MIRA INFORM REPORT

 

 

Report Date :           

16.03.2012

IDENTIFICATION DETAILS

 

Correct Name :

FOOD & FINE PASTRIES MANUFACTURING COMPANY (SUNBULAH)

 

 

Registered Office :

 Industrial Zone, Phase No. 3, Street No. 31, P O Box 8960, Jeddah 21492

 

 

Country :

Saudi Arabia 

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1978

 

 

Com. Reg. No.:

4030027734, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Production and processing of pastries, ethnic food, convenience food, meat, poultry, fish, pizza, honey, vegetables, cheese and dairy products, cakes, and dry ice

 

 

No. of Employees :

350

 

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 :

Good

 

 

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 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                                     : FOOD & FINE PASTRIES MANUFACTURING COMPANY

(SUNBULAH)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Start Date                                             : 1978

Registration Date                                   : 28th December 1980

Commercial Registration Number            : 4030027734, Jeddah

Chamber Membership Number                : 7501

Issued Capital                                        : SR 5,000,000

Paid up Capital                                      : SR 5,000,000

Total Workforce                                     : 350

Activities                                               : Production and processing of pastries, ethnic food, convenience food,

meat, poultry, fish, pizza, honey, vegetables, cheese and dairy products, cakes, and dry ice.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

FOOD & FINE PASTRIES MANUFACTURING COMPANY (SUNBULAH)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Zone, Phase No. 3, Street No. 31

PO Box             : 8960

Town                 : Jeddah 21492

Country             : Saudi Arabia

Telephone         : (966-2) 6368485 / 6364469

Facsimile          : (966-2) 6364950

Email                : info@ffpgroup.com / info@sunbulah.com

 

Premises

Subject operates from a large suite of offices and a production and processing plant that are owned and located in the Industrial Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 5895                                                                                   Office & Distribution centre

Riyadh 11432

Tel: (966-1) 4641075 / 4640289

Fax: (966-1) 4656843

 

·       PO Box: 2426                                                                                   Office & Distribution centre

Dammam 31451

     Tel: (966-3) 8434030 / 8418306

     Fax: (966-3) 8412230

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Ibrahim Yousef Al Kurdi                                                                     Managing Partner

·       Abdullah Abdul Karim Al Lohaidan                                                      Partner

·       Abdulaziz Al Nowaiser                                                                       Partner

·       Reda Kaj                                                                                          General Manager

·       Yaseen Mandee                                                                                Factory Manager

·       Amer Latif                                                                                         Finance Manager

·       Adel Barkat                                                                                      Sales Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1978, however it was registered on 21/02/1401 Hijri

  (corresponding to 28th December 1980).

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030027734, Jeddah

 

Chamber Member No. : 7501

 

Issued Capital              : SR 5,000,000

 

Paid up Capital            : SR 5,000,000

 

Name of Partner (s)

 

·       Ibrahim Yousef Al Kurdi

·       Abdullah Abdul Karim Al Lohaidan

·       Abdulaziz Al Nowaiser

 

 

OPERATIONS

 

Activities: Engaged in the production and processing of pastries, ethnic food, convenience food, meat, poultry, fish, pizza, honey, vegetables, cheese and dairy products, cakes, and dry ice.

 

Production began on 5th June 1983 and in 1988 the product range was diversified with the acquisition of a bee honey bottling plant and a dry ice plant.

 

Clients:

 

·       Jawad Cold Stores                                        Bahrain

·       Omega Foods Egypt Co Ltd                           Egypt

·       PT Safarindo Internusa                                   Indonesia

·       Ritco Jordan Refrigeration                              Jordan

·       International Centre for Foodstuff Co                Kuwait

·       Geadah Bros Sal                                           Lebanon

·       Gulf Technical & Trading Co (GTTC)                Oman

·       United International Trading Co                       Qatar

·       Lifco Group of Companies                              United Arab Emirates

·       General Food Trading Co                               United Kingdom

·       Dhamran General Trading                               Yemen

 

Import Countries: Europe and the Far East.

 

Export Countries: Kuwait, Bahrain, Oman, United Arab Emirates, Qatar, Egypt, Jordan, Lebanon, Yemen, Indonesia  and the United Kingdom.

 

Brand Names: SUNBULAH and ALSHIFA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 350 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 90,700,000                           SR 91,400,000

 

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

 

 

BANKERS

 

·       National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-2) 6434777

Fax: (966-2) 6441686

 

·       Arab National Bank (ANB)

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.50.22

UK Pound

1

Rs.78.64

Euro

1

Rs.65.54

 

 

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.