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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED INDUSTRIAL INVESTMENT CO LTD (UNIVEST)
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Registered Office : |
2nd Industrial
Estate, Phase 3, P O Box 7532, Riyadh 11472 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.05.1978 |
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Com. Reg. No.: |
1010011456, Riyadh |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of decorative, industrial and automotive
coatings |
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No. of Employees : |
245 |
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) |
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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 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 : UNITED INDUSTRIAL INVESTMENT CO LTD (UNIVEST)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 18th May 1978
Commercial Registration Number : 1010011456, Riyadh
Chamber Membership Number : 5495
Issued Capital : SR 43,000,000
Paid up Capital : SR 43,000,000
Total Workforce : 245
Activities : Manufacturers of decorative, industrial and automotive coatings.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Maher Al Zawawi, Finance Manager
UNITED INDUSTRIAL
INVESTMENT CO LTD (UNIVEST)
Registered &
Physical Address
Location : 2nd Industrial Estate,
Phase 3
PO Box : 7532
Town : Riyadh 11472
Country : Saudi Arabia
Telephone : (966-11) 2650078 / 2560078
Facsimile : (966-11) 2650723 / 2650740
Email : info@univest.com.sa
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Riyadh.
Branch Offices
Location Description
·
PO Box:
19730 Office
premises
Jeddah 21445
Tel: (966-2) 6776270
Fax: (966-2) 6776421
·
PO Box:
1273 Office
premises
Buraidah
Tel: (966-6) 3230548
Fax: (966-6) 3230364
·
PO Box:
5795 Office
premises
Dammam 31432
Tel: (966-3) 8100231
Fax: (966-3) 8144642
·
Khamis
Mushait Office
premises
Tel: (966-7) 2330531
Fax: (966-7) 2330531
·
Madinah Office
premises
Tel: (966-4) 8280146
Fax: (966-4) 8279348
·
Abdullah
Ibrahim Al Hobiaib Managing
Director
·
Fahd
Ibrahim Al Hobiaib Director
·
Ali Abdullah Alyan General
Manager
·
Mohsin Jaffari Commercial
Manager
·
Maher
Al Zawawi Finance
Manager
·
Mihraj
Ali Purchasing
Manager
·
Mohamed Abdul Jawad Production
Manager
Date of Establishment : 18th
May 1978
Legal Form :
Limited Liability Company
Commercial Reg. No. : 1010011456,
Riyadh
Chamber Member No. : 5495
Issued Capital : SR 43,000,000
Paid up Capital : SR 43,000,000
Name of Partner (s) Percentage
·
Al
Motazireen Holding Co (Alliance Holding Co) 95%
Riyadh
·
The Manufacturing
Co Ltd 5%
Riyadh
·
Saudi Industrial Paints Co (SIPCO)
Activities: Engaged in the manufacture of decorative,
industrial and automotive coatings.
The product portfolio ranges covers Decorative,
Protective Coatings, Nitro Cellulose, Wood and Metal Finishes, Industrial
Finishes, Can Coatings, Coil Coatings and Adhesives.
Subject is ISO 9002 accredited.
Production Capacity: 100,000 tonnes per annum
Brand Names: DYRUP, SIPCO, A.D, XEDEX, BESTALL and
STIKTITE
Import
Countries: Kuwait, Bahrain,
Yemen, Syria, Lebanon, Qatar, Egypt, Libya, UAE, Morocco and Sudan.
Subject has a
workforce of approximately 245 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 83,300,000 SR 85,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Maher Al Zawawi, Finance Manager
·
Arab
National Bank
King Faisal Street
PO Box: 56921
Riyadh 11564
Tel: (966-11) 4029000
Fax: (966-11) 4027747
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0
Payment terms 120
days 120
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros Euros
Established in
1978, subject is involved in the manufacture of decorative, industrial and
automotive coatings.
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.56.74 |
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UK Pound |
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.