MIRA INFORM REPORT

 

 

Report Date :

11.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

MUJALLY AHMAD BAMUJALLY UNITED COMPANY LTD 

 

 

Registered Office :

Bamujally Building, Al Dahab Street, Balad Area, P O Box 112, Jeddah 21411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

22.10.1990       

 

 

Com. Reg. No.:

4030073820, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Import and distribution of foodstuff

 

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$ 1,100,000

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)

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                                     : MUJALLY AHMAD BAMUJALLY UNITED COMPANY LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Start Date                                             : 1950

Registration Date                                   : 22nd October 1990

Commercial Registration Number            : 4030073820, Jeddah

Chamber Membership Number                : 37158

Issued Capital                                        : SR 4,800,000

Paid up Capital                                      : SR 4,800,000

Total Workforce                                     : 160

Activities                                               : Import and distribution of foodstuff

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,100,000

Person Interviewed                                 : Essam Obadi, Human Resources Manager

 

COMPANY NAME

 

MUJALLY AHMAD BAMUJALLY UNITED COMPANY LTD

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Bamujally Building

Street               : Al Dahab Street

Area                 : Balad Area

PO Box             : 112

Town                 : Jeddah 21411

Country             : Saudi Arabia

Telephone         : (966-2) 6474236 / 6474484 / 6470708

Facsimile          : (966-2) 6480855 / 6483203 / 6473187

Email                : bamujally@mbamujally.com

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 39930                                                                                 Distribution depot

Riyadh 11489

Tel: (966-2) 4593636 / 4588003

Fax: (966-2) 4582539 / 4582536

 

·       Buraidah                                                                                           Distribution depot

 

·       Dammam                                                                                         Distribution depot

Tel: (966-3) 8341149 / 8348658

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ahmad Muhsen Mujally Ahmad Bamujally                                           Chairman

 

·       Abdul Rahman Muhsen Mujally Ahmad Bamujally                                Vice Chairman

 

·       Osama Khalid Babsial                                                                       Finance Manager

 

·       Ali Al Saadi                                                                                      Commercial Manager

 

·       Essam Obadi                                                                                    Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1950, however it was registered on 03/04/1411 Hijri

  (corresponding to 22nd October 1990)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030073820, Jeddah

 

Chamber Member No. : 37158

 

Issued Capital              : SR 4,800,000

 

Paid up Capital            : SR 4,800,000

 

Name of Partner (s)                                                                   Percentage

 

·       Muhsen Mujally Ahmad Bamujally                                             12.50%

 

·       Ahmad Muhsen Mujally Ahmad Bamujally                                    8.34%

 

·       Mohamed Muhsen Mujally Ahmad Bamujally                                8.34%

 

·       Abdullah Muhsen Mujally Ahmad Bamujally                                  8.34%

 

·       Abdul Rahman Muhsen Mujally Ahmad Bamujally                         8.34%

 

·       Waleed Muhsen Mujally Ahmad Bamujally                                   8.34%

 

·       Omar Muhsen Mujally Ahmad Bamujally                                      8.34%

 

·       Hassan Muhsen Mujally Ahmad Bamujally                                   8.34%

 

·       Fatma Hassan Ahmad Bamujally                                                 4.16%

 

·       Khadija Muhsen Mujally Ahmad Bamujally                                   4.16%

 

·       Hanan Muhsen Mujally Ahmad Bamujally                                     4.16%

 

·       Fayza Muhsen Mujally Ahmad Bamujally                                     4.16%

 

·       Huda Muhsen Mujally Ahmad Bamujally                                       4.16%

 

·       Alia Muhsen Mujally Ahmad Bamujally                                         4.16%

 

·       Dalal Muhsen Mujally Ahmad Bamujally                                       4.16%

 

 

AFFILIATED COMPANIES

 

·       Mujally Ahmed Bamujally Est

PO Box: 112

Jeddah 21411

Tel: (966-2) 6438266

Fax: (966-2) 6483203

Commercial Registration No. 4030002707

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of foodstuff, including canned and dried foods, and milk powder, as well as leather goods and fashion accessories.

 

     Subject also processes dairy products.

 

Import Countries: Lebanon, Oman and Jordan

 

Brand Names: WADI FATMA and GLORIA

 

Operating Trend: Steady

 

Subject has a workforce of 160 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                SR 22,500,000                           SR 26,000,000

 

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

 

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

 

 

BANKERS

 

·       Al Rajhi Bank

Akaria Building, 6th Floor, Office No. 629

Olaya Street

PO Box: 28

Riyadh 11411

Tel: (966-1) 4054647 / 4054244

Fax: (966-1) 4044753 / 4052950 / 4037156

 

·       Riyad Bank

Prince Fahad Street

PO Box: 9324

Jeddah 21413

Tel: (966-2) 6513333

 

·       Bank Al Jazira

Al Amir Fahad Street

PO Box: 6277

Jeddah 21442

Tel: (966-2) 6670230

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              April 2000

Credit amount                                        250,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Mujally Ahmad Bamujally United Company Ltd is well established in the local market and enjoys a good reputation for the quality of its products. It specialises in the import and distribution of foodstuff under the brand names of “Wadi Fatma” and “Gloria”.

 

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

UK Pound

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%)

 

 

 

 

 

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.