MIRA INFORM REPORT
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Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Street No. 170, 2nd
Industrial Area, 40726 |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.02.2000 |
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Com. Reg. No.: |
1010157474, |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Engaged in the manufacture of steel cast, sanitary products such as
manhole covers and inspection chambers and mechanical components |
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No of Employees : |
190 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 :
RIYADH FOUNDRY CO
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
12th February 2000
Commercial Registration Number :
1010157474, Riyadh
Trade Licence Number :
50/S
Chamber Membership Number :
99443
Issued Capital :
SR 5,500,000
Paid up Capital :
SR 5,500,000
Total Workforce :
190
Activities :
Manufacturers of steel cast, sanitary products and mechanical
components
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Jamal Fathi, Financial Controller
RIYADH FOUNDRY CO
Street : Street No.
170
Area : 2nd
Industrial Area
PO Box : 40726
Town : Riyadh 11511
Country : Saudi Arabia
Telephone : (966-1) 4980150
/ 4984939 / 4984927 / 4984323
Facsimile : (966-1)
4989990 / 4989845 / 4984323 / 4980395
Email : info@riyadhfoundry.com / info@sudairygroup.com
Subject operates from a suite of offices and a factory covering 24,000 m2
that are rented and located in the Industrial Area of Riyadh.
Name Position
· Ahmed Mohmed Al
Sudairy Managing
Director
· Essam Mohmed Al
Sudairy Director
· Abdullah Mohmed Al
Sudairy Director
· El Sayed Ahmed Sales
Manager
· Hussam Eddine Abdo Purchase
Manager
· Jamal Fathi Financial
Controller
Date of
Establishment : 07/11/1420 Hijri
(corresponding to 12th February 2000)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 1010157474, Riyadh
Trade Licence No. : 50/S
Chamber Member No. : 99443
Issued Capital : SR 5,500,000
Paid up Capital : SR 5,500,000
·
Ahmed Mohmed Al Sudairy
·
Essam Mohmed Al Sudairy
·
Abdullah Mohmed Al Sudairy
Activities: Engaged in the manufacture of steel cast, sanitary products such as
manhole covers and inspection
chambers and mechanical components
Operating Trend: Steady
Subject has a workforce of approximately 190 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 58,900,000 SR 65,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Jamal Fathi, Financial Controller
·
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4013030
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.17 |
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1 |
Rs. 103.38 |
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Euro |
1 |
Rs. 85.08 |
INFORMATION DETAILS
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Report Prepared
by : |
DPT |
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 |
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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.