MIRA INFORM REPORT

 

 

 

 

Report Date :

07.06.2014

 

IDENTIFICATION DETAILS

 

Name :

GULF UNION FOOD COMPANY LTD

 

 

Formerly Known As :

GULF UNION JUICE FACTORY

 

 

Registered Office :

Al Kharj Road Industrial Area, Phase 3 PO Box 365 Riyadh 11383

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

1010149731, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Production of fruit juices and carbonated water.

 

 

No. of Employees :

580

 

 

 

 

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, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

SAUDI ARABIA - ECONOMIC OVERVIEW

 

Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% 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 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 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

SUMMARY

 

Company Name                                    : GULF UNION FOOD COMPANY LTD

Also Known As                                     : GULF UNION JUICE FACTORY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 1996

Commercial Registration Number           : 1010149731, Riyadh

Chamber Membership Number               : 76900

Issued Capital                                       : SR 200,000,000

Paid up Capital                                     : SR 200,000,000

Total Workforce                         : 580

Activities                                               : Production of fruit juices and carbonated water.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Recommended Credit Limit                    : US$ 1,500,000

Person Interviewed                                : Salah Eddine Monaz, Finance Manager

 

 

 

 

COMPANY NAME

 

GULF UNION FOOD COMPANY LTD

 

ALSO KNOWN AS: GULF UNION JUICE FACTORY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Kharj Road

Area                 : Industrial Area, Phase 3

 

PO Box            : 365

 

Town                : Riyadh 11383

Country : Saudi Arabia

 

Telephone         : (966-1) 2652855

Facsimile          : (966-1) 2652779

Email                : admin-info@gulf-union.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Riyadh.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       PO Box: 6408                                                                                   Office premises

Riyadh 11442

 

·       Jeddah                                                                                            Office premises

Tel: (966-2) 6237630

Fax: (966-2) 6230156

 

·       Makkah                                                                                            Office premises

Tel: (966-2) 5365779

Fax: (966-2) 5365404

 

·       Dammam                                                                                         Office premises

Tel: (966-3) 8145316

Fax: (966-3) 8145317

 

·       Qassim                                                                                            Office premises

Tel: (966-6) 3220166

Fax: (966-6) 5344559

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Sulaiman Al Roshaidi                                                                   Managing Partner

 

·       Abdulrahman Al Qassim                                                                    Partner

 

·       Saad Ibrahim Al Moshah                                                                   Partner

 

·       Amira Mohamed Al Hail                                                                     Partner

 

·       Noura Ibrahim Mohamed Al Mojil                                                       Partner

 

·       Salah Eddine Monaz                                                                         Finance Manager

 

·       Atif Al Khattab                                                                                  Marketing Manager

 

·       Fadel Al Rahim                                                                                 Production Manager

 

·       Abdul Khaliq Mansour                                                                       Commercial Manager

 

·       Abdulaziz Al Mohamed                                                                     Administration Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1996 (Production began in 1999)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 1010149731, Riyadh

 

Chamber Member No.  : 76900

 

Issued Capital              : SR 200,000,000

 

Paid up Capital            : SR 200,000,000

 

Name of Partner (s)                                                             Percentage

 

·       Gulf Food Beverages Investment Company                           30%

Riyadh

 

·       Abdulrahman Al Qassim                                                        29%

 

·       Noura Ibrahim Mohamed Al Mojil                                           20%

 

·       Amira Mohamed Al Hail                                                           5%

 

·       Dr Sulaiman Al Roshaidi                                                       14%

 

·       Saad Ibrahim Al Moshah                                                         2%

 

 

OPERATIONS

 

Activities: Engaged in the production of fruit juices and carbonated water. It operates 120 sales trucks.

 

Import Countries: Europe and the United States of America

 

Export Countries: GCC, Levant, North Africa, Canada, UK, Indian Subcontinent and other countries.

 

Brand Names: MAAZA, CAPTAIN, COOL UP, ANHAR and ORIGINAL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 580 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 406,800,000             SR 416,000,000

 

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

 

The above figures were provided by Mr Salah Eddine Monaz, Finance Manager

 

 

BANKERS

 

·       National Commercial Bank

Malaz Branch

PO Box: 42536

Riyadh 11551

Tel: (966-1) 4776450

     Fax: (966-1) 4769502

 

·       Al Rajhi Banking & Investment Corporation

PO Box: 28

Riyadh 11411

Tel: (966-1) 4054647 / 4054244

     Fax: (966-1) 4044753 / 4052950

     Account No. 16254/2

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               October 2002                            June 2004

Credit amount                                       100,000                         100,000

Amount overdue                                    0                                              0

Payment terms                                      30 days                                                30 days

Payment Method                                   Letters of Credit                                    Letters of Credit

Paying record                                       No Complaints                          No Complaints

Currency                                               Euros                                       US Dollars

 

 

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. 59.19

UK Pound

1

Rs. 99.51

Euro

1

Rs. 80.83

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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