MIRA INFORM REPORT

Report Date :

17.09.2012

IDENTIFICATION DETAILS

Name :	PACKAGING SOLUTIONS FACTORY CO LTD
Registered Office :	Industrial Area, Phase 4, Plot No. 6 & 7, 34110 Jeddah 21448
Country :	Saudi Arabia
Financials (as on) :	31.12.2011
Date of Incorporation :	21.11.2007
Com. Reg. No.:	4030174054, Jeddah
Legal Form :	Limited Liability Partnership
Line of Business :	Manufacture of plastic products
No. of Employees :	180

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Saudi Arabia	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SAUDI ARABIA - ECONOMIC OVERVIEW

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about one-fifth of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Almost 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia''s first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in December 2005 after many years of negotiations. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.

Source : CIA

SUMMARY

Company Name : PACKAGING SOLUTIONS FACTORY CO LTD

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Registration Date : 21^st November 2007

Commercial Registration Number : 4030174054, Jeddah

Chamber Membership Number : 122122

Issued Capital : SR 47,000,000

Paid up Capital : SR 47,000,000

Total Workforce : 180

Activities : Manufacture of plastic products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Saleh Mohamed Saleh, Commercial Manager

COMPANY NAME

PACKAGING SOLUTIONS FACTORY CO LTD

ADDRESS

Registered & Physical Address

Location : Industrial Area, Phase 4, Plot No. 6 & 7

PO Box : 34110

Town : Jeddah 21448

Country : Saudi Arabia

Telephone : (966-2) 6080719

Facsimile : (966-2) 6080711 / 6082213

Mobile : (966-54) 0645105

Email : info@psfksa.com / s.zorab@psfksa.com

Premises

Subject operates from a medium sized suite of offices and a factory covering an area of 21,200 square metres that are rented and located in the Industrial Area of Jeddah.

KEY PRINCIPALS

Name Position

· Ibrahim Ali Saeed Al Marbee Managing Partner

· Saeed Ali Saeed Al Marbee Partner

· Ahmed Ibn Ali Saeed Al Marbee Partner

· Magdi El Bani General Manager

· Ezz Eddine Abu Radwan Finance Manager

· Abdullah Ba Raya Production Manager

· Saleh Mohamed Saleh Commercial Manager

· Mohamed Ahad Technical Manager

LEGAL FORM & OWNERS

Date of Establishment : 11/11/1428 Hijri (corresponding to 21^st November 2007)

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 4030174054, Jeddah

Chamber Member No. : 122122

Issued Capital : SR 47,000,000

Paid up Capital : SR 47,000,000

Name of Partner (s)

· Ibrahim Ali Saeed Al Marbee

· Saeed Ali Saeed Al Marbee

· Ahmed Ibn Ali Saeed Al Marbee

AFFILIATED COMPANIES

· Saudi Modern Packaging Co Ltd (Printopack)

Jeddah Industrial City, Phase 5

PO Box: 19596

Jeddah 21445

Tel: (966-2) 6081051 / 6081074 / 6375478 / 6371316 / 6511653

Fax: (966-2) 6081082 / 6354567 / 6530346

· Al Marbee Malamine Co

Industrial Area

PO Box: 1666

Jeddah 21441

· Al Marbee Plastic Co

Industrial Area

PO Box: 1666

Jeddah 21441

· Capital Trading Est

Industrial Area

PO Box: 1666

Jeddah 21441

OPERATIONS

Activities: Engaged in the manufacture of plastic products including PET preforms, closures, PE lamination, barrier, shrink, stretch, CPP & metalized CPP films and also extrusion poly coated & laminated paper & boards.

Import Countries: Belgium, China and India

Subject has a workforce of approximately 180 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 184,000,000 SR 198,000,000

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

The above figures were provided by Mr Saleh Mohamed Saleh, Commercial Manager

BANKERS

· National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-2) 6434777

Fax: (966-2) 6441686

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.54.72
UK Pound	1	Rs.88.60
Euro	1	Rs.71.34

INFORMATION DETAILS

Report Prepared by :

PDT

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%)

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