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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL SALEM YORK MANUFACTURING CO LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
27.03.2002 |
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Com. Reg. No.: |
4030137736 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of air conditioning systems and units |
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No. of Employees : |
300 |
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
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 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.
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Source : CIA |
Company Name :
AL SALEM YORK MANUFACTURING CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
27th March 2002
Commercial Registration Number : 4030137736, Jeddah
Chamber Membership Number :
83638
Issued Capital :
SR 10,000,000
Paid up Capital :
SR 10,000,000
Total Workforce :
300
Activities :
Manufacturers of air conditioning systems and units
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
AL SALEM YORK MANUFACTURING CO LTD
Registered &
Physical Address
Building : Lotus Building
Street : Madinah Road
PO Box : 15019 &
12233
Town : Jeddah 21444
Country : Saudi Arabia
Telephone : (966-2) 6900999
/ 2251049
Facsimile : (966-2)
6973468
Premises
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Jeddah.
Branch Office (s)
Location Description
Al Hamdaniyiah Area Factory
premises
Tel: (966-2) 6774127 / 6774537 / 6774537
Fax: (966-2) 6776047
Name Position
Sheikh Saleh Bin Laden Chairman
Basil Abdulaziz Managing
Director
Yazid Falata Human
Resources Manager
Date of Establishment : 13/01/1423 Hijri
(corresponding to 27th March 2002)
Legal Form : Limited Liability
Company
Commercial Reg. No. : 4030137736,
Jeddah
Chamber Member No. : 83638
Issued Capital : SR 10,000,000
Paid up Capital : SR 10,000,000
Name of Partner
(s)
Al Salem York Co Ltd
Jeddah
Johnsons Controls Inc
United States of America
Al Salem York Services Co Ltd
Jeddah
Al Salem York Air Conditioning Co Ltd
Jeddah
Activities: Engaged in the manufacture of air conditioning systems and units.
Subject has a workforce of approximately 300 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.
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.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the company is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
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1 |
Rs.92.25 |
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Euro |
1 |
Rs.78.38 |
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.