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Report No. : |
315916 |
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Report Date : |
04.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SAUDI PAINT COMPANY LTD (PAINTCO) |
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Registered Office : |
Al Kharj Road, First Industrial City, Phase II, PO Box 2549, Riyadh
11461 |
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Country : |
Saudi
Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
19.05.1977 |
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Com. Reg. No.: |
1010016778 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the manufacture of paints, epoxy and polyester for various
purposes, as well as varnishes and stains, enamel, printing ink and
adhesives. |
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No. of Employees : |
350 |
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 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 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 :
SAUDI PAINT COMPANY LTD (PAINTCO)
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
19th May 1977
Commercial Registration Number :
1010016778, Riyadh
Issued Capital :
SR 37,600,000
Paid up Capital :
SR 10,000,000
Total Workforce :
350
Activities :
Manufacture of paints, epoxy and polyester, as well as varnishes and
stains, enamel, printing ink and adhesives.
Financial Condition :
Good
Payments : Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Bara Kamal, Commercial Manager
SAUDI PAINT COMPANY LTD (PAINTCO)
Registered &
Physical Address
Street : Al Kharj
Road
Area : First Industrial
City, Phase II
PO Box : 2549
Town : Riyadh 11461
Country : Saudi Arabia
Telephone : (966-11)
4462932 / 4462937 / 4465555
Facsimile : (966-11)
4460611 / 4469644
Mobile : (966-50)
4250203 / 3209542
Email : paintco@paintco.net
Premises
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of Riyadh.
Branch Office (s)
Location Description
Second Industrial City, Phase III Owned
factory & storage facilities covering
Riyadh an
area of 60,000 square metres
Tel: (966-11) 2651023
Jeddah Distribution
outlet
Tel: (966-12) 6711162
Dammam Distribution
outlet
Tel: (966-13) 8337944
Buraidah Distribution
outlet
Tel: (966-16) 6231268
Khamis Mushait Distribution
outlet
Tel: (966-17) 2234760
Name Position
Mohamed Abdullah Al Khafrah Managing
Partner
Nasser Abdullah Mohamed Al Khafrah Partner
Mohamed Nasef General
Manager
Bara Kamal Commercial
Manager – Paint
Ali Abdul Ghani Commercial
Manager – Ink
Mohamed Olaimat Finance
Manager
Salah Abdulrahman Financial
Controller
Dr Motasim Obaid Factory
Manager
Date of Establishment : 30/05/1397 Hijri
(Corresponding to 19th May 1977)
History : Subject was
originally established in 1976 as Limited Liability Partnership between the
following partners:
1. Mohamed Abdullah Al Khafrah
2. Al Khafrah Investment Co Ltd
In September 1996, and under an amendment registered with the Riyadh Public Notary, the second partner namely Al Khafrah Investment Co Ltd has withdrawn from the business and assigned all its shares to the first partner and two new partners, namely Nasser Abdullah Mohamed Al Khafrah and United Economy & Development Company.
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 1010016778,
Riyadh
Industrial Licence No. : 170 and 568
Issued Capital : SR 37,600,000
Paid up Capital : SR 10,000,000
Name of Partner
(s) Percentage
Mohamed Abdullah Al Khafrah 61.75%
Nasser Abdullah Mohamed Al Khafrah 19.55%
United Economy & Development Company 18.70%
Al Khafrah Industrial Gases Factories Co Ltd
Second Industrial City
PO Box: 43239
Riyadh 11561
Tel: (966-11) 4980568 / 4980572
Fax: (966-11) 4981284
National Lighting Co Ltd
Kuwait Road
Dammam Industrial Area No. 2
PO Box: 353
Dammam 31411
Tel: (966-13) 8348581 / 8221609 / 8122020
Fax: (966-13) 8221895 / 8122250
Saudi Chemical Services Company Ltd
Jubail
Activities: Engaged in the manufacture of paints, epoxy and polyester for various
purposes, as well as varnishes and stains, enamel, printing ink and adhesives.
Annual Production Capacity: 50,000
tonnes per annum
Import Countries: Italy and Spain
Brand Names: PAINTCO
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 31/12/13: Year Ending 31/12/14:
Total Sales SR
208,000,000 SR 212,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Bara Kamal, Commercial Manager
Riyad Bank
King Faisal Street
Al Batha
PO Box: 229
Riyadh 11411
Tel: (966-11) 4113333
No complaints regarding subject’s payments have been reported.
Date of transaction April
2001 March 2007 March 2009 September 2010
Credit amount 52,000 505,000 750,000 250,000
Amount overdue 0 0 0 0
Payment terms 60
days 180 days 180 days 180 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints No Complaints
Currency US Dollars Pounds Sterling Euros Euros
Saudi Paint Company Ltd (PAINTCO) commenced operations in 1976 and has
established itself as one of the leading manufacturers of paints in the Kingdom,
enjoying a good reputation for the quality of its products.
The business is owned by members of the Al Khafrah family who are well
respected businessmen with interests in a number of ventures throughout Saudi
Arabia.
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
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 |
|
|
-- |
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.