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Report No. : |
326195 |
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Report Date : |
11.06.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
7th Floor, Office 702, Al Khobar Dammam Highway Road 2696 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 : |
21.09.2000 |
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Com. Reg. No.: |
2051024179 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of chemicals, industrial machinery, oil and gas equipment and supplies. Subject also provides industrial, electrical, mechanical and petrochemical services. |
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No of Employees : |
30 |
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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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, telecommuncations, 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 : AL HAITAM FOR INDUSTRIES AND ECONOMIC DEVELOPMENT CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 21st September 2000
Commercial Registration Number : 2051024179, Al Khobar
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
Total Workforce : 30
Activities : Distributors of chemicals, industrial machinery, oil and gas equipment.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Adeel Baty, Chief Financial Officer
AL HAITAM FOR INDUSTRIES
AND ECONOMIC DEVELOPMENT CO
Building : 7th Floor, Office 702
Street : Al Khobar Dammam Highway Road
PO Box : 2696
Town : Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-13) 8877945 / 8877941
Facsimile : (966-13) 8877943
Email : info@alhaitam.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Al Khobar.
Name Position
·
Mohamed Al Othman Chairman
·
Rojah
Kirai Chief
Executive Officer
·
Waleed
Abd El Rahman Chief
Operating Officer
·
Adeel
Baty Chief
Financial Officer
·
Amer Al
Saeed Human
Resources Manager
Date of Establishment : 21st
September 2000
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2051024179,
Al Khobar
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
·
Mohawarean
International Group (MIG)
·
Mohamed
Abdul Rahman Al Othman Trading Group
·
Mohawarean
Aviation Services Co
·
Mohawarean
Industrial Services Co
·
Mohawarean
Railway Services Co
·
Mohawarean
Medical Services Co
·
Mohawarean
Trading Company
·
Mohawarean
Golf Services Co
·
Hi-Tech
& Contracting Co
·
Middle
East Petroleum Company
·
AMAN
Trading & Engineering
·
Saudi
Tabreed
·
Voltech
Mohawarean Engineering Contractors
·
Saudi
Aerospace Co
·
Arabian
Railway Co
·
Al
Nakhlah Real Estate Co
·
Alehtiraf
Education & Training Academy
Activities: Engaged in the import and distribution of
chemicals, industrial machinery, oil and gas equipment and
supplies. Subject also
provides industrial, electrical, mechanical and petrochemical services.
Import
Countries: Europe, United
States of America and the Far East
Suppliers:
·
Baker
Hughes
·
Welspun
Corp
·
Arcelor
Mittal
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Tekfen,
·
Canadoil
·
Kirloskar Brothers
Subject has a
workforce of 30 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 67,000,000 SR 29,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Adeel Baty, Chief Financial Officer
·
National
Commercial Bank
PO Box: 1
Al Khobar 31952
Tel: (966-13) 8949669
Fax: (966-13) 8646474
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Saudi
American Bank
Fluor Branch
PO Box: 842
Al Khobar 31952
Tel: (966-13) 8575503
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.88 |
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1 |
Rs. 98.47 |
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Euro |
1 |
Rs. 72.14 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.