MIRA INFORM REPORT
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Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
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Name : |
SAUDI FISHERIES COMPANY (SFC) |
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Registered Office : |
Dammam – Al Khobar
Coastal Road, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
18.06.1980 |
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Com. Reg. No.: |
2050010531, Dammam |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Processing of fish |
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No. of Employees
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1,450 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia
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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 : SAUDI FISHERIES COMPANY (SFC)
Doing Business As : AL ASMAK
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Company
Registration Date : 18th June 1980
Commercial Registration Number : 2050010531, Dammam
Issued Capital : SR 535,375,000
Paid up Capital : SR 535,375,000
Total Workforce : 1,450
Activities : Processing of fish
Financial Condition : Poor
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 100,000
SAUDI FISHERIES
COMPANY (SFC)
AL ASMAK
Registered &
Physical Address
Location : Dammam – Al Khobar Coastal Road
PO Box : 6535
Town : Dammam 31452
Country :
Telephone : (966-3) 8591919 / 8573979
Facsimile : (966-3) 8593090 / 8572493
Email : info@saudi-fisheries.com
Premises
Subject operates from
a large suite of offices, storage facilities and a fish processing factory that
are owned and located in the Suburban Business Area of Dammam
Branch Office
(s)
Location Description
·
PO Box:
4120 Fish
processing plant
Riyadh 11491
Tel: (966-1) 4051166
Fax: (966-1) 4056298
Email: riyadh@saudi-fisheries.com
·
PO Box:
10045 Fish
processing plant
Jeddah 21433
Tel: (966-2) 6202246
Fax: (966-2) 6205061
Email: jeddah@saudi-fisheries.com
·
PO Box:
1970 Office
and distribution depot
Khamis Mushait
Tel: (966-7) 2207016
Fax: (966-7) 2214593
Email: assir@saudi-fisheries.com
·
PO Box:
194 Fish
processing plant
Jizan
Tel: (966-7) 3220459
Fax: (966-7) 3171096
Email: jazan@saudi-fisheries.com
·
PO Box:
9 Shrimp
farm
Huraidha
Tel: (966-7) 3460999
Fax: (966-7) 3461758
Email: shrmpfm@saudi-fisheries.com
Name Position
·
Fahd
Abdulrahman Al Obaikan Chairman
·
Haytham
Mohamed Al Gosaibi Director
·
Ali Bin
Othman Al Rakban Director
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Khalid
Ibrahim Al Mubarak Director
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Jaber
Bin Mohamed Al Shehri Director
·
Ali Bin
Abdullah Al Sanie Director
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Abdulaziz
Bin Hamad Al Uwayd Director
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Haydar
Hassan M Al Sahtot General
Manager
Date of Establishment : 05/08/1400
Hijri (corresponding to 18th June 1980)
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2050010531,
Dammam
Issued Capital : SR 535,375,000
Paid up Capital : SR 535,375,000
·
Government
of Saudi Arabia 40%
·
Private
investors and members of the public 60%
Activities: Engaged in the development of fishing and
fish processing industries in Saudi Arabia.
It operates a fleet of 14 modern trawlers as well as a fleet of 35 traditional boats. The fleet trawls daily in the Arabian Gulf, Red Sea and under licences in the territorial waters of Yemen, as well as in International waters. The fleet catch products such as pink shrimps, tiger prawns, lobsters, Indian mackerel, emperor, grunt grouper, snapper, crabs, squids and cuttlefish.
Subject also has four fish processing factories in Jizan, Dammam, Jeddah and Riyadh which each have a capacity of over 100 tonnes per day. In addition to this the company has five cold stores that have a capacity of 2,740 tonnes.
Saudi Fisheries Company owns and operates the largest network of fish dedicated retail outlets in the Middle East, as well as an expanding wholesale business in Saudi Arabia with that currently serves over 1,500 clients including major airlines, catering companies, restaurants, hotel groups and fast food chains.
The retail network numbers approximately 80 outlets selling
various value added products such as Fish sticks, burgers, nuggets and fish
falafel. The company’s distribution network is served by a fleet of 30 reefer
vans and 55 reefer trucks.
Subject is ISO 9001 accredited.
Import
Countries: Europe and
Australia.
International
Suppliers:
·
Grenco
BV Netherlands
·
Koppens
Machinefabrick BV Netherlands
·
Kingfisher
Aquaculture United
Kingdom
·
Paul
Craemer GmbH Cyprus
·
Tweed
Heads Fisheries Pty Ltd Australia
Export
Countries: Japan, United
States of America and neighbouring Arab countries.
Brand Names: ALASMAK
Operating Trend: Steady
Subject has a
workforce of approximately 1,450 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR 000’s)
Balance Sheet 31/12/09 31/12/10
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Current Assets |
20,282 |
19,573 |
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Inventory |
44,394 |
54,509 |
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Investments |
156 |
156 |
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Fixed Assets |
121,709 |
122,399 |
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Other Assets |
0 |
0 |
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Total Assets |
186,541 |
196,637 |
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Current Liabilities |
33,800 |
72,072 |
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Non-Current Liabilities |
7,026 |
7,026 |
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Other Liabilities |
10,045 |
8,757 |
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Shareholder's Equity |
135,670 |
108,782 |
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Total Liabilities & Shareholder Equity |
186,541 |
196,637 |
Statement of
Income
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Sales |
118,024 |
97,887 |
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Sales Cost |
97,779 |
80,182 |
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Total Income |
20,245 |
17,705 |
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Other Revenues |
0 |
0 |
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Total Revenues |
20,245 |
17,705 |
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Admin and Marketing Expenses |
46,006 |
41,656 |
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Depreciation |
0 |
0 |
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Other Expenses |
1,915 |
2,537 |
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Total Expenses |
47,921 |
44,193 |
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Net Income Before Zakat |
-27,676 |
-26,488 |
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Zakat |
1,000 |
400 |
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Net Income |
-28,676 |
-26,888 |
Local sources
consider subject’s financial condition to be Poor.
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-3) 8331188
Fax: (966-3) 8336058
·
Saudi
Investment Bank (SAIB)
PO Box: 1581
Dammam
Tel: (966-3) 8342020
Fax: (966-3) 8349111
·
Al Bank
Al Saudi Al Fransi
PO Box: 754
Dammam
Tel: (966-3) 8985760
No complaints
regarding subject’s payments have been reported.
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.51.15 |
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UK Pound |
1 |
Rs.81.41 |
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Euro |
1 |
Rs.68.22 |
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 |
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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.