.
|
Source
: CIA |
Company Name :
BASTECH SYSTEMS PRIVATE LIMITED
Country of Origin :
India
Legal Form :
Branch of a Foreign Corporation
Registration Date :
1st March 2012
Commercial Registration Number :
4030039134, Jeddah
Issued Capital :
SR 1,000,000
Paid up Capital :
SR 1,000,000
Total Workforce :
25
Activities :
Distributors and installers of security systems and CCTV products
Financial Condition :
Undetermined
Recommended Credit Limit : US$ 40,000
BASTECH SYSTEMS PRIVATE LIMITED
Registered &
Physical Address
Building : Badrigh Trade
Center
Street : King Khalid
Road
Area : Al Sharafiya
District
PO Box : 17059
Town : Jeddah 21484
Country : Saudi Arabia
Telephone : (966-2) 6421770
Facsimile : (966-2)
6421398
Email : info@bastechsystems.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Jeddah.
Name Position
Sayed Mihraj Ali Akhtar Finance
Manager
Mohieddine Ahmed Commercial
Manager
Nasir Ahmed Technical
Manager
Abdulrahman Mohamed Financial
Controller
Date of Establishment : 1st
March 2012
Legal Form : Subject is the Saudi
Arabian registered branch of Bastech Systems Private Limited, a Limited
Liability Company incorporated in India.
Bastech Systems Private Limited in Saudi
Arabia, operates as a Branch of a Foreign Registered Corporation.
A Branch of a Foreign Registered
Corporation is not a legal entity in its own right. Responsibility for
payments lays in the hands of the company where it is originally registered.
Under these circumstances, we strongly
advise that any international trade credit should only be written under the
name of the main company where the
subject holds its registered office, in
this case India.
Commercial Reg. No. : 4030039134,
Jeddah
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Activities: Engaged in the import, distribution and installation of security
systems and CCTV products. Subject also provides enterprise resource planning
services, quality management systems, surveillance systems, networking and
office automation services.
Import Countries: India
Subject has a workforce of 25 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
National Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
No complaints regarding subject’s payments have been reported.
Recommended
credit limit: US$ 40,000
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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.