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Report No. : |
309064 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
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Name : |
BINZAGR FACTORY
FOR INSULATION MATERIALS CO LTD |
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Registered Office : |
Binzagr Building, Dhahran Street, P O Box: 96, Al Khobar 31952 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
07.05.1984 |
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Com. Reg. No.: |
2051010021, Al
Khobar |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged as fabricators and insulation contractors. Subject fabricates
insulation materials and distributes various types of insulation materials,
aluminium and stainless steel jacketing, insulation accessories, mastics and
joint sealants. |
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No. of Employees : |
1,650 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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 : BINZAGR
FACTORY FOR INSULATION MATERIALS CO LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 7th
May 1984
Commercial Registration
Number : 2051010021, Al Khobar
Chamber Membership
Number : 1067
Issued Capital : SR
25,000,000
Paid up Capital : SR
25,000,000
Total Workforce : 1,650
Activities :
Fabricators and insulation contractors.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Person Interviewed : Ali Al Sharuti, Assistant Human Resources
Manager
BINZAGR FACTORY FOR
INSULATION MATERIALS CO LTD
Building : Binzagr Building
Street : Dhahran Street
PO Box : 96
Town : Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-13) 8640980
Facsimile : (966-13) 8938130
Email : bfim@binzagr.com / bfin@bfin.com.sa
Subject operates
from a large suite of offices and a factory that are owned and located in the
Central Business Area of Al Khobar.
Name Position
·
Mohamed
Obaid Saeed Binzagr Managing
Director
·
Obaid
Waheeb Binzagr Director
·
Peter Anil General
Manager
·
Deger Anwer Sales
Manager
·
Zia Mohiddine Finance
Manager
·
Obaid
Hanif Financial
Controller
·
Veger
Anwar Commercial
Manager
·
Hassan Al Raddal Human
Resources Manager
·
Ali Al Sharuti Assistant Human Resources Manager
·
Nadeem Oldi Business
Development Manager
Date of Establishment : 07/07/1404
Hijri (corresponding to 7th May 1984)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2051010021,
Al Khobar
Chamber Member No. : 1067
Issued Capital : SR 25,000,000
Paid up Capital : SR 25,000,000
·
Al
Rubayat Co for Trade & Industry 25%
Jeddah
·
Binzagr Industrial & Commercial Investment Co 25%
Jeddah
·
Obaid
Waheeb Binzagr Co 25%
Jeddah
·
Faisal
Saeed Binzagr Co 25%
Jeddah
Activities: Engaged as fabricators and insulation
contractors. Subject fabricates insulation materials and distributes various
types of insulation materials, aluminium and stainless steel jacketing,
insulation accessories, mastics and joint sealants.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce
of approximately 1,650 employees.
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 238,000,000 SR
245,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-13) 8949669
Fax: (966-13) 8646474
No complaints
regarding subject’s payments have been reported.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.96.21 |
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Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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.