MIRA INFORM REPORT

 

 

Report Date :

13.03.2012

 

IDENTIFICATION DETAILS

 

Name :

RAGHADAN PAINTS CO LTD

 

 

Registered Office :

Hishan Bin Abdul Malek Street, Al Mursalat Area, 1518, Riyadh 11441

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

30.05.1999

 

 

Com. Reg. No.:

1010154095, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturer of Decorative Paints

 

 

No. of Employees :

60

 

 

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

 

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, 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                                     : RAGHADAN PAINTS CO LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 30th May 1999

Commercial Registration Number            : 1010154095, Riyadh

Chamber Membership Number                : 95374

Issued Capital                                        : SR 5,100,000

Paid up Capital                                      : SR 5,100,000

Total Workforce                                     : 60

Activities                                               : Manufacturer of decorative paints.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Fouzi Mohamed Nasser, Finance Manager

 

COMPANY NAME

 

RAGHADAN PAINTS CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Hishan Bin Abdul Malek Street

Area                 : Al Mursalat Area

 

PO Box             : 1518

 

Town                 : Riyadh 11441

Country             : Saudi Arabia

 

Telephone         : (966-1) 4549982 / 4560177 / 4464416 / 2651017 / 4550572

Facsimile          : (966-1) 4549981 / 2652318 / 4559560

Email                : factory@raghadan.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       1st Industrial Area                                                                             Factory premises

Riyadh

     Tel: (966-1) 2651017

     Fax: (966-1) 2652318

 

Subject also has branch offices located in Jeddah, Madinah, Dammam, Ehsa, Khamis Mushait, Dubai, Kuwait, Qatar, Bahrain, Yemen, Jordan, Syria, Egypt, Sudan, Libya and the United Kingdom.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Hisham Mostafa Ibrahim Ali                                                           Managing Partner

 

·       Abdullah Ahmed Abdullatif Al Nuami                                                   Partner

 

·       Ibrahim Al Masry                                                                               Factory Manager

 

·       Fouzi Mohamed Nasser                                                                     Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 30th May 1999

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1010154095, Riyadh

 

Chamber Member No. : 95374

 

Issued Capital              : SR 5,100,000

 

Paid up Capital            : SR 5,100,000

 

Name of Partner (s)

 

·       Dr Hisham Mostafa Ibrahim Ali

 

·       Abdullah Ahmed Abdullatif Al Nuami

 

 

AFFILIATED COMPANIES

 

·       Raghadan Trading Co

Talateen Street

Olaya District

PO Box: 1518

Riyadh 11441

Tel: (966-1) 4549982

Fax: (966-1) 4549981

CR No. 1010007332

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of decorative paints.

 

Import Countries: Japan, Belgium and Italy

 

International Suppliers:

 

·       Kansai Paint Co Ltd              Japan

·       Kansai                                 Japan

·       Akzo Nobel                           Belgium

·       Coloriflcio San Marco Italy

·       Vernici Egidio Milesi              Italy

·       Nazionale Battitura                Italy

·       San Marco                            Italy

·       Melissi                                 Italy

 

Brand Names: CLASSIC and RAGHADAN

 

Operating Trend: Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

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 29,100,000                           SR 30,000,000

 

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

 

The above figures were provided by Mr Fouzi Mohamed Nasser, Finance Manager

 

 

BANKERS

 

·       Al Bank Al Saudi Al Fransi

Mather Road

PO Box: 56006

Riyadh 11554

Tel: (966-1) 4042222

Fax: (966-1) 4042311

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2007                            October 2008

Credit amount                                        74,000                                      50,000

Amount overdue                         0                                              0

Payment terms                                      180 days                                   180 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Euros                                        Euros

 

 

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.49.94

UK Pound

1

Rs.78.25

Euro

1

Rs.65.39

 

 

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.