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MIRA INFORM REPORT
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Report No. : |
492953 |
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Report Date : |
24.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SHARQAWI AIR DISTRIBUTION SYSTEMS FACTORY CO LTD |
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Registered Office : |
Industrial Area Phase No. 3, PO Box 50353, Jeddah 21523 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
11.05.2005 |
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Com. Reg. No.: |
4030155617, Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the manufacture, fabrication, wholesale and
retail of heating, ventilation and air conditioning ductwork and related
accessories. |
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No. of Employees : |
400 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 87% of budget
revenues, 42% 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. Over 6 million
foreign workers play an important role in the Saudi economy, particularly in
the oil and service sectors; at the same time, however, 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 2017, the Kingdom incurred a budget deficit estimated at 8.3% of GDP,
which was financed by bond sales and drawing down reserves. Although the
Kingdom can finance high deficits for several years by drawing down its
considerable foreign assets or by borrowing, it has cut capital spending and
reduced subsidies on electricity, water, and petroleum products and plans to
introduce a value-added tax. In January 2016, Crown Prince and Deputy Prime
Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares
of its state-owned petroleum company, ARAMCO - another move to increase revenue
and outside investment. The government has also looked at privatization and
diversification of the economy more closely in the wake of a diminished oil
market. Historically, Saudi Arabia has focused diversification efforts on power
generation, telecommunications, natural gas exploration, and petrochemical
sectors. More recently, the government has approached investors about expanding
the role of the private sector in the health care, education and tourism
industries. While Saudi Arabia has emphasized their goals of diversification
for some time, current low oil prices may force the government to make more
drastic changes ahead of their long-run timeline.
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Source
: CIA |
SUMMARY
Company Name :
SHARQAWI AIR DISTRIBUTION SYSTEMS FACTORY CO LTD
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
Registration Date :
11th May 2005
Commercial Registration Number :
4030155617, Jeddah
Chamber Membership Number :
104533
Issued Capital :
SR 1,500,000
Paid up Capital :
SR 1,500,000
Total Workforce :
400
Activities :
Manufacture, fabrication, wholesale and retail of heating, ventilation and
air
conditioning ductwork and related accessories
Financial Condition :
Undetermined
Payments :
Regular
COMPANY
NAME
SHARQAWI AIR DISTRIBUTION SYSTEMS FACTORY CO LTD
ADDRESS
Registered &
Physical Address
Location : Industrial
Area Phase No. 3
PO Box :
50353
Town : Jeddah 21523
Country : Saudi Arabia
Telephone : (966-12)
6380683 / 6080896 / 6033333
Facsimile : (966-12)
6380684
Mobile : (966-56)
3666687 / (966-55) 4242619
Email : info@sharqawifactory.com
Premises
Subject operates from a large sized suite of offices and a factory that
are rented and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
PO Box: 744 Office
premises
Jeddah 21421
Al Fawzan Industrial Area Factory
premises
Istanbul Street
Riyadh
Tel: (966-56) 3666687 (966-55) 4242619
KEY
PRINCIPALS
Name Position
Tharwat Al Sharqawi Chairman
Fahad Al Sharqawi Director
Irfan Rasheed Procurement
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 11th
May 2005
Legal Form : Limited Liability
Company
Commercial Reg. No. : 4030155617,
Jeddah
Chamber Member No. : 104533
Issued Capital : SR 1,500,000
Paid up Capital : SR 1,500,000
Name of
Shareholder (s) Percentage
Tharwat Al Sharqawi 80%
Fahad Al Sharqawi 10%
Naser Al Sharqawi 10%
AFFILIATED
COMPANIES
Sharqawi Electrical & Mechanical Contracting Co
Saudi Arabia
OPERATIONS
Activities: Engaged in the manufacture, fabrication, wholesale and retail of
heating, ventilation and air conditioning ductwork and related accessories.
Subject is ISO 9001:2008 accredited.
Import Countries: Europe and the Far East
Clients:
Al Khorayef Centre
Al Faisaliah Hotel
Dura Hospital
Al Rajhi HQ
Hilton Double Tree Mawteen
Al Rashid Trading & Contracting Co
Tempco
Riyadh Metro Bacs
Rafal Living Riyadh
Womens Hospital
International Conference Centre
East Delta Saudi Co Ltd
Khalid Juffali Contracting
ACC Contracting Co
Hilton Double Tree
Al Angari Holding Co
Sharqawi E/M
East Delta Saudi Co Ltd
Saudi Bin Ladin Group
Subject has a workforce of approximately 400 employees.
FINANCIAL
DATA
Companies registered in Saudi Arabia are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
National Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-12) 6434777
Fax: (966-12) 6441686
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
Please note that the correct name of the subject is “Sharqawi Air
Distribution Systems Factory Co Ltd” and not “Sharqawi”.
The subject and its shareholders/owners have been searched in the
following databases; Office of Foreign Assets Control (OFAC), United Nations
Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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 |
INR 64.82 |
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1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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SAR |
1 |
INR 17.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.