MIRA INFORM REPORT

Report Date :

17.02.2012

IDENTIFICATION DETAILS

Name :	FILLING & PACKING MATERIALS MANUFACTURING CO (FIPCO)

Registered Office :	Second Industrial Area, P O Box 8762, Riyadh 11492

Country :	Saudi Arabia

Financials (as on) :	31.12.2010

Date of Incorporation :	16.06.1991

Com. Reg. No.:	1010084155, Riyadh

Legal Form :	Joint Stock Company

Line of Business :	Manufacturers of woven bags, sacks, containers, cable filler, twine and strapping bands

No. of Employees :	800 persons

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	US$ 1,750,000

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 – September 30^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Saudi Arabia

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

SUMMARY

Company Name : FILLING & PACKING MATERIALS MANUFACTURING CO (FIPCO)

Country of Origin : Saudi Arabia

Legal Form : Joint Stock Company

Registration Date : 16^th June 1991

Commercial Registration Number : 1010084155, Riyadh

Issued Capital : SR 115,000,000

Paid up Capital : SR 115,000,000

Total Workforce : 800

Activities : Manufacturers of woven bags, sacks, containers, cable filler, twine and

strapping bands.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 1,750,000

COMPANY NAME

FILLING & PACKING MATERIALS MANUFACTURING CO (FIPCO)

company ADDRESS

Registered & Physical Address

Location : Second Industrial Area

PO Box : 8762

Town : Riyadh 11492

Country : Saudi Arabia

Telephone : (966-1) 2652299

Facsimile : (966-1) 2651275

Email : marketing@fipco.com.sa / info@fipco.com.sa

Premises

Subject operates from a suite of offices and a factory covering 75,000 square metres that are rented and located in the Industrial Area of Riyadh.

KEY PRINCIPALS

Name Position

· Abdul Mohsin M Al Saleh Chairman

· Adeeb Abdulrahman Alsowaillem Director

· Abbas T Al Abrahim Director

· Abdul Mohsin A Alsowaillem Director

· Loay Hassan Hamdallah Director

· Fahad Saleh Al Musabhi Director

· Khalifa Ahmed Al Dossary Director

· Fahad Faiea Al Saif General Manager

LEGAL FORM & OWNERS

Date of Establishment : 04/12/1411 Hijri (corresponding to 16^th June 1991)

Legal Form : Joint Stock Company

Commercial Reg. No. : 1010084155, Riyadh

Issued Capital : SR 115,000,000

Paid up Capital : SR 115,000,000

Name of Shareholder (s)

· Abdul Mohsin M Al Saleh

· Adeeb Abdulrahman Alsowaillem

· Abbas T Al Abrahim

· Abdul Mohsin A Alsowaillem

· Loay Hassan Hamdallah

· Fahad Saleh Al Musabhi

· Khalifa Ahmed Al Dossary

· Saudi businessmen & private investors

OPERATIONS

Activities: Engaged in the manufacture of woven bags, sacks, containers, cable filler, twine and strapping bands.

Import Countries: Europe and the Far East.

Operating Trend: Steady

Subject has a workforce of approximately 800 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Saudi Riyals (SR 000’s)

Balance Sheet 31/12/08 31/12/09 31/12/10

Current Assets	54,674	42,398	43,563
Inventory	21,674	26,175	28,510
Investments	0	38,025	29,199
Fixed Assets	49,333	58,427	69,428
Other Assets	13,223	1,932	17,435
Total Assets	138,904	166,957	188,135
Current Liabilities	29,229	21,264	23,740
Non-Current Liabilities	13,343	19,252	17,655
Other Liabilities	0	0	0
Shareholder's Equity	96,332	126,441	146,740
Total Liabilities & Shareholder Equity	138,904	166,957	188,135

Statement of Income

Sales	177,842	138,307	170,652
Sales Cost	150,514	110,197	134,999
Total Income	27,328	28,110	35,653
Other Revenues	503	2,629	1,007
Total Revenues	27,831	30,739	36,660
Admin and Marketing Expenses	8,443	8,377	12,272
Depreciation	309	445	577
Other Expenses	0	0	0
Total Expenses	8,752	8,822	12,849
Net Income Before Zakat	19,079	21,917	23,811
Zakat	1,551	2,120	2,182
Net Income	17,528	19,797	21,629
Balance First Period	12,456	27,431	9,462
Reserves	1,753	1,980	2,163
Cash Dividends	10,312	0	0
Other Distributions	800	35,786	1,331
Balance End Period	17,119	9,462	27,597

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

BANKERS

· National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-1) 4776450

Fax: (966-1) 4769502

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.49.25
UK Pound	1	Rs.77.45
Euro	1	Rs.64.89

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.