MIRA INFORM REPORT

Report No. :	353175
Report Date :	10.12.2015

IDENTIFICATION DETAILS

Name :	INSULATION EXPORTS EST
Registered Office :	Al Naser Street Al Aziziya, Riyadh 11428, P O Box: 32266
Country :	Saudi Arabia
Financials (as on) :	31.12.2014
Date of Incorporation :	22.01.2008
Com. Reg. No.:	1010243058, Riyadh
Legal Form :	Sole Proprietorship
Line of Business :	Import and Distribution of Insulation Materials and Related Products.
No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
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 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

Source : CIA

Company Name

INSULATION EXPORTS EST

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	INSULATION EXPORTS EST
2) Registered Address:
Address		:	Al Naser Street Al Aziziya
Town		:	Riyadh 11428
Country		:	Saudi Arabia
PO Box		:	32266
Phone (s)		:	(966-11) 4249095
Facsimile		:	(966-11) 4249095
Mobile		:	(966-50) 3313178
			(966-55) 5239796
Email		:	asas979@gmail.com
3) Operational Address & Contact Details:
Address		:	Al Naser Street Al Aziziya
Town		:	Riyadh 11428
Country		:	Saudi Arabia
PO Box		:	32266
Phone (s)		:	(966-11) 4249095
Facsimile		:	(966-11) 4249095
Mobile		:	(966-50) 3313178
			(966-55) 5239796
Email		:	asas979@gmail.com
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Sole Proprietorship
Date of Registration		:	22nd January 2008
Commercial Registration Number		:	1010243058, Riyadh
Note:
Mr Abdulaziz Nasser Al Sharef is the sole proprietor of the business.
OTHER REGISTRATION/ MEMBERSHIPS
Membership Number		:	187100
KEY FACTS
Operational Status		:	Normal
Financial Condition		:	Fair
Primary Business Activity		:	Distributors of insulation materials and related products
Number of Employees		:	5
Capital		:	SR 20,000
Note:
Engaged in the import and distribution of insulation materials and related products.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
			Year Ending 31/12/13		Year Ending 31/12/14
Total Sales			SR 8,120,000		SR 8,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
BANKERS
1	Name			Arab National Bank (ANB)
	Address			King Faisal Street
	PO Box			56921 Riyadh 11564
	Tel			(966-11) 4029000
	Fax			(966-11) 4027747
SENIOR MANAGEMENT
Sr.No	Name			Dsignation
1	Abdulaziz Nasser Al Sharef			Proprietor & General Manager
2	Showkat Ali			Sales Manager
AFFILIATED COMPANIES
1	Name			Golden Spices Est (Al Tawabil Al Zahabia)
	Country/City			Riyadh
INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Europe			Import
2	Far East			Import
PREMISES
Subject operates from a small suite of offices that are rented and located in the Central Business Area of Riyadh.
PAYMENT
Slow but correct
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Abdulaziz Nasser Al Sharef, Proprietor & General Manager
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.66.75
UK Pound	1	Rs.100.29
Euro	1	Rs.72.89
SAR	1	Rs.17.79

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	NIT

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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