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MIRA INFORM
REPORT
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Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
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Name : |
UNIVERSAL PAINTS MANUFACTURING CO (SIPES) |
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Registered Office : |
Industrial City,
Phase 3, P O Box 16945, Jeddah 21747 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
15.05.2006 |
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Com. Reg. No.: |
4030161711, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers of paints, emulsion and putty |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Saudi Arabia |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
SUMMARY
Company Name : UNIVERSAL PAINTS MANUFACTURING CO (SIPES)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 15th May 2006
Commercial Registration Number : 4030161711, Jeddah
Chamber Membership Number : 110672
Issued Capital : SR 6,443,000
Paid up Capital : SR 6,443,000
Total Workforce : 85
Activities : Manufacturers of paints, emulsion and putty.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Najeeb, Finance Manager
COMPANY NAME
UNIVERSAL PAINTS MANUFACTURING CO (SIPES)
company ADDRESS
Registered & Physical Address
Location : Industrial City, Phase 3
PO Box : 16945
Town : Jeddah 21747
Country : Saudi Arabia
Telephone : (966-2) 2686999 / 2683999 / 2685999
Facsimile : (966-2) 6389680
Mobile : (966-55) 6633107
Email : sipespaints@hotmail.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
·
Saleh
Abdulqader Salem Ba Shanfer Saudi Managing Partner
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Omar
Saeed Ba Hazik Saudi Partner
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Mazen
Ahmed Bizri Lebanese Partner
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Majid
Ahmed Bizri Lebanese Partner
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Wajih
Ahmed Bizri Lebanese Partner
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Omar
Zafer Kazzoun - General
Manager
·
Mohamed
Najeeb - Finance
Manager
·
Hassan
Shamaa - Factory
Manager
LEGAL FORM & OWNERS
Date of Establishment : 17/04/1427
Hijri (corresponding to 15th May 2006)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030161711, Jeddah
Chamber Member No. : 110672
Issued Capital : SR 6,443,000
Paid up Capital : SR 6,443,000
Name of Partner (s)
·
Saleh
Abdulqader Salem Ba Shanfer
·
Omar
Saeed Ba Hazik
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Mazen
Ahmed Bizri
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Majid
Ahmed Bizri
·
Wajih
Ahmed Bizri
OPERATIONS
Activities: Engaged in the manufacture of paints,
emulsion and putty.
Import
Countries: Europe and the
Far East.
Brand Names: SIPES
Operating Trend: Steady
Subject has a
workforce of 85 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 54,200,000 SR 60,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mohamed
Najeeb, Finance Manager
BANKERS
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Al Bank
Al Saudi Al Hollandi
King Abdulaziz Street
PO Box: 67
Jeddah
Tel: (966-2) 6446849
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.72 |
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UK Pound |
1 |
Rs.73.46 |
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Euro |
1 |
Rs.65.47 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.