MIRA INFORM REPORT

 

 

Report No. :

304151

Report Date :

23.01.2015

 

IDENTIFICATION DETAILS

 

Name :

SAUDI INDUSTRIES RESIN FACTORY LIMITED

 

 

Registered Office :

Dallah Industrial Area, P O Box: 8619, Dammam 31492

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

26.02.2014

 

 

Com. Reg. No.:

2050075552, Dammam

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturer of Chemicals and Resin Products.

 

 

No. of Employees :

150

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

 

--

 

Status :

New Business

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                    : SAUDI INDUSTRIES RESIN FACTORY LIMITED

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 26th February 2014

Commercial Registration Number           : 2050075552, Dammam

Chamber Membership Number               : 142222

Issued Capital                                       : SR 150,000,000

Paid up Capital                                     : SR 150,000,000

Total Workforce                         : 150

Activities                                               : Manufacturers of chemicals and resin products.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

SAUDI INDUSTRIES RESIN FACTORY LIMITED

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Dallah Industrial Area

 

PO Box            : 8619

 

Town                : Dammam 31492

Country : Saudi Arabia

 

Telephone         : (966-13) 8220220 / 8211632

Facsimile          : (966-13) 8229878

Mobile              : (966-50) 5609178

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Dammam.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Jubail Industrial City                                                                          Factory premises

Tel: (966-13) 3588201

Fax: (966-13) 3583225

 

·       Jeddah                                                                                            Factory premises

Tel: (966-12) 6518920

Fax: (966-12) 6517072

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Prince Abdulaziz Turki Faisal Bin Abdulaziz Al Saud                            Managing Partner

 

·       Mohamed Salim Mohamed Noor Al Jahdoor                                      Partner

 

·       Mukhtar Ahmed                                                                                General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26/04/1435 Hijri (corresponding to 26th February 2014)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 2050075552, Dammam

 

Chamber Member No.  : 142222

 

Issued Capital              : SR 150,000,000

 

Paid up Capital            : SR 150,000,000

 

Name of Partner (s)                                                       

 

·       Prince Abdulaziz Turki Faisal Bin Abdulaziz Al Saud                           

 

·       Mohamed Salim Mohamed Noor Al Jahdoor

 

·       Ashland Inc

United States of America

 

 

AFFILIATED COMPANIES

 

·       Saudi Industrial Resins Ltd (SIR)

Al Farsi Building

Wali Al Ahd Street

PO Box: 7764

Jeddah 21472

Tel: (966-12) 6518920 / 6514648 / 6727367

Fax: (966-12) 6517072

CR No. 4030011854

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of chemicals and resin products.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of approximately 150 employees.

 

 

FINANCIAL DATA

 

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

 

 

BANKERS

 

·       Riyad Bank

Prince Mohammed Street

PO Box: 2123

Dammam

Tel: (966-13) 8323440

Fax: (966-13) 8337829

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.61.69

UK Pound

1

Rs.93.33

Euro

1

Rs.71.49

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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