MIRA INFORM REPORT

 

 

Report Date :           

06.12.2011

 

IDENTIFICATION DETAILS

 

Name :

INK PRODUCTS COMPANY LTD

 

 

Registered Office

Riyadh Industrial Zone, Area 1, P O Box  23203, Riyadh 11426

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

25.02.1998

 

 

Com. Reg. No.:

1010148904, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of a wide range inks products and thinners

 

 

No. of Employees :

150 Persons

 

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 :

US$ 700,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : INK PRODUCTS COMPANY LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Start Date                                             : 1988

Registration Date                                   : 25th February 1998

Commercial Registration Number            : 1010148904, Riyadh

Chamber Membership Number                : 88177

Issued Capital                                        : SR 15,000,000

Paid up Capital                                      : SR 15,000,000

Total Workforce                                     : 150

Activities                                               : Manufacturers of a wide range inks products and thinners.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 700,000

Person Interviewed                                 : John Mathew, Finance Manager

 

COMPANY NAME

 

INK PRODUCTS COMPANY LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Riyadh Industrial Zone, Area 1

PO Box             : 23203

Town                 : Riyadh 11426

Country             : Saudi Arabia

Telephone         : (966-1) 4464185 / 4489260 / 4475512

Facsimile          : (966-1) 4474195 / 4462874

Email                : info@inksaudi.com / inksaudi@ae.net.sa

 

Premises

Subject operates from a medium sized suite of offices, a warehouse and a factory that are owned and located in the Industrial Area of Riyadh.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Industrial City, Phase 5                                                                      Sales office

PO Box: 4265

Jeddah 21521

Tel: (966-2) 6081655

Fax: (966-2) 6081651

 

·       First Industrial City                                                                            Sales office

Khalidiya

PO Box: 12423

Dammam 31473

Tel: (966-3) 8570822

Fax: (966-3) 8571822

 

 

KEY PRINCIPALS

 

·       Abdullah Ibrahim Al Habeeb                                                               Managing Partner

 

·       Nasser Abdullah Al Mufawwaz                                                            Partner

 

·       Misfer Ali Al Ajmi                                                                              General Manager

 

·       Nasser Taher Al Sayeh                                                                      Commercial Manager

 

·       Ali Al Ajmi                                                                                        Factory Manager

 

·       John Mathew                                                                                    Finance Manager

 

·       Abdullah Ali Al Shuwayer                                                                   Administration Manager

 

·       Ali Al Ajmi                                                                                        IT Manager

 

·       Mustafa El Negehi                                                                             Branch Manager – Jeddah

 

·       Taj El Sir                                                                                          Branch Manager – Dammam

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1988, however it was registered on 28/10/1418 Hijri

  (corresponding to 25th February 1998)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1010148904, Riyadh

 

Chamber Member No. : 88177

 

Issued Capital              : SR 15,000,000

 

Paid up Capital            : SR 15,000,000

 

Name of Partner (s)                                                      Percentage

 

·       Mohamed Abdullah Al Mudaifer & Bros                            40%

 

·       Abdullah Ibrahim Al Habeeb                                            30%

 

·       Saudi Lighting Company                                                 20%

 

·       Nasser Abdullah Al Mufawwaz                                         10%

 

 

AFFILIATED COMPANIES

 

·       Inara Ink Est

     Dubai Investment Park

     Building FG 1 Unit 8

     PO Box: 27841

     Dubai

     United Arab Emirates

Tel: (971-4) 8852404
Fax: (971-4) 8852414
Email: contact@inaraink.ae

 

·       Durup Paint Ltd

Riyadh

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of a wide range inks products and thinners, including water based coatings, solvent based flexographic inks, and solvent based rotogravure inks.

 

     Subject has a technical license agreement with Coates Lorilleux International of Spain.

 

Production Capacity:   8,000 metric tonnes per annum

 

Import Countries: Spain, France, the United Kingdom and the Netherlands.

 

International Suppliers:

 

·       Coates Lorilleux International              Spain

 

Export Countries: Kuwait, Bahrain, Iraq, Sudan, Jordan, Oman, Qatar, Yemen, Lebanon, Syria and the United Arab

                             Emirates.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 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 75,000,000                           SR 82,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Commercial Bank

Batha Branch

PO Box: 34

Riyadh 11411

Tel: (966-1) 4010076 / 4025084

Fax: (966-1) 4034625

 

·       Riyad Bank

Industrial City Branch

PO Box: 42882

Riyadh 11551

Tel: (966-1) 4122243

Fax: (966-1) 4013030

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2005

Credit amount                                        137,000

Amount overdue                         0

Payment terms                                      180 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.40

UK Pound

1

Rs.80.20

Euro

1

Rs.68.92

 

 

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.