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Report No. : |
332281 |
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Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF ADVANCED CABLE INSULATION |
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Registered Office : |
Jubail Industrial City, PO Box 12021, Jubail 31952 & 31961 |
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Country : |
Saudi
Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
26.12.2012 |
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Com. Reg. No.: |
2055015423 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture and fabrication of cables. |
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No. of Employees : |
40 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. 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.
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Source
: CIA |
Company Name :
GULF ADVANCED CABLE INSULATION
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
26th December 2012
Commercial Registration Number :
2055015423, Jubail
Chamber Membership Number :
164600
Issued Capital :
SR 500,000
Paid up Capital :
SR 500,000
Total Workforce : 40
Activities :
Manufacture and fabrication of cables
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
GULF ADVANCED CABLE INSULATION
Registered &
Physical Address
Area : Jubail Industrial
City
PO Box : 12021
Town : Jubail 31952
& 31961
Country : Saudi Arabia
Telephone : (966-13)
3599665 / 3599985
Facsimile : (966-13)
3959669
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Jubail.
Name Position
Abdullah Saif Al Sadoon Managing
Partner
Abdullah Nasser Al Jaber General
Manager
Naif Hamd Nasser Administration
Manager
Date of Establishment : 26th
December 2012
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 2055015423,
Jubail
Chamber Member No. : 164600
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner
(s)
Abdullah Saif Al Sadoon
Members of Mr Abdullah Saif Al Sadoon’s family
Activities: Engaged in the manufacture and fabrication of cables.
Operating Trend: Steady
Subject has a workforce of 40 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
12,600,000 SR
13,825,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Commercial Bank
PO Box: 58
Jubail 51951
Tel: (966-13) 3612896
Fax: (966-13) 3611750
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.99.14 |
|
Euro |
1 |
Rs.68.91 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.