MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL ADWAA FACTORY
FOR LIGHTING FIXTURES |
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Registered Office : |
Old Al Kharj
Road, Industrial City, P O Box 56751, Riyadh 11564 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
May 1999 |
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Com. Reg. No.: |
1010152764, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the production
of fluorescent lights, lamp bases and light fixtures. |
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 : |
EUR 500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL ADWAA FACTORY FOR LIGHTING FIXTURES
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : May 1999
Commercial Registration Number : 1010152764, Riyadh
Membership Number : 291878
Issued Capital : SR 720,000
Paid up Capital : SR 720,000
Total Workforce : 100
Line of Business : Production of fluorescent lights, lamp bases and light fixtures.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL ADWAA FACTORY
FOR LIGHTING FIXTURES
ADDRESS
Registered & Physical Address
Street : Old Al Kharj Road
Area : Industrial City
PO Box : 56751
Town : Riyadh 11564
Country : Saudi Arabia
Telephone : (966-1) 4952612
Facsimile : (966-1) 2820495
Email : aladwaa@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Riyadh.
KEY PRINCIPALS
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Hassan Ali
Hassan Al Attas Managing
Partner
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Abdullah
Abdulrahman Mohamed Basurrah Partner
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Mohsen Al
Attas General
Manager
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Mohamed Azzam Commercial
Manager
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Ahmed Alami Financial
Controller
LEGAL FORM & OWNERS
Date of Establishment : May 1999
Legal Form :
Sharikat Tadhamun Bill
Asshum (Limited Liability
Partnership)
Commercial Reg. No. : 1010152764,
Riyadh
Membership No. :
291878
Issued Capital : SR 720,000
Paid up Capital : SR 720,000
Name of Partner (s) Percentage
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Abdullah
Abdulrahman Mohamed Basurrah 55
%
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Hassan Ali
Hassan Al Attas 45
%
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.
LINE OF BUSINESS
Operations : Engaged in the production of fluorescent
lights, lamp bases and light fixtures.
Import Countries
: The United Kingdom, Spain
and the United States of America.
Operating Trend: Steady
Subject has a
workforce of approximately 100 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue SR 21,900,000 SR 35,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Commercial Bank
Naseria Branch
PO Box : 17248
Riyadh 11484
Tel : (966-1) 4036500
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of EUR 100,000:
Al Adwaa Factory
for Lighting Fixtures began operations in 1999 and is engaged in the production
of fluorescent lights, lamp bases and light fixtures.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk and the above credit figure is deemed admissible.
Maximum suggested credit figure: EUR 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. |
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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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%)