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Report Date : |
24.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FORSAN FOODS & CONSUMER PRODUCTS COMPANY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.02.1980 |
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Com. Reg. No.: |
1010026244, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Food brokers specialising in meat, (chilled beef, veal, lamb, chicken ducks and quails) and bakery products (bread mixes, bread improvers, cake concentrate, complete cake mixes, topping and decorations, glazed and canned fruits) as well as dairy products, whipping cream and vegetable margarine, consumer items and general merchandise. |
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No. of Employees : |
220 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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
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Source
: CIA |
Company Name : FORSAN FOODS & CONSUMER
PRODUCTS COMPANY LTD
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Partnership
Registration Date : 11th
February 1980
Commercial
Registration Number :
1010026244, Riyadh
Chamber Membership
Number : 11278
Issued Capital : SR 30,000,000
Paid up Capital : SR
30,000,000
Total Workforce : 220
Activities :
Food brokers
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
FORSAN FOODS & CONSUMER
PRODUCTS COMPANY LTD
Building : Forsan Building
Street : Prince Sultan Bin Abdul Aziz
Street
Area : Sulaimaniyah
PO Box : 8103
Town : Riyadh 11482
Country : Saudi Arabia
Telephone : (966-1) 4659144
Facsimile : (966-1) 4656892
Mobile : (966-56) 1310007
Email : info@forsan.com.sa
Subject operates
from a medium sized suite of offices, a warehouse and cold storage facilities that
are owned and located in the Suburban Business Area of Riyadh.
Branch Office
(s)
Location Description
·
Al
Kharj Industrial Area Owned
factory premises
Riyadh
Tel: (966-1) 2241200
Fax: (966-1) 2241210
·
Jeddah Office
premises
Tel: (966-2) 2872510
Fax: (966-2) 2872485
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Al
Khobar Office
premises
Tel: (966-3) 8579422
Fax: (966-3) 8579453
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Al
Qassim Office
premises
Tel: (966-6) 3267642
Fax: (966-6) 3267641
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Khamis
Mushait Office
premises
Tel: (966-7) 2222712
Fax: (966-7) 2222715
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Tabuk Office
premises
Tel: (966-4) 4431140
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Madinah Office
premises
Tel: (966-4) 8344775
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Hafer
Batin Office
premises
Tel: (966-3) 8579418
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Sakakah Office
premises
Tel: (966-3) 8579418
Name Position
·
Sheikh
Sulaiman Ali Aba Al Khail Managing
Partner
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Talal
Sulaiman Ali Aba Al Khail Partner
·
Nawaf Sulaiman Ali Aba Al Khail Partner
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Mohamed
El Husseini Administration
Manager
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Saho
Adobando Finance
Manager
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Ashraf
Abdul Qader Financial
Controller
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Harish
Kumar Sales
Manager
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Afram
Al Shamali Marketing
Manager
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Chandra
Sekaren Ramchandran Warehouse
Manager
Date of Establishment : 11th
February 1980
History :
Subject was originally
established under the name of “Forsan Cold Stores” but was renamed under the
current style in 1997.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010026244,
Riyadh
Chamber Member No. : 11278
Issued Capital : SR 30,000,000
Paid up Capital : SR 30,000,000
·
Sheikh
Sulaiman Ali Aba Al Khail
·
Talal
Sulaiman Ali Aba Al Khail
·
Nawaf Sulaiman Ali Aba Al Khail
Activities: Food brokers specialising in meat, (chilled beef, veal, lamb, chicken ducks and quails) and
bakery
products (bread mixes, bread
improvers, cake concentrate, complete cake mixes, topping and
decorations, glazed and canned fruits) as
well as dairy products, whipping cream and vegetable
margarine, consumer items and general
merchandise.
The company has production facilities for cheese, confectionery items
and butter. The production capacity
is 30,000 metric tonics per year
Subject also operates cold storage facilities
for chilled and frozen meat.
Import
Countries: Canada, Brazil,
Italy, France and the Netherlands
International
Suppliers:
·
Dawn
Food Products Inc Canada
·
Patis
France France
·
Grands
Moulins De Paris France
Brand Names: FORSANA and BLUE RIVER
Operating Trend: Steady
Subject has a
workforce of approximately 220 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 Sales SR 320,000,000 SR
324,750,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1) 4772281
Fax: (966-1) 4730322
·
Al
Rajhi Banking & Investment Corporation
PO Box: 28
Riyadh 11411
Tel: (966-1) 4054647 / 4054244
Fax: (966-1) 4044753 / 4052950 / 4037156
·
Saudi
Hollandi Bank
Al Rashi Centre
Al Dhabab Street
PO Box: 1467
Riyadh 11431
Tel: (966-1) 4067888
No complaints
regarding subject’s payments have been reported.
Credit amount 68,000 318,030 250,000
Amount overdue 0 0 0
Payment terms 30
days 60 days 60 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling Canadian Dollars Euros
Forsan Foods & Consumer Products Company Ltd was established in 1979 and are food brokers specialising in meat, cheese, bakery products, pastry ingredients. The company also has production facilities for cheese, confectionery items and butter as well as cold storage facilities for chilled and frozen meat.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.87 |
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1 |
Rs.99.63 |
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Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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.