MIRA INFORM REPORT

 

 

Report Date :

18.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SAFA HOUSEHOLD CO LTD

 

 

Registered Office :

Bin Shihon Centre, 1st Floor Al Hindawiah District PO Box 19574 Jeddah 21445

Saudi Arabia

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.08.1998

 

 

Com. Reg. No.:

4030124842, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Wholesaler and retailers of household appliances, glassware, kitchenware,  chinaware, porcelain, acrylic and stainless steel products

 

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$ 150,000

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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                                     : SAFA HOUSEHOLD CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 11th August 1998

Commercial Registration Number                        : 4030124842, Jeddah

Chamber Membership Number                : 69651

Issued Capital                                        : SR 500,000

Paid up Capital                                      : SR 500,000

Total Workforce                                     : 45

Activities                                               : Wholesaler and retailers of household appliances, glassware, kitchenware,  chinaware, porcelain, acrylic and stainless steel products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Ahmed Mohamed Salem, Commercial Manager

 

COMPANY NAME

 

SAFA HOUSEHOLD CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Bin Shihon Centre, 1st Floor

Area                 : Al Hindawiah District

 

PO Box             : 19574

 

Town                 : Jeddah 21445

Country             : Saudi Arabia

 

Telephone         : (966-2) 6485330 / 6494305

Facsimile          : (966-2) 6471548

Email                : safa@safa.com.sa

 

Please note that number 6422806 belongs to a company called “Mahmoud Saeed & Partner Co”, CR No. 4030061547.

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Ba Duraig Building                                                                             Showroom premises

Al Sabalaa Area

Riyadh

Tel: (966-1) 4144422

Fax: (966-1) 4144746

 

·       Al Dossary Commercial Centre, 1st Floor                                             Office premises

King Faisal Street

Dammam

Tel: (966-3) 8431804

Fax: (966-3) 8300119

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Fadel Mohamed Abdul Hafi Bin Shihon                                                Managing Partner

 

·       Khalid Dawood Ibrahim Bin Dawood                                                    Partner

 

·       Mohamed Hussain Bin Shihon                                                            General Manager

 

·       Ahmed Mohamed Salem                                                                    Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18/04/1419 Hijri (corresponding to 11th August 1998)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030124842, Jeddah

 

Chamber Member No. : 69651

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Partner (s)

 

·       Fadel Mohamed Abdul Hafi Bin Shihon

 

·       Khalid Dawood Ibrahim Bin Dawood

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of household appliances, glassware, kitchenware, chinaware,

                 porcelain, acrylic and stainless steel products.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 45 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 15,325,000

 

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

 

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

 

 

BANKERS

 

·       Arab National Bank

Madinah Road

PO Box: 9463

Jeddah 21413

Tel: (966-2) 6600272

Fax: (966-2) 6650202

 

 

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.45.07

UK Pound

1

Rs.72.97

Euro

1

Rs.63.57

 

 

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.