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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SAUDI MECHANICAL INDUSTRIES CO |
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Registered Office : |
Street No. 234, Second Industrial City, 59799, Riyadh 11535 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
31.08.1982 |
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Com. Reg. No.: |
1010045582,
Riyadh |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Engaged in the manufacture of industrial products and equipment,
including turbines, pumps, generators and steel bars. |
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No of Employees : |
850 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Saudi Arabia |
A2 |
A2 |
|
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 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 |
Company Name : SAUDI
MECHANICAL INDUSTRIES CO
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 31st
August 1982
Commercial
Registration Number :
1010045582, Riyadh
Chamber Membership
Number : 21209
Issued Capital : SR
250,000,000
Paid up Capital : SR
250,000,000
Total Workforce : 850
Activities :
Manufacturers of industrial products and equipment.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Bassam Al
Gaddan, Human Resources Manager
SAUDI MECHANICAL
INDUSTRIES CO
Street : Street No.
234
Area : Second
Industrial City
PO Box : 59799
Town : Riyadh 11535
Country : Saudi Arabia
Telephone : (966-1) 2651979
Facsimile : (966-1)
2651494
Email : info@smi.com.sa
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Riyadh.
Name Position
· Basil Yousef Al
Hizami Managing
Partner
· Sameer Yousef Al
Hizami Partner
· Ahmad A Khraishi Chief
Operations Officer
· Bassam Al Gaddan Human
Resources Manager
· Ibrahim
Barakat Commercial
Manager
· Mamoun A.
Afaneh Financial
Manager
· Allen Hobratch Technical
Manager
Date of
Establishment : 31st
August 1982
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 1010045582, Riyadh
Chamber Member No. : 21209
Issued Capital : SR 250,000,000
Paid up Capital : SR 250,000,000
· Basil Yousef Al
Hizami
· Sameer Yousef Al
Hizami
Activities: Engaged in the manufacture of industrial products and equipment,
including turbines, pumps, generators and steel bars.
Subject is ISO 9001:2008 accredited.
Import Countries: Europe and the United States of America.
International Suppliers:
· National Pumps United States of America
· Johnson Gear United States of America
· Saab Scania Sweden
Subject has a workforce of approximately 850 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.
·
Al Bank Al Saudi Al Hollandi
Al Dhabab Street
PO Box: 1467
Riyadh 11431
Tel: (966-1) 4067888
·
National Commercial Bank
Malaz Branch
PO Box: 42536
Riyadh 11551
Tel: (966-1)
4776450
Fax: (966-1) 4769502
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.23 |
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|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
SMN |
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 |
|
<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.