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Report No. : |
320582 |
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Report Date : |
09.05.2015 |
IDENTIFICATION DETAILS
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Name : |
AKIO KUNO &
PARTNERS INSULATION COMPANY LTD |
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Registered Office : |
King Faisal West Street, P O Box: 30238, Jubail 31951 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
04.08.2008 |
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Com. Reg. No.: |
2055009639,
Jubail |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged in the provision of large scale insulation (hot / cold and acoustic)
refractory, scaffolding, shutdown maintenance and subcontracting services. |
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No. of Employees : |
325 |
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) |
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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, 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 : AKIO KUNO
& PARTNERS INSULATION COMPANY LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 4th
August 2008
Commercial
Registration Number :
2055009639, Jubail
Issued Capital : SR 500,000
Paid up Capital : SR
500,000
Total Workforce : 325
Activities :
Providers of large scale insulation, refractory, scaffolding, shutdown
maintenance and subcontracting services.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Fawaz Rasheed
Koya, Finance Manager
AKIO KUNO &
PARTNERS INSULATION COMPANY LTD
Location : King Faisal West Street
PO Box : 30238
Town : Jubail 31951
Country : Saudi Arabia
Telephone : (966-13) 3620021 / 3619272 / 3611606
Facsimile : (966-13) 3620051
Email : admin@kunoinsulation.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Jubail.
Name Nationality Position
·
Akio Kuno Japanese Chairman
·
Yosuke
Kuno Japanese Director
·
Shuhaib
Maliackal - General
Manager
·
Fayroz
Khan - Human
Resources Manager
·
Mohamed
Mesadk - Senior
Estimator
·
Fawaz
Rasheed Koya - Finance
Manager
Date of Establishment : 4th
August 2008
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2055009639,
Jubail
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
·
Akio Kuno 60%
·
Yosuke
Kuno 40%
Activities: Engaged in the provision of large scale
insulation (hot / cold and acoustic) refractory, scaffolding,
shutdown maintenance and subcontracting services
Import
Countries: India, South
Korea and the Netherlands.
Local Clients:
·
SABIC
·
Saudi
Toyo Engineering Co (SATEC)
·
AMC
Industrial Construction Co Ltd
·
Consolidated
Contractors Company WLL
Operating Trend: Steady
Subject has a
workforce of approximately 325 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 51,049,461 SR 54,661,769
Local sources
consider subject’s financial condition to be Fair.
The above figures were
provided by Mr Fawaz Rasheed Koya, Finance Manager
·
Saudi
British Bank
Al Khobar
Account No. 042307090001
·
Saudi
Hollandi Bank
Jubail
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.64.05 |
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|
1 |
Rs.99.04 |
|
Euro |
1 |
Rs.71.76 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.