MIRA INFORM REPORT

 

 

 

 

Report Date :

10.11.2014

 

IDENTIFICATION DETAILS

 

Name :

AL ETMAD FOR AIR CONDITIONING COMPANY

 

 

Registered Office :

Hassab Bin Al Hussain Street Qurtuba District PO Box 50467 Riyadh 11523

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

01.09.2013

 

 

Com. Reg. No.:

1010386713, Riyadh

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the installation and maintenance of air conditioning systems

 

 

No. of Employees :

25

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

--

 

Status :

New Company

Payment Behaviour :

Unknown

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 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 16% 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 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 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

 

SUMMARY

 

Company Name                                    : AL ETMAD FOR AIR CONDITIONING COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 1st September 2013

Commercial Registration Number           : 1010386713, Riyadh

Invested Capital                                    : SR 100,000

Total Workforce                                    : 25

Activities                                               : Installation and maintenance of air conditioning systems

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

AL ETMAD FOR AIR CONDITIONING COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Hassab Bin Al Hussain Street

Area                 : Qurtuba District

PO Box            : 50467

Town                : Riyadh 11523

Country             : Saudi Arabia

 

Telephone         : (966-92) 002218

Facsimile          : (966-11) 4700765

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Suburban Business Area of Riyadh.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Abdullah Naif Mussad Mayouf Al Anzi           Kuwaiti                          Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26/10/1434 Hijri (corresponding to 1st September 2013)

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 1010386713, Riyadh

 

Invested Capital           : SR 100,000

 

Mr Abdullah Naif Mussad Mayouf Al Anzi is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the installation and maintenance of air conditioning systems.

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

·       National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-11) 4776450

Fax: (966-11) 4769502

 

 

PAYMENT HISTORY

 

UNKNOWN

 

GENERAL COMMENTS

 

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.61.52

UK Pound

1

Rs.97.39

Euro

1

Rs.76.16

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.