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Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL FOOD COMPANY |
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Registered Office : |
Street No. 412, Block
F2 (9/7), Jeddah Industrial City, Phase 4, P O Box 51048, Jeddah 21543 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.12.1991 |
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Com. Reg. No.: |
4030084006, Jeddah |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject operates through several divisions includes:- · Meat Division · Cake Division · Restaurant Division |
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No. of Employees : |
380 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Saudi Arabia ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government controls
over major economic activities. It possesses about 17% 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. Over 5
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 2005. 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 |
Company Name : NATIONAL FOOD COMPANY
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 16th December 1991
Commercial Registration Number : 4030084006, Jeddah
Membership Number : 39612
Issued Capital : SR 30,000,000
Paid up Capital : SR 30,000,000
Total Workforce : 380
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Oraby, Export Manager
NATIONAL FOOD
COMPANY
Registered &
Physical Address
Street : Street No. 412, Block F2 (9/7)
Area : Jeddah Industrial City, Phase
4
PO Box : 51048
Town : Jeddah 21543
Country : Saudi Arabia
Telephone : (966-2) 6374747 / 6378115 / 6080684 /
6080669 / 6081220 / 29 / 37
Facsimile : (966-2) 6371073 / 6081259
Email :
info@americanameat.com / m.oraby@americanafoods.com
Premises
Subject operates from
a large suite of offices, a factory and storage facilities that are rented and
located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
·
Thomson
Building Office
and sales outlet
King Khalid Street, Cross 8/7
PO Box: 2192
Al Khobar 31952
Tel: (966-3) 8645162
Fax: (966-3) 8640351
·
Qassim
Industrial Area Office
and sales outlet
Qassim
Name Position
·
Marzouk
Al Kharafi Chairman
·
Bader
Mohamed Al Jouan Vice
Chairman
·
Hussein
Ali Hussein Shoboshki Director
·
Abdul
Rahman Al Modakha Director
·
Fahad
Hussein Shoboshki Director
·
Mohamed
Mahrous General
Manager
·
Alan
Withal Assistant
General Manager
·
Faraj
Al Sayed Finance
Manager
·
Ahmed
Samir Marketing
Manager
·
Mohamed
M Al Najar Sales
Manager
·
Ahmed Samir Manager
– Meat Division
·
Alaa
Awara Manager
– Cake Division
·
Mohamed Oraby Export
Manager
Date of Establishment : 10/06/1412
Hijri (corresponding to 16th December 1991)
Legal Form :
Joint Stock Company
Commercial Reg. No. : 4030084006,
Jeddah
Membership No. :
39612
Issued Capital : SR 30,000,000
Paid up Capital : SR 30,000,000
Name of Shareholder
(s) Percentage
·
Kuwait
Food Co SAK (AMERICANA) 98%
Block 198, Street 71
Shuwaikh Industrial Area
PO Box: 5087
Safat 13051
Kuwait
Tel: (965) 24815900 / 24815134 / 24735476
Fax: (965) 24846925 / 24815914 / 24338464
·
United
Food Co 2%
Shobokshi Building
Shobokshi Street
Al Hamra
PO Box: 5470
Jeddah
Saudi Arabia
Tel: (966-2) 6600446
Subject is a member of the Americana Group of companies, which consists
of the following concerns:
·
National
Restaurants Company Ltd
PO Box: 4889
Riyadh 11412
Tel: (966-1) 4770206
·
National
Meat Plant Co
PO Box: 7889
Riyadh 11472
Saudi Arabia
Tel: (966-1) 4770206
Fax: (966-1) 4762090
·
Al
Ahlia Restaurant Co
PO Box: 8030
Jeddah 21482
Saudi Arabia
Tel: (966-2) 6520073
Fax: (966-2) 6520148
·
International
Fashion Co
Souk El Souf
PO Box: 11649
Jeddah 21463
Saudi Arabia
Tel: (966-2) 6613108
·
Qatar
Foodstuff Co
PO Box: 4548
Doha
Qatar
Tel: (974) 44423102
Fax: (974) 44425982
·
Kuwait
Food Co (Americana)
PO Box: 6844
Sharjah
United Arab Emirates
Tel: (971-6) 5593614
Fax: (971-6) 5594302
·
Gulf
Mineral Water & Processing Industries Co Ltd
PO Box: 929
Ajman
United Arab Emirates
Tel: (971-6) 7421800
Fax: (971-6) 7446394
·
Arab
Gulf Co for Food & Supermarkets
Fawamiah
PO Box: 23828
Safat
Kuwait
Tel: (965) 24340048
Fax: (965) 24338933
·
Hardee’s
PO Box: 6629
Qurum
Oman
Tel: (968) 24564642
Fax: (968) 24564246
·
Bahrain
& Kuwait Restaurant Co
PO Box: 20464
Manama
Bahrain
Tel: (973-17) 262998
Fax: (973-17) 272883
·
Saba
Poultry Co
PO Box: 891
Sana’a
Yemen
Tel: (967-1) 203695
·
Cairo
Poultry Co
23 Mourad Street
Giza
Cairo
Egypt
Tel: (20-2) 25730859 /
25715905
Fax: (20-2) 25738548
·
Egyptian
Co for International Touristic Projects
47 El Batal Ahmed Abdelaziz Street
Mohandessin
Cairo
Egypt
Tel: (20-2) 33469719
Fax: (20-2) 33011578
·
Tourist
Projects & International Restaurants Co Ltd
PO Box: 950584
Amman 11195
Jordan
Tel: (962-6) 5693759
Fax: (962-6) 5681110
·
Kuwait
Food Co
Cairo
Egypt
·
Kuwait
Food Co
Sana’a
Yemen
Activities: Subject’s operations are performed through
the following divisions:
· Meat Division
Processors and wholesalers of
fresh and frozen meat, as well as providing cold storage facilities.
· Cake Division
This division specialises in the production
of bread and cakes such as fruit cakes and sponge cakes, but also produces
biscuits, crackers, crisps, savoury snacks potato powder and fruit juices.
· Restaurant Division
Subject also operates a number of
restaurants, cafeterias and burger bars throughout Saudi Arabia including the
following :
- KENTUCKY FRIED CHICKEN
- CHICKEN TIKKA
- HARDEE’S
Import
Countries: Subject imports
products from around the world, particularly from Europe and the United States
of America
Brand Names: AMERICANA
Operating Trend: Steady
Subject has a
workforce of approximately 380 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue SR 100,000,000 SR 103,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
·
Al Bank
Al Saudi Al Hollandi
Bamehriz Centre
Al Mina Street
PO Box: 67
Jeddah 21411
Tel: (966-2) 6481222
·
Riyad
Bank
Prince Fahad Street
PO Box: 9324
Jeddah 21413
Tel: (966-2) 6513333
No complaints
regarding subject’s payments have been reported.
National Food
Company is well established in the local business market with operations dating
back to 1990. The company operates several divisions, specialising in meat products,
cakes and snack food, and restaurant management.
The company is 98
percent owned by Kuwait Food Co SAK (AMERICANA) which is financially strong
with operations covering many countries in the Middle East region.
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.55.74 |
|
UK Pound |
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.