MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
THE SAUDI ICE CREAM FACTORY |
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Registered Office : |
Industrial
City, Phase 1, PO Box: 2512, Jeddah 21461, Saudi Arabia. |
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Country : |
Saudi
Arabia |
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Date of Incorporation : |
2006 |
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Com. Reg. No.: |
4020121974, Jeddah |
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Legal Form : |
Limited
Liability Partnership |
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Line of Business : |
Engaged
in the manufacture of ice cream. |
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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Maximum Credit Limit : |
US$
50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
THE SAUDI ICE CREAM FACTORY |
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Country
of Origin |
Saudi Arabia |
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Legal
Form |
Limited Liability Partnership |
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Registration
Date |
2006 |
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Commercial
Registration Number |
4020121974, Jeddah |
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Membership
Number |
65346 |
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Issued
Capital |
SR 1,000,000 |
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Paid
up Capital |
SR 1,000,000 |
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Total
Workforce |
75 |
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Line
of Business |
Manufacturers of ice cream. |
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Financial
Condition |
Undetermined |
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Payments |
Nothing detrimental uncovered |
COMPANY NAME
THE
SAUDI ICE CREAM FACTORY
ADDRESS
Registered & Physical Address
Location : Industrial City, Phase 1
PO Box : 2512
Town : Jeddah 21461
Country : Saudi Arabia
Telephone : (966-2) 6360807 / 6365184
Facsimile : (966-2) 6375157
Premises
Subject
operates from a small suite of offices and a factory that are rented and
located in the Industrial Area of Jeddah.
KEY PRINCIPALS
· Sulaiman Al Nafi Managing
Partner
· Abbas Widatullah Partner
· Abdulrahman M Abdullah Finance
Manager
· Abdullah Al Shayani Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 2006
Legal Form : Limited Liability Partnership
Commercial Reg. No. : 4020121974, Jeddah
Membership No. : 65346
Issued
Capital : SR 1,000,000
Paid
up Capital : SR 1,000,000
Name of Partner (s)
· Sulaiman Al Nafi
· Abbas Widatullah
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
manufacture of ice cream.
Import
Countries :
Europe and GCC countries.
Subject
has a workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Subject
is a newly formed business and as a result financial information is not
currently available.
BANKERS
·
National
Commercial Bank
King Abdul Aziz Street
PO Box : 3555
Jeddah 21481
Tel :
(966-2) 6446644
Fax :
(966-2) 6446644
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Jeddah did not reveal any sign of payment defaults or delays
during initial trading stages, and subject is believed to meet its payment
obligations in a timely manner, nevertheless, and in view of the company’s
infancy and the lack of a more consistent payment and financial record, a
measure of caution is advisable and a close monitoring of subject’s business
development is recommended.
Maximum
suggested credit figure: US$ 50,000
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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