MIRA INFORM REPORT

 

 

Report Date :

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

ROYAL FRUITS COMPANY LTD

 

 

Registered Office :

Makkah - Madinah Express Highway Al Safa District PO Box 17622 Jeddah 21494

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

27.03.2008

 

 

Com. Reg. No.:

4030177616, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of fresh fruit.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

EUR 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : ROYAL FRUITS COMPANY LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 27th March 2008

Commercial Registration Number                        : 4030177616, Jeddah

Chamber Membership Number                : 127604

Issued Capital                                        : SR 2,500,000

Paid up Capital                                      : SR 2,500,000

Total Workforce                                     : 150

Activities                                               : Distributors of fresh fruit.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : EUR 500,000

 

COMPANY NAME

 

ROYAL FRUITS COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Makkah - Madinah Express Highway

Area                 : Al Safa District

 

PO Box             : 17622

 

Town                 : Jeddah 21494

Country             : Saudi Arabia

 

Telephone         : (966-2) 6935019

Facsimile          : (966-2) 6771308

Email                : info@royalfruitsco.com

 

Premises

 

Subject operates from a medium sized suite of offices and a showroom that are rented and located in the Suburban Business Area of Jeddah.

 

Branch Office (s)

 

Subject has branch offices in Riyadh and Dammam.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Princess Rima Bin Abdullah Al Saud                                                  Managing Partner

 

·       Samir Rajjal                                                                                      General Manager

 

·       Haytham Ammash                                                                            Commercial Manager

 

·       Khadir Abdullah                                                                                 Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19/03/1429 Hijri (corresponding to 27th March 2008)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030177616, Jeddah

 

Chamber Member No. : 127604

 

Issued Capital              : SR 2,500,000

 

Paid up Capital            : SR 2,500,000

 

Name of Partner (s)

 

·       Princess Rima Bin Abdullah Al Saud

 

·       Kuhailan Al Arab Group

Jeddah

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fresh fruit.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 150 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                SR 55,000,000                           SR 62,000,000

 

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

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-2) 6600272

Fax: (966-2) 6650202

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.