MIRA INFORM REPORT

 

 

Report No. :

328222

Report Date :

30.06.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED INK PRODUCTION CO LTD

 

 

Registered Office :

Industrial City, Phase 4, PO Box 14578, Jeddah 21434

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

14.09.2000

 

 

Com. Reg. No.:

4030131354

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the manufacture of printing inks and solvents.

 

 

No. of Employees :

70

 

 

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

Payment Behaviour :

No Complaints

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, telecommuncations, 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

 

Source : CIA

SUMMARY

 

Company Name                                    : UNITED INK PRODUCTION CO LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 14th September 2000

Commercial Registration Number           : 4030131354, Jeddah

Chamber Membership Number               : 76538

Issued Capital                                       : SR 17,800,000

Paid up Capital                                     : SR 17,800,000

Total Workforce                                     : 70

Activities                                               : Manufacture of printing inks and solvents.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Jamal Jarwan, Finance Manager

 

 

COMPANY NAME

 

UNITED INK PRODUCTION CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Industrial City, Phase 4

PO Box            : 14578

Town                : Jeddah 21434

Country             : Saudi Arabia

Telephone         : (966-12) 6080723

Facsimile          : (966-12) 6080717

Email                : uipc@sbm.net.sa / info@unitedinksa.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Jeddah.

 

Branch Office (s)

 

Location                                                                                               Description

 

Dammam                                                                                              Office premises

Tel: (966-13) 8875618

Fax: (966-13) 8875617

 

Riyadh                                                                                                  Office premises

Tel: (966-11) 2437177

Fax: (966-11) 2437077

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                    Position

 

Khalid Bin Mahfouz                                              Saudi                         Managing Partner

 

Sultan Bin Mahfouz                                              Saudi                         Partner

 

Abdulrahman Al Ohali                                           Saudi                         Partner

 

Bassam Najim                                                        -                              Commercial Manager

 

Sheikh Salim                                                    -                                    Purchasing Manager

 

Ghazi Rashid                                                    -                                    Purchase Coordinator

 

Jamal Jarwan                                                   -                                    Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14/06/1421 Hijri (corresponding to 14th September 2000)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 4030131354, Jeddah

 

Chamber Member No.  : 76538

 

Issued Capital              : SR 17,800,000

 

Paid up Capital            : SR 17,800,000

 

Name of Partner (s)

 

Al Murjan Group

Jeddah

 

T&K Toka

Japan

 

Abdulrahman Al Ohali

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of printing inks and solvents.

 

Subject's product range includes the following:

 

1- Sheetfed Offset Printing Ink
2- Flexo Solvent Base Ink
3- Rotogravure Solvent Base Ink for both surface and reverse printing for lamination application.
4- Flexo Water Base Ink for Corrugated Printing.
5- Offset Printing other chemicals, Fountain Solution, Plate Cleaner, Gum Solution.
6- UV Ink
7- IPA / Solvents

 

Import Countries: India and the Netherlands

 

International Suppliers:

 

Choksi Export                                       India

Lakshmi Organic Industries                    India

Clariant                                                 Netherland

 

Operating Trend: Steady

 

Subject has a workforce of 70 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 68,695,000                           SR 70,000,000

 

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

 

The above figures were provided by Mr Jamal Jarwan, Finance Manager

 

 

BANKERS

 

National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-12) 6446644

Fax: (966-12) 6446644

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                January 2008                                         December 2009

Credit amount                                       100,000                                     150,000

Amount overdue                                    0                                                          0

Payment terms                                      180 days                                               90 days

Payment Method                                   Letters of Credit                                                Letters of Credit

Paying record                                       No Complaints                                      No Complaints

Currency                                               Euros                                                   Euros

 

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.63.92

UK Pound

1

Rs.100.40

Euro

1

Rs.70.41

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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