MIRA INFORM
REPORT
|
Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAUDI CYPRUS FOUNDRIES LTD |
|
|
|
|
Registered Office : |
Industrial Area,
Phase 3, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.02.2007 |
|
|
|
|
Com. Reg. No.: |
4030172429, Jeddah |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacturers man hole covers and frames, gratings, surface boxes, cast metal steps, pipe fittings and engineering parts. |
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$ 100,000 |
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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 : SAUDI CYPRUS FOUNDRIES LTD
Country of Origin :
Legal Form : Limited Liability Partnership
Start Date : 1953
Registration Date : 1st February 2007
Commercial Registration Number : 4030172429, Jeddah
Chamber Membership Number : 122937
Issued Capital : SR 1,250,000
Paid up Capital : SR 1,250,000
Total Workforce : 55
Activities : Manufacturers man hole covers and frames, gratings, surface boxes, cast metal steps, pipe fittings and engineering parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
Person Interviewed : Tofial Ahmed Mozmadar, Finance Manager
COMPANY NAME
SAUDI CYPRUS FOUNDRIES LTD
company ADDRESS
Registered & Physical Address
Location : Industrial Area, Phase 3
PO Box : 977
Town : Jeddah 21421
Country :
Telephone : (966-2) 6364596 / 6377973 / 6081923
Facsimile : (966-2) 6080901
Email : tofialahmed@sc-foundries.com / contact@sc-foundries.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of Jeddah.
KEY PRINCIPALS
Name Nationality Position
·
Ahmed
Sadiq Najeeb Mostafa Saudi Managing
Partner
·
Afrem
Kouddides Cypriot Partner
·
Hisham
Ahmed Sadiq Najeeb Mostafa - General
Manager
·
Tofial Ahmed
Mozmadar - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1953, however
subject was registered 1st February 2007 (full production began in
January
2009)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030172429,
Jeddah
Chamber Member No. : 122937
Issued Capital : SR 1,250,000
Paid up Capital : SR 1,250,000
Name of Partner (s)
·
A E
Koukkides Ltd
·
Ahmed
Sadiq Najeeb Mostafa
AFFILIATED COMPANIES
Subject belongs to the Ahmed Sadiq Najeeb group of companies that
consists of the following concerns:
·
Arabian
Iron Industries
·
Arabian
Factory For Installation Material
·
Arabian
Factory For Steel
·
Al
Manar Chemical Factory
OPERATIONS
Activities :Engaged in the manufacture of man hole covers and frames, gratings,
surface boxes, cast metal
steps, fittings and engineering parts.
Subject is ISO 9001:2008
accredited.
Import
Countries:
Operating Trend: Steady
Subject has a
workforce of 55 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 5,960,000 SR 6,780,000
Local sources consider
subject’s financial condition to be Fair.
The above figures
were provided by Mr Tofial Ahmed Mozmadar, Finance Manager
BANKERS
·
National
Commercial Bank
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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.45.37 |
|
|
1 |
Rs.70.38 |
|
Euro |
1 |
Rs.58.93 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.