MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AL JAZEERA FACTORY FOR PAINTS CO |
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Registered Office : |
Khamis Mushait Industrial Area, P O Box – 1900, Khamis Mushait 11451 |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1979 |
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Com. Reg. No.: |
1010027460, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture of industrial paints, primers,
texture paint, top and protective coatings, thinners and lacquers. |
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$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
AL JAZEERA FACTORY FOR PAINTS CO
Country of Origin :
Legal Form :
Limited Liability Partnership
Registration Date :
1979
Commercial Registration Number :
1010027460,
Issued Capital :
SR 3,000,000
Paid up Capital :
SR 3,000,000
Total Workforce :
300
Line of Business :
Manufacture of paints.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL JAZEERA FACTORY FOR PAINTS CO
ADDRESS
Registered & Physical Address
Location : Khamis
Mushait Industrial Area
PO Box : 1900
Town : Khamis
Mushait 11451
Country :
Telephone : (966-7) 2211111
/ 2230688
Facsimile : (966-7)
2223793 / 6374857
Email : info@al-jazeerapaints.com
Premises
Subject operates from a large suite of offices, a factory and a
warehouse that are owned and located in the Industrial Area of Khamis Mushait.
Branch Office (s)
Location Description
Al Takhassusi Sales
office & distribution outlet
Tel : (966-1) 4028475 / 4050086
Fax : (966-1) 4034746 / 2223792
Jeddah Sales
office & distribution outlet
Tel : (966-2) 6051846
Dammam Sales
office & distribution outlet
Tel : (966-3) 8335499 / 8339181
Arar Sales
office & distribution outlet
Tel : (966-4) 8339181
Sakakah Sales
office & distribution outlet
Tel : 6253112
Albaha Sales
office & distribution outlet
Tel : 7310742
KEY PRINCIPALS
Mohamed Abdullah Al Rumaih Managing
Partner
Saoud Marshood Al Rumaih Partner
Mukhtar Ahmed Commercial
Manager
Abdullah A. Mursi Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1979
History :
Subject was originally established in 1979 as Sole Proprietorship owned by Mr
Mohamed Abdullah Al Rumaih.
However, in January 1993 and upon the
introduction of Mr Saoud Marshood Al Rumaih
as a new partner, the subject was re-
registered as a Limited Liability Partnership.
Legal Form :
Limited Liability Partnership
Commercial Reg. No. :
1010027460,
Issued Capital : SR
3,000,000
Paid up Capital : SR
3,000,000
Name of Partner (s)
Mohamed Abdullah Al Rumaih
Saoud Marshood Al Rumaih
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
Al Jazeera Paint Company
LINE OF BUSINESS
Operations :
Engaged in the manufacture of industrial paints, primers, texture paint, top
and
protective coatings, thinners and lacquers.
Production Capacity : 50,000
tonnes per annum
Import Countries :
Export Countries :
Brand Names : AL
JAZEERA PAINT
Operating Trend :
Steady
Subject has a workforce of approximately 300 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
78,510,000 SR
81,120,000
Local sources consider subject’s financial condition to be Good.
BANKERS
Bank Al Jazira
PO Box : 1488
Khamis Mushait
Tel : (966-7) 2233147
Arab National Bank (ANB)
PO Box : 694
Khamis Mushait
Tel : (966-7) 2249012
Fax : (966-7) 2248820
Al Rajhi Banking & Investment Corporation
Khamis Mushait
Tel: (966-7) 2237425
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction September
1999 October 2005
Credit amount 200,000 42,000
Amount overdue 0 0
Payment terms 90
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Pounds
Sterling
GENERAL COMMENTS
Al Jazeera Factory For Paints Co is well established in the local market
with operations dating back to 1979. The company is engaged in the manufacture
of a range of paints with distribution centres located throughout
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 and
the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 800,000
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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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%)