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Report Date : |
19.05.2012 |
IDENTIFICATION DETAILS
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Name : |
AFRAN NATIONAL FOOD CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.06.1997 |
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Com. Reg. No.: |
4030121581, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Production of bakery products as well as operators of coffee shops |
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No. of Employees : |
170 |
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 : AFRAN NATIONAL FOOD CO LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 18th June 1997
Commercial Registration Number : 4030121581, Jeddah
Chamber Membership Number : 64435
Issued Capital : SR 1,400,000
Paid up Capital : SR 1,400,000
Total Workforce : 170
Activities : Production of bakery products as well as operators of coffee shops.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tamim Abdul Hadi, Finance Manager
AFRAN NATIONAL FOOD
CO LTD
Registered &
Physical Address
Street : Al Marwa Street
Area : Nozhah Industrial Area
PO Box : 53128
Town : Jeddah 21583
Country : Saudi Arabia
Telephone : (966-2) 6598282 / 6641811
Facsimile : (966-2) 6598283
Mobile : (966-50) 684747
Email : info@lecroissantshop-me.com / info@afran-lcs.com
Premises
Subject operates
from a medium sized suite of offices, a bakery and coffee shop that are rented
and located in the Industrial Area of Jeddah.
Branch Office
(s)
Location Description
·
Riyadh Rented
coffee shop
·
Dammam Rented
coffee shop
·
Al
Khobar Rented
coffee shop
·
Madinah Rented
coffee shop
Name Position
·
Captain
Tariq Yousef Abid Managing
Partner
·
Tariq Sulaiman
Al Aqail Partner
·
Sami
Farouk Shami General
Manager
·
Mohamed
Al Joaini Production
Manager
·
Tamim
Abdul Hadi Finance
Manager
Date of Establishment : 12/02/1418
Hijri (corresponding to 18th June 1997)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030121581,
Jeddah
Chamber Member No. : 64435
Issued Capital : SR 1,400,000
Paid up Capital : SR 1,400,000
Name of Partner
(s)
·
Captain
Tariq Yousef Abid
·
Tariq
Sulaiman Al Aqail
Activities: Engaged in the production of bakery
products as well as operators of coffee shops.
Subject is sole franchise
holder in the Middle East for Le Croissant Shop (France)
Import
Countries: France and India
Operating Trend: Steady
Subject has a
workforce of approximately 170 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 32,500,000 SR 34,800,000
Local sources
consider subject’s financial condition to be Fair.
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
No complaints regarding
subject’s payments have been reported.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
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UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
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.