MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

THE CO-OPERATIVE IMPORT COMPANY (CIC)

 

 

Registered Office :

Queens Building, 9th Floor, King Abdul Aziz Street, Al Balad District, P O Box 232, Jeddah 21411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

09.08.2004

 

 

Com. Reg. No.:

4030150855, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Wholesalers and retailers of perfumes and cosmetics, beauty products and textiles

 

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 :

Usually Correct 

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                         : THE CO-OPERATIVE IMPORT COMPANY (CIC)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 9th August 2004

Commercial Registration Number            : 4030150855, Jeddah

Chamber Membership Number                : 100288

Issued Capital                                        : SR 500,000

Paid up Capital                                      : SR 500,000

Total Workforce                                     : 25

Activities                                               : Wholesalers and retailers of perfumes and cosmetics, beauty products

and textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Saleh Ba Houbishi, Administration Manager

 

 

 

COMPANY NAME

 

THE CO-OPERATIVE IMPORT COMPANY (CIC)

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Queens Building, 9th Floor

Street               : King Abdul Aziz Street

Area                 : Al Balad District

PO Box             : 232

Town                 : Jeddah 21411

Country             : Saudi Arabia

Telephone         : (966-2) 6447011 / 6440944 / 6440275

Facsimile          : (966-2) 6430600 / 6420565 / 6448414

Email                : sales@cicksa.com / management@cicksa.com

 

Premises

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

 

Branch Offices

Subject has branch offices located in Dammam and Al Khobar.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Hussain Al Amoudi                                                            Managing Partner

 

·       Omar Hussain Al Amoudi                                                                   Partner

 

·       Saleh Ba Houbishi                                                                             Administration Manager

 

·       Mohamed Salim Harooun                                                                   Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 23/06/1425 Hijri (corresponding to 9th August 2004)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030150855, Jeddah

 

Chamber Member No. : 100288

 

Issued Capital              : SR 500,000

 

Paid up Capital            : SR 500,000

 

Name of Partner (s)

 

·       Mohamed Hussain Al Amoudi

 

·       Omar Hussain Al Amoudi

 

 

AFFILIATED COMPANIES

 

·       Mohamed Hussain Al Amoudi Est

PO Box: 314

Jeddah 21411

Tel: (966-2) 6423128

 

·       Face To Face Est

PO Box: 314

Jeddah 21411

Tel: (966-2) 6423128

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of perfumes and cosmetics, beauty products and textiles.

 

Import Countries: India, China and South East Asia

 

Operating Trend: Steady

 

Subject has a workforce of 25 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 12,750,000                           SR 13,210,000

 

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

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-2) 6434777

Fax: (966-2) 6441686

 

 

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.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.