MIRA INFORM REPORT

 

 

Report No. :

315625

Report Date :

07.04.2015

 

IDENTIFICATION DETAILS

 

Name :

PACKAGING SOLUTIONS FACTORY CO LTD

 

 

Registered Office :

Industrial Area, Phase 4, Plot No. 6 & 7, PO Box            : 34110, Jeddah 21448

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

21.11.2007

 

 

Com. Reg. No.:

4030174054, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the manufacture of plastic products including PET preforms, closures, PE lamination, barrier, shrink, stretch, CPP & metalized CPP films and also extrusion poly coated & laminated paper & boards

 

 

No. of Employee :

180

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

SUMMARY

 

Company Name                                    : PACKAGING SOLUTIONS FACTORY CO LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 21st November 2007

Commercial Registration Number           : 4030174054, Jeddah

Chamber Membership Number               : 122122

Issued Capital                                       : SR 47,000,000

Paid up Capital                                     : SR 47,000,000

Total Workforce                                     : 180

Activities                                               : Manufacture of plastic products.

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Saleh Mohamed Saleh Zorab, Commercial Manager

 

 

COMPANY NAME

 

PACKAGING SOLUTIONS FACTORY CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Industrial Area, Phase 4, Plot No. 6 & 7

 

PO Box            : 34110

 

Town                : Jeddah 21448

Country             : Saudi Arabia

 

Telephone         : (966-12) 6080719

Facsimile          : (966-12) 6080711 / 6082213

Mobile              : (966-54) 0645105 / 06645101

Email                : info@psfksa.com / s.zorab@psfksa.com

 

Premises

 

Subject operates from a suite of offices and a factory covering an area of 21,200 square metres that are rented and located in the Industrial Area of Jeddah.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ibrahim Ali Saeed Al Marbee                                                             Managing Partner

 

·       Saeed Ali Saeed Al Marbee                                                               Partner

 

·       Ahmed Ibn Ali Saeed Al Marbee                                                        Partner

 

·       Magdi El Bani                                                                                   General Manager

 

·       Samir Heiba                                                                                     Finance Manager

 

·       Abdullah Ba Raya                                                                             Production Manager

 

·       Saleh Mohamed Saleh Zorab                                                            Commercial Manager

 

·       Mohamed Ahad                                                                                Technical Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11/11/1428 Hijri (corresponding to 21st November 2007)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030174054, Jeddah

 

Chamber Member No.  : 122122

 

Issued Capital              : SR 47,000,000

 

Paid up Capital            : SR 47,000,000

 

Name of Partner (s)

 

·       Ibrahim Ali Saeed Al Marbee

 

·       Saeed Ali Saeed Al Marbee

 

·       Ahmed Ibn Ali Saeed Al Marbee

 

 

AFFILIATED COMPANIES

 

·       Saudi Modern Packaging Co Ltd (Printopack)

     Jeddah Industrial City, Phase 5

     PO Box: 19596

     Jeddah 21445

     Tel: (966-12) 6081051 / 6081074 / 6375478 / 6371316 / 6511653

     Fax: (966-12) 6081082 / 6354567 / 6530346

 

·       Al Marbee Malamine Co

Industrial Area

PO Box: 1666

Jeddah 21441

 

·       Al Marbee Plastic Co

       Industrial Area

PO Box: 1666

Jeddah 21441

 

·       Capital Trading Est

Industrial Area

PO Box: 1666

Jeddah 21441

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic products including PET preforms, closures, PE lamination, barrier, shrink, stretch, CPP & metalized CPP films and also extrusion poly coated & laminated paper & boards.

 

Import Countries: Belgium, China and India

 

International Suppliers:

 

·       SABIC                      Saudi Arabia

·       QAPCO                    Qatar

·       GPF                         United Arab Emirates

·       Borouge Pte Ltd       United Arab Emirates

 

Operating Trend: Steady

 

Subject has a workforce of approximately 180 employees.

 

 

FINANCIAL DATA

 

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 243,500,000                         SR 251,000,000

 

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

 

The above figures were provided by Mr Saleh Mohamed Saleh Zorab, Commercial Manager

 

 

BANKERS

 

·       National Commercial Bank

Al Balad Branch

King Abdulaziz Street

PO Box: 5066

Jeddah 21422

Tel: (966-12) 6434777

Fax: (966-12) 6441686

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.62.16

UK Pound

1

Rs.92.73

Euro

1

Rs.98.23

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.