MIRA INFORM REPORT

Report Date :

07.06.2011

IDENTIFICATION DETAILS

Name :	AL HAIBAH CO FOR MANUFACTURING PAINT

Registered Office :	Al Khumra Area, P O Box 10228, Jeddah 21577

Country :	Saudi Arabia

Financials (as on) :	31.12.2010

Date of Incorporation :	01.03.2005

Com. Reg. No.:	4030153993, Jeddah

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacturers of paint, emulsion and putty

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Saudi Arabia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

SUMMARY

Company Name : AL HAIBAH CO FOR MANUFACTURING PAINT

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Registration Date : 1^st March 2005

Commercial Registration Number : 4030153993, Jeddah

Chamber Membership Number : 102965

Issued Capital : SR 500,000

Paid up Capital : SR 500,000

Total Workforce : 65

Activities : Manufacturers of paint, emulsion and putty.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Moosa Ahmed Al Jaafi, Partner

COMPANY NAME

AL HAIBAH CO FOR MANUFACTURING PAINT

company ADDRESS

Registered & Physical Address

Location : Al Khumra Area

PO Box : 10228

Town : Jeddah 21577

Country : Saudi Arabia

Telephone : (966-2) 6214996 / 6215555

Facsimile : (966-2) 2802872 / 6202972

Mobile : (966-55) 5503402

Email : alhaibahco@yahoo.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 Position

· Ahmed Naji Saleh Al Masbai Managing Partner

· Moosa Ahmed Al Jaafi Partner

· Ahmed Mohamed Al Labani Partner

LEGAL FORM & OWNERS

Date of Establishment : 21/01/1426 Hijri (corresponding to 1^st March 2005)

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 4030153993, Jeddah

Chamber Member No. : 102965

Issued Capital : SR 500,000

Paid up Capital : SR 500,000

Name of Partner (s)

· Ahmed Naji Saleh Al Masbai

· Moosa Ahmed Al Jaafi

· Ahmed Mohamed Al Labani

OPERATIONS

Activities: Engaged in the manufacture of paint, emulsion and putty.

Import Countries: Europe and the Far East.

Brand Names: AL HAIBAH

Operating Trend: Steady

Subject has a workforce of 65 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 14,700,000 SR 15,400,000

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

King Abdul Aziz Street

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.44.72
UK Pound	1	Rs.73.46
Euro	1	Rs.65.47

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.