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MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
MODERN INDUSTRIES CO LTD (MIC) |
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Registered Office : |
Makkah
Road, Kilo 5, P O Box: 1435, Jeddah 21431, Saudi Arabia |
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Country : |
Saudi
Arabia |
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Date of Incorporation : |
03.12.1961 |
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Com. Reg. No.: |
4030003697, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged
in the manufacture and supply of soaps, shower gels, hair care products, skin
care products, cosmetics, fragrances, diapers and feminine hygiene products. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
MODERN INDUSTRIES CO LTD (MIC) |
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Country of Origin |
Saudi Arabia |
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Legal Form |
Limited Liability Partnership |
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Registration Date |
3rd December 1961 |
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Commercial Registration Number |
4030003697, Jeddah |
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Issued Capital |
SR 150,000,000 |
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Paid up Capital |
SR 150,000,000 |
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Total Workforce |
350 |
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Line of Business |
Manufacture and distribution of personal hygiene products. |
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Financial Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MODERN
INDUSTRIES CO LTD (MIC)
ADDRESS
Registered & Physical Address
Location : Makkah Road, Kilo 5
PO Box : 1435
Town : Jeddah 21431
Country : Saudi Arabia
Telephone : (966-2) 6877266 / 6877454
Facsimile : (966-2) 6875320
Premises
Subject
operates from a large suite of offices, a factory and warehousing that are
owned and located in the Suburban Business Area of Jeddah.
Branch
Office (s)
Location Description
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Saudi
France Building Rented
sales office
Wali Al Ahd Street
PO Box 2056
Jeddah 21461
Tel: (966-2) 6572222
KEY PRINCIPALS
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HH
Prince Bader Bin Saud Bin Abdulaziz Managing
Partner
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Prince
Salman Bin Saud Bin Abdulaziz Partner
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Sheikh
Ismail Ali Abu Dawood Partner
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Sheikh
Ali Abdulaziz Ali Nafeesi Partner
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Fouad
O. Kuraytin General
Manager
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Kamal
Dabbagh Factory
Manager
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D.
Karapaty Finance
Manager
LEGAL FORM & OWNERS
Registration Details : Subject was established on 06/03/1381 Hijri
(Corresponding to 3rd
December 1961) between the
following partners:
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Detergent Products AG, Switzerland
- HH
Prince Bader Bin Saud Bin Abdulaziz
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Sheikh Ismail Ali Abu Dawood
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Mohamed Ali Abu Dawood
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Sheikh Ali Abdulaziz Ali Nafeesi
In December 1985, and following the demise
of Mr Mohamed Ali
Abu Dawood, his shares were
assigned to his brother, namely
Sheikh Ismail Ali Abu Dawood.
In January 1998 a new partner was introduced
to the business,
namely Prince Salman Bin Saud
Bin Abdulaziz.
Legal Form : Limited Liability Partnership
Commercial Reg. No. : 4030003697, Jeddah
Issued
Capital : SR 150,000,000
Paid
up Capital : SR 150,000,000
Name of Partner (s)
·
HH
Prince Bader Bin Saud Bin Abdulaziz
·
Prince
Salman Bin Saud Bin Abdulaziz
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Sheikh
Ismail Ali Abu Dawood
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Sheikh
Ali Abdulaziz Ali Nafeesi
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Detergent
Products AG *
Switzerland
* Detergent Products AG is a wholly owned subsidiary
of Proctor & Gamble, Geneva, Switzerland, which in turn is a subsidiary of:
The Proctor & Gamble Company
PO Box 5572
Cincinnati
Ohio 45201-5572
United States of America
Tel: (1-513) 9833034
Notes to the legal Form
A Limited Liability Partnership is a private entity formed by two or more partners who are liable for company debts to the extent of their contributed capital. A maximum of 50 partners are allowed in such a company. The total share capital must be SR 500,000 or more, divided into non-negotiable shares of equal value. The company may not include in its objects the conduct of banking, insurance or savings.
AFFILIATED COMPANIES
·
Modern
Industries Co (MIC)
Dammam Industrial City, Phase II
PO Box 4927
Dammam 31412
Tel: (966-3) 8122220 / 8433153
Fax: (966-3) 8425736
LINE OF BUSINESS
Operations: Engaged in the manufacture and
supply of soaps, shower gels, hair care products, skin care products,
cosmetics, fragrances, diapers and feminine hygiene products.
Import
Countries:
United States of America, United Kingdom and Turkey.
Brand
Names: CAMAY, ZEST, PERT PLUS, PANTENE, HEAD &
SHOULDERS,
CLEARASIL, ALWAYS, PAMPERS and OLD SPICE.
Operating
Trend: Steady
Subject
has a workforce of approximately 350 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency:
Saudi Riyals (SR)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue SR
360,000,000 SR 375,000,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
Saudi
British Bank
PO Box : 109
Jeddah 21411
Tel : (966-2) 6512121
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Arab
National Bank (ANB)
Madinah Road
PO Box : 9463
Jeddah 21413
Tel :
(966-2) 6600272
Fax :
(966-2) 6650202
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of
transaction November
2002
Credit
amount 500,000
Amount
overdue 0
Payment
terms 180 days
Payment
Method Letters of
Credit
Paying
record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Modern
Industries Co Ltd (MIC) is well established in the local market and is engaged
in the manufacture and distribution of personal hygiene products under
reputable brand names such as “Camay”, “Zest”, “Pampers”, and “Head &
Shoulders”.
The
company is run in a professional manner and is owned by a number of prominent
Saudi businessmen and Detergents Products AG, which is a subsidiary of The
Proctor & Gamble Company, USA.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled. As such the business is
deemed a fair trade risk.
Maximum
suggested credit figure: US$ 1,500,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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