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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
JEDDAH INDUSTRIAL YARN FACTORY CO (JIYFCO) |
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Registered Office : |
Industrial Area,
Phase 4, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
25.11.1995 |
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Com. Reg. No.: |
4030115974, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturer of industrial yarn, polypropylene and nylon |
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No. of Employees : |
230 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company Name : JEDDAH INDUSTRIAL YARN FACTORY CO (JIYFCO)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 25th November 1995
Commercial Registration Number : 4030115974, Jeddah
Chamber Membership Number : 59196
Issued Capital : SR 37,000,000
Paid up Capital : SR 37,000,000
Total Workforce : 230
Activities : Manufacture of industrial yarn, polypropylene and nylon.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tariq Al Mahamadi, Administration Manager
JEDDAH INDUSTRIAL
YARN FACTORY CO (JIYFCO)
Registered &
Physical Address
Location : Industrial Area, Phase 4
PO Box : 31279
Town : Jeddah 21497
Country : Saudi Arabia
Telephone : (966-2) 6369061 / 6369064 / 6380530 /
6370888 / 6369900
Facsimile : (966-2) 6380813
Email : yarnho@al-sorayai.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Jeddah.
Name Position
·
Hamad
Abdullah Al Sorayai Managing
Partner
·
Abdulaziz
Nasser Al Sorayai Partner
·
Saleh
Hegazi General Manager
·
Osama Hamdan Assistant
General Manager
·
Jamal Bakheet Finance
Manager
·
Tariq
Al Mahamadi Administration
Manager
Date of Establishment : 03/07/1416
Hijri (corresponding to 25th November 1995)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030115974,
Jeddah
Chamber Member No. : 59196
Issued Capital : SR 37,000,000
Paid up Capital : SR 37,000,000
Name of Partner
(s)
·
Hamad
Abdullah Al Sorayai
·
Abdulaziz
Nasser Al Sorayai
·
Saudi
Company for Manufacturing Carpet Materials (MATTEX)
Industrial City, Phase 5
PO Box: 30540
Jeddah 21587
Tel: (966-2) 6081133 / 6081050
Fax: (966-2) 6081251
·
Al
Sorayai Trade & Industry
Jeddah
Activities: Engaged in the manufacture of industrial
yarn, polypropylene and nylon.
Import
Countries: Europe and GCC
countries.
Export
Countries: Turkey and Syria
Brand Names: JIYFCO
Operating Trend: Steady
Subject has a
workforce of approximately 230 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR 71,250,000 SR 73,700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
National Bank
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
No complaints regarding
subject’s payments have been reported.
Amount overdue 0
Payment terms 180
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
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.56.31 |
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UK Pound |
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
---- |
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.