MIRA
INFORM REPORT
|
Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
RED SEA PLASTIC
FACTORY LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1977 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of polyethylene pipes, PVC products and
plastic containers. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 750,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : RED SEA PLASTIC FACTORY
LTD
Country of Origin :
Legal Form :
Limited Liability Company
Registration Date : 1977
Issued Capital : SD
8,000,000
Paid up Capital : SD
8,000,000
Total Workforce : 75
Line of Business :
Manufacturers of polyethylene
pipes, PVC products
and plastic containers.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
RED SEA PLASTIC
FACTORY LTD
ADDRESS
Registered & Physical Address
Location :
PO Box : 1892
Town :
Country :
Telephone : (249-185) 213490 / 213489 / 213487
Facsimile : (249-183) 213491
Email : eltazigroup@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 Khartoum.
KEY PRINCIPALS
·
Dr
Zuher Mohamed Al Tazi Managing
Director
·
Mostafa
Mohamed Al Tazi Director
·
Mudaser
Mohamed Al Tazi Director
·
Muzamel
Mohamed Al Tazi Director
LEGAL FORM &
OWNERS
Date of Establishment : 1977
Legal Form :
Limited Liability Company
Issued Capital : SD 8,000,000
Paid up Capital : SD 8,000,000
Name of Shareholder
(s)
·
Dr
Zuher Mohamed Al Tazi
·
Mostafa
Mohamed Al Tazi
·
Mudaser
Mohamed Al Tazi
·
Muzamel
Mohamed Al Tazi
AFFILIATED
COMPANIES
·
Al Tazi Co
·
Al Tazi Pharma
·
Al
Tazi Sweet & Drink
LINE OF BUSINESS
Operations : Engaged in the manufacture of polyethylene pipes, PVC products and plastic
containers.
Import Countries
:
Operating Trend
: Steady
Subject has a
workforce of 75 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Sudanese
Dinars (SD)
Year Ending
31/12/05 : Year
Ending 31/12/06 :
Total
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Bank of
PO Box : 1008
Tel : (249-183) 772880
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 1,500,000:
Established in
1977, subject is involved in the manufacture of polyethylene pipes, PVC products and
plastic containers.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent.
Maximum suggested
credit figure: US$ 750,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)