MIRA
INFORM REPORT
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Report Date : |
08.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
ABBAR & ZAINY COLD STORES CO |
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Registered Office : |
Hind Bint Al Waleed Street, Petromin Area, PO Box 2495, Jeddah 21451 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1962 |
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Com. Reg. No.: |
4030121424, Jeddah |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Importers and Distributors of Fresh and Frozen Food |
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 : |
Very Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : ABBAR & ZAINY COLD STORES CO
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 1962
Commercial Registration Number : 4030121424, Jeddah
Issued Capital : SR 3,000,000
Paid up Capital : SR 3,000,000
Total Workforce : 130
Activities : Importers and distributors of fresh and frozen food
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
ABBAR & ZAINY COLD STORES CO
ADDRESS
Registered & Physical Address
Street : Hind Bint Al
Waleed Street
Area : Petromin
Area
PO Box : 2495
Town : Jeddah 21451
Country : Saudi Arabia
Telephone : (966-2) 6371315
/ 6369368 / 6476563
Facsimile : (966-2)
6373012 / 6365159
Premises
Subject operates from a medium sized suite of offices and cold storage
facilities that are owned and located in the Suburban Business Area of Jeddah.
Branch Office (s)
Location Description
· PO Box : 4408 Office
& cold storage facilities
Dammam 31391
Saudi Arabia
Tel : (966-3)
8326808 / 8326809
· PO Box : 41379 Office
& cold storage facilities
Riyadh 11521
Saudi Arabia
Tel : (966-1)
4021739
Fax : (966-1)
4023255
· PO Box : 6066 Office
& cold storage facilities
Sharjah
United Arab Emirates
Tel : (971-6) 5332793 / 5332794
Fax : (971-6) 5330099
KEY PRINCIPALS
Name Position
·
Sheikh Abdullah Mahmoud Abbar Managing
Director
·
Sheikh Adnan Ahmed Zainy Director
·
Ghazi Abdullag Abbar Director
·
Sandro Mondin General
Manager
·
Fadi Felfli Marketing
Manager
·
L.U. Mondin Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1962
History : Subject was
established in 1962 as a Limited Liability Partnership
between Sheikh
Abdullah Abbar and Sheikh Ahmed Zainy, and
registered under Commercial Registration Number 4031000023,
Jeddah. However during 2000 subject was re-registered as a Joint
Stock Company.
Legal Form : Joint Stock
Company
Commercial Reg.
No. : 4030121424, Jeddah
Issued Capital : SR 3,000,000
Paid up Capital : SR 3,000,000
Name of Shareholder (s)
· Sheikh Abdullah
Mahmoud Abbar
· Sheikh Adnan Ahmed
Zainy
· Ghazi Abdullag
Abbar
· Members of the
Abbar and Zainy families
AFFILIATED COMPANIES
Subject is a member of the Abbar & Zainy Group, which comprises the
following concerns:
· Al Aziziah
Agricultural Products Company Ltd
PO Box : 54246
Riyadh 11514
Tel : (966-1)
4630531
Fax : (966-1)
4794526
· Industrial
Services Co of Saudi Arabia (ISCOSA)
Dammam-Al Khobar Highway
PO Box : 1032
Dammam
Tel : (966-3) 8428308
Fax : (966-3) 8434333
· Modern Dairies
PO Box : 3981
Jeddah 21481
Tel : (966-2) 6372965
Fax : (966-2)
6377873
· National Polyfoam
Company
Industrial Estate
PO Box : 6924
Jeddah 21452
Tel : (966-2) 6374243
Fax : (966-2) 6377255
· Petrostar Co Ltd
Attar Building, 2nd
Floor
King Abdulaziz
Street
PO Box : 5910
Jeddah 21432
Tel : (966-2)
6473138 / 6473318
· Wadi Fatima
Poultry Farm
Wadi Fatima
Al Jammun
Jeddah
Tel : (966-2) 5941907
Fax : (966-2) 5941915
· Saudi Meat Factory
PO Box : 5700
Jeddah 21432
Tel : (966-2)
6821765
Fax : (966-2)
6827325
· Star Navigation
Ltd
Shola Shopping Centre
Dhiya Al Din Rajab Street
PO Box : 10366
Jeddah
Tel : (966-2) 6676052 / 6604906
Fax : (966-2) 6676055
· Modern Building
Contracting Company
Al Ghamdi
Building, 1st Floor
Al Hindaviya
PO Box : 11102
Jeddah 21453
Tel : (966-2)
6478146 / 6482804
Fax : (966-2)
6474988
· Chiyoda Petrostar
Ltd
Khashogi Building, 9th Floor
Dhahran Street
PO Box : 602, Dhahran Airport 31932
Al Khobar
Tel : (966-3) 8640839 / 8980034
Fax : (966-3) 8640986
· Abbar & Zainy
Sodexco Catering Co Ltd
Al Ahsa Street
PO Box : 41491
Riyadh 11521
Tel : (966-1)
4785280
Fax : (966-1)
4777251
· Al Aziziah Dairy
Ltd
Olaya Main Street
PO Box : 54246
Riyadh 11514
Tel : (966-1) 4630531
Fax : (966-1) 4643368
· Bahra Hydroponic
· Ecology &
Environment of Saudi Arabia Co Ltd
· Ice Cream &
Dairy Products Cortina Ltd
· Arab International
Gas & Transportation Co Ltd
· Azco Travel
· International
Technology (Saudi Arabia) Ltd
· National Tahina
& Tin Co
· Ogem Saudi Arabia
Construction Co Ltd
· Petro Trade Co Ltd
· Petro Transport Co
Ltd
· Saudi Aviation
Services Co Ltd
· Saudi Multina Gas
& Transportation Co Ltd
· Saudi Security
& Technical Services Co Ltd
· United Arab
Agencies
OPERATIONS
Activities: Importers and distributors of fresh and frozen food, including
vegetables, meat, poultry and dairy products.
Import Countries: Germany, France, Italy, the United Kingdom and the
Netherlands.
International Suppliers:
· Bel Cheese France
· Industrial
Technical Applications (L’A.T.I. Srl ) Italy
Operating Trend: Steady
Subject has a workforce of approximately 130 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales SR
47,000,000 SR
52,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Arab National Bank (ANB)
Madinah Road
PO Box : 9463
Jeddah 21413
Tel : (966-2) 6600272
Fax : (966-2) 6650202
·
National Commercial Bank
Al Balad Branch
King Abdulaziz
Street
PO Box : 5066
Jeddah 21422
Tel : (966-2)
6434777
Fax : (966-2)
6441686
·
Saudi American Bank
Medinah Road
PO Box : 490
Jeddah 21411
Tel : (966-2)
6603993
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction January
2000 January
2002
Credit amount 350,000 100,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Euros
GENERAL COMMENTS
Abbar & Zainy Cold Stores Co has been trading for nearly forty years
as importers and distributors of fresh and frozen food. It operates several
cold storage facilities in the major cities of the Kingdom.
The business is mainly owned by Sheikh Abdullah Mahmoud Abbar and Sheikh
Adnan Ahmed Zainy who are very wealthy and experienced Saudi businessmen.
Subject is a member of the well known Abbar & Zainy Group of Companies
which has interests in a wide range of fields.
According to local sources, subject’s financial position is satisfactory
and payments are met a regular and timely manner. As such the company is
considered to be trustworthy for respecting its financial trade commitments.
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%)