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Report No. : |
301835 |
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Report Date : |
15.01.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL
FOUNDRY COMPANY |
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Registered Office : |
Al Khomra, Warehouse No. 285, Warehouse City, Phase 1, P O Box: 115661, Jeddah 21381 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
13.06.2000 |
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Com. Reg. No.: |
4030130513,
Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of
Cast Metal Products. |
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No. of Employees : |
100 |
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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.
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Source
: CIA |
Company Name :
INTERNATIONAL FOUNDRY COMPANY
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 13th
June 2000
Commercial
Registration Number : 4030130513,
Jeddah
Industrial Licence
Number : N42
Issued Capital : SR
200,200,000
Paid up Capital : SR
200,200,000
Total Workforce : 100
Activities :
Manufacturers of cast metal products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
INTERNATIONAL
FOUNDRY COMPANY
Location : Al Khomra, Warehouse No. 285,
Warehouse City, Phase 1
PO Box : 115661
Town : Jeddah 21381
Country : Saudi Arabia
Telephone : (966-12) 2898625 / 2363638 / 2898646
/ 2886454
Facsimile : (966-12) 2889486 / 2361569
Mobile : (966-56) 7777366
Email : info@ifco-sa.com
Subject operates
from a medium sized suite of offices, a warehouse and a factory that are rented
and located in the Industrial Area of Jeddah.
Name Position
·
Ahmed
Mohamed Ali Al Ghamdi Managing
Director
·
Turki
Mohamed Ali Al Ghamdi Director
·
Hosny
Abdullah General
Manager
·
Bandar
El Ghamdi Assistant
General Manager
Date of Establishment : 13th
June 2000
Legal Form :
Limited Liability Company
Commercial Reg. No. : 4030130513,
Jeddah
Industrial
Lic. No. : N42
Issued Capital : SR 200,200,000
Paid up Capital : SR 200,200,000
·
Ahmed
Mohamed Ali Al Ghamdi
·
Turki
Mohamed Ali Al Ghamdi
Activities: Engaged in the manufacture of cast metal
products, including man hole covers, grating covers, elevator counter weights, customized mechanical parts and related steel
items.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 100 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 115,000,000 SR 119,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al
Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-12) 6377810
·
Saudi
American Bank
Medinah Road
PO Box: 490
Jeddah 21411
Tel: (966-12) 6603993
No complaints
regarding subject’s payments have been reported.
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.62.15 |
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|
1 |
Rs.94.24 |
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Euro |
1 |
Rs.73.30 |
INFORMATION DETAILS
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Analysis Done by
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RAS |
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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.