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Report Date : |
12.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
FOOD & FINE
PASTRIES MANUFACTURING COMPANY (SUNBULAH) |
|
|
|
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Registered Office : |
Industrial Zone,
Phase No. 3, Street No. 31, P O Box 8960, Jeddah 21492 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 (Estimated) |
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|
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Year of Establishment : |
1978 |
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Com. Reg. No.: |
4030027734, Jeddah |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Engaged in the
production and processing of pastries, ethnic food, convenience food, meat,
poultry, fish, pizza, honey, vegetables, cheese and dairy products as well as
cakes and dry ice |
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|
|
|
No of Employees : |
350 (Approximately) |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 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 |
Company Name : FOOD & FINE PASTRIES MANUFACTURING COMPANY
(SUNBULAH)
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Start Date : 1978
Registration Date : 28th December 1980
Commercial Registration Number : 4030027734, Jeddah
Chamber Membership Number : 7501
Industrial Licence Number : 3056
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Total Workforce : 350
Activities : Production and processing of pastries, ethnic food, convenience food,
meat, poultry, fish, pizza, honey, vegetables, cheese and dairy products as well as cakes and dry ice.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ali Al Arab,
Legal Officer
FOOD & FINE PASTRIES MANUFACTURING
COMPANY (SUNBULAH)
Registered &
Physical Address
Location : Industrial Zone, Phase No. 3,
Street No. 31
PO Box : 8960
Town : Jeddah 21492
Country : Saudi Arabia
Telephone : (966-2) 6368485 / 6364469 / 6143938
Facsimile : (966-2) 6364950 / 6143045
Email : info@ffpgroup.com / info@sunbulah.com / hys@sunbulah.com
Premises
Subject operates
from a large suite of offices and a production and processing plant that are
owned and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
·
PO Box:
5895 Office
& Distribution centre
Riyadh 11432
Tel: (966-1) 4641075 / 4640289
Fax: (966-1) 4656843
·
PO Box:
2426 Office
& Distribution centre
Dammam 31451
Tel: (966-3) 8434030 / 8418306
Fax: (966-3) 8412230
Name Position
·
Ibrahim
Yousef Al Kurdi Managing Partner
·
Abdullah
Abdul Karim Al Lohaidan Partner
·
Abdulaziz
Al Nowaiser Partner
·
Samer Ibrahim Yousef Al Kurdi Partner
·
Zayad Abdullah Abdul Karim Al Lohaidan Partner
·
Reda
Kaj General
Manager
·
Yaseen
Mandee Factory
Manager
·
Amer
Latif Finance
Manager
·
Adel
Barkat Sales
Manager
·
Hassan
Salah Purchasing
Manager
·
Ali Al
Arab Legal
Officer
Date of Establishment : Subject’s operations
date back to 1978, however it was registered as a Limited Liability
Company on 21/02/1401 Hijri (corresponding to 28th December
1980). In 2014 it changed legal form and became a Joint Stock Company.
Legal Form :
Joint Stock Company
Commercial Reg. No. : 4030027734,
Jeddah
Chamber Member No. : 7501
Industrial
Licence No. : 3056
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Name of Partner
(s)
·
Ibrahim
Yousef Al Kurdi
·
Abdullah
Abdul Karim Al Lohaidan
·
Abdulaziz
Al Nowaiser
·
Samer Ibrahim Yousef Al Kurdi
·
Zayad Abdullah Abdul Karim Al Lohaidan
Activities: Engaged in the production and processing of
pastries, ethnic food, convenience food, meat, poultry, fish, pizza, honey, vegetables,
cheese and dairy products as well as cakes and dry ice.
Production began on 5th June 1983 and in 1988 the product range was diversified with the acquisition of a bee honey bottling plant and a dry ice plant.
Clients:
·
Jawad
Cold Stores Bahrain
·
Omega
Foods Egypt Co Ltd Egypt
·
PT
Safarindo Internusa Indonesia
·
Ritco
Jordan Refrigeration Jordan
·
International
Centre for Foodstuff Co Kuwait
·
Geadah
Bros Sal Lebanon
·
Gulf
Technical & Trading Co (GTTC) Oman
·
United
International Trading Co Qatar
·
Lifco
Group of Companies United
Arab Emirates
·
General
Food Trading Co United
Kingdom
·
Dhamran
General Trading Yemen
Import
Countries: Europe and the
Far East.
Export
Countries: Kuwait, Bahrain,
Oman, United Arab Emirates, Qatar, Egypt, Jordan, Lebanon, Yemen, Indonesia and
the United Kingdom.
Brand Names: SUNBULAH and ALSHIFA
Operating Trend: Steady
Subject has a
workforce of approximately 350 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Revenue SR 93,000,000 SR 95,250,000
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
·
Arab
National Bank (ANB)
Madinah Road
PO Box: 9463
Jeddah 21413
Tel: (966-2) 6600272
Fax: (966-2) 6650202
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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.59.33 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.80.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.