MIRA
INFORM REPORT
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Report Date : |
25.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TINTING SYSTEMS COMPANY |
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Registered Office : |
Old Industrial
Area, PO Box 3250, Khamis Mushait
16961 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Production of Colorants in
Liquid Paste form for the Paint Industry |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : TINTING SYSTEMS COMPANY
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 2000
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Total Workforce : 50
Activities : Production of colorants in liquid paste form for the paint industry
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TINTING SYSTEMS
COMPANY
ADDRESS
Registered & Physical Address
Location : Old Industrial Area
PO Box : 3250
Town : Khamis Mushait 16961
Country : Saudi Arabia
Telephone : (966-7) 2382560 / 2388000
Facsimile : (966-7) 2382561
Email : info@tintings.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Khamis Mushait.
KEY PRINCIPALS
Name Position
·
Saeed Al
Rumaih Managing
Partner
·
Mohamed Al
Rumaih Partner
·
Gamal Mostafa
Al Sehali Genera
Manager
·
Mohamed Omar
Farooqui Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2000
Legal Form :
Limited Liability
Partnership
Issued Capital : SR 500,000
Paid up Capital : SR 500,000
Name of Partner (s)
·
Saeed Al
Rumaih
·
Mohamed Al
Rumaih
OPERATIONS
Activities: Engaged in the production of colorants
in liquid paste form for the paint industry. Subject’s product range includes
colorants for automatic dispensing machines, colorants for inside factory
production, colorants for protective and industrial coatings, colorants for
pure water base paints and colorants for wood stains.
Import
Countries: Europe and the
United States of America
Operating Trend: Steady
Subject has a
workforce of 50 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:
Total Sales SR 9,300,000 SR 10,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Arab National
Bank
PO Box 934
Khamis Mushait
Tel: (966-7) 2233334
Fax: (966-7) 2234388
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
2000, subject is owned and managed by Mr Saeed Al Rumaih and his brother, Mr
Mohamed Al Rumaih who are both well respected in the local business community.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the business is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.43 |
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UK Pound |
1 |
Rs.85.38 |
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Euro |
1 |
Rs.67.95 |
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%)