CREDIT ASSESSMENT

REPORT

‫تقرير تقييم االئتمان‬

1 CREDIT ASSESSMENT REPORT

1. Rating

RATING ASSIGNED “C” ‫التقييم المعي‬

This rating is considered to have adequate degree of safety regarding timely servicing of financial
obligations. Such instruments carry low credit risk.
‫ وتحمل هذه‬.‫ويعتب هذا التصنيف عىل درجة كافية من األمان فيما يتعلق بخدمة االلبامات المالية يف الوقت المناسب‬
‫ر‬
‫األدوات مخاطر ائتمانية منخفضة‬.

Rating Symbols- ‫رموز التصنيف‬

A This rating is considered to have the highest degree of safety regarding timely servicing of
financial obligations. Such instruments carry lowest credit risk
‫ مثل هذه األدوات‬.‫ويعتب هذا التصنيف أعىل درجة من األمان فيما يتعلق بخدمة االلبامات المالية يف الوقت المناسب‬ ‫ر‬
‫تحمل أدن مخاطر االئتمان‬
B This rating is considered to have high degree of safety regarding timely servicing of
financial obligations. Such instruments carry very low credit risk.
‫ وتحمل‬.‫ويعتب هذا التصنيف عىل درجة عالية من األمان فيما يتعلق بخدمة االلبامات المالية يف الوقت المناسب‬ ‫ر‬
‫هذه األدوات مخاطر ائتمانية منخفضة جدا‬.
C This rating is considered to have adequate degree of safety regarding timely servicing of
financial obligations. Such instruments carry low credit risk.
‫ وتحمل‬.‫ويعتب هذا التصنيف عىل درجة كافية من األمان فيما يتعلق بخدمة االلبامات المالية يف الوقت المناسب‬ ‫ر‬
‫هذه األدوات مخاطر ائتمانية منخفضة‬.
D This rating is considered to have moderate degree of safety regarding timely servicing of
financial obligations. Such instruments carry moderate credit risk.
‫ وتحمل‬.‫ويعتب هذا التصنيف معتدال من حيث السالمة فيما يتعلق بخدمة االلبامات المالية يف الوقت المناسب‬ ‫ر‬
‫هذه األدوات مخاطر ائتمانية معتدلة‬
E This rating is considered to have moderate risk of default regarding timely servicing of
financial obligations.
‫ويعتب هذا التصنيف معتدال من حيث احتمال التخلف عن السداد فيما يتعلق بخدمة االلبامات المالية يف الوقت‬ ‫ر‬
‫المناسب‬.
F This rating is considered to have high risk of default regarding timely servicing of financial
obligations.
‫ويعتب هذا التصنيف معرضا بدرجة عالية لخطر التخلف عن السداد فيما يتعلق بخدمة االلبامات المالية يف الوقت‬ ‫ر‬
‫المناسب‬.
G This rating is considered to have very high risk of default regarding timely servicing of
financial obligations and are expected to be in default soon.
‫ويعتب هذا التصنيف أن لديها مخاطر عالية جدا من التخلف عن السداد فيما يتعلق بخدمة االلبامات المالية يف‬ ‫ر‬
‫ ومن المتوقع أن يكون يف حالة عجز قريبا‬،‫الوقت المناسب‬

2 CREDIT ASSESSMENT REPORT

2. Credit Assessment Rationale ‫تقييم االئتمان‬

STRENGTHS ‫نقاط القوه‬ BRIEF DESCRIPTION ‫وصف مختص‬

Adequate liquidity position The liquidity position of the entity remained adequate marked
‫وضع السيولة الكاف‬ by current ratio and quick ratio at 12.09x and 6.42x respectively
as on 31st December, 2020. Furthermore, the cash equivalent
remained moderate at SAR 0.60million in FY20. Also, the entity
is expected to make its current and future debt obligations with
its strong operations and healthy profitability.
‫ حيث بلغ المعدل الحالي والنسبة السريعة‬، ‫ظل وضع السيولة في الكيان مناسبًا‬
‫ عالوة على‬.2020 ‫ ديسمبر‬31 ‫ مرة على التوالي كما في‬6.42 ‫ ضعفًا و‬12.09
‫ مليون لاير سعودي في السنة المالية‬0.60 ‫ ظل المعادل النقدي معتدالً عند‬، ‫ذلك‬
‫ من المتوقع أن تلتزم المنشأة بالتزامات ديونها الحالية والمستقبلية‬، ‫ أيضًا‬.2020
‫من خالل عملياتها القوية وربحيتها الجيدة‬.
Comfortable capital structure and The capital structure and debt coverage indicators remained
satisfactory debt coverage comfortable marked by total debt to equity ratio 0.66x for the
indicators period ended December 31st 2020, and also remained below
‫ر‬
‫ومؤشات تغطية‬ ‫هيكل رأس المال المري ح‬ unity levels for the last three balance sheet.
‫الديون المرضية‬ The debt coverage indicator of the entity stood high marked by
total debt to GCA and interest coverage stood comfortable in
FY20 on account lower debt levels when compared to its
healthy operating profits.
‫وظلت مؤشرات هيكل رأس المال وتغطية الديون مريحة وتميزت بنسبة الدين‬
0.66 ‫اإلجمالي إلى حقوق المساهمين‬x ،2020 ‫ ديسمبر‬31 ‫للفترة المنتهية في‬
‫وظلت أيضا دون مستويات الوحدة في الميزانية العمومية الثالثة األخيرة‬.
‫ مؤشر تغطية الديون للكيان وقفت عالية تميزت إجمالي الديون إلى‬GCA ‫وتغطية‬
‫ على حساب انخفاض مستويات الديون‬2020 ‫الفائدة وقفت مريحة في العام‬
‫بالمقارنة مع أرباحها التشغيلية صحية‬
Improvement of Financial position The scale of operations and net income stood satisfactory at
in 11MFY21 SAR 2.4 million and SAR 0.4 million respectively in
2021 ‫تحسي الوضع المال ف‬ Y21(Provisional), at the back of increasing orders and its
executions.
The financial risk profile marked by leverage and debt to GCA
stood comfortable in FY21 (Provisional) at the back of healthy
profits and repayment of debt obligations.
‫ مليون‬0.4‫ مليون لاير سعودي و‬2.4 ‫وبلغ حجم العمليات وصافي الدخل مرضيا‬
‫ وذلك على خلفية تزايد األوامر وعمليات‬،)‫ (مؤقت‬2121 ‫لاير على التوالي في عام‬
‫تنفيذها‬.
‫واستقرت مالمح المخاطر المالية التي اتسمت بالروافع المالية والديون المستحقة‬
‫ (المؤقت) على خلفية األرباح الصحية وسداد‬2021 ‫للهيئة في العام المالي‬
‫التزامات الديون‬.

3 CREDIT ASSESSMENT REPORT

3. Information Sheet ‫قائمة المعلومات‬

Year of incorporation 2018

‫– سنة التأسيس‬
Industrial Group - N.A
‫ر‬
‫مجموع الشكات‬
Legal history established in 2018 and is based out in Riyadh. The entity has vast
‫القانون‬
‫ي‬ ‫التاري خ‬ business operations in trading of gifts and flowers.
‫ الكيان لديه عمليات تجارية واسعة في تجارة‬.‫ ومقرها الرياض‬2018 ‫تأسست عام‬
‫الهدايا والزهور‬.
Listed at Not Listed
Segment ‫قطاع العمل‬ Trading
Products / Services Gifts and flowers
‫الخدمات‬/‫المنتج‬

4. Quality of Customer & Supplier Analysis ‫تحليل العمالء والموردين‬

4.1 Supplier-Side Analysis ‫الموردين‬

Credit terms ‫رشوط االئتمان‬ 45-60 days
Raw material availability ‫المواد االولية‬ Sufficient‫كاف‬
‫ي‬
Raw material price volatility NA
Hedging policy NA
Import as a % of RM purchase Nil
Forex risk exposure Nil
Hedging of forex risk Nil

4.2 Customer-Side Analysis ‫العمالء‬

Credit terms ‫رشوط االئتمان‬ On order

Export as a % of sales Nil
Level of Customer concentration Moderate‫متوسط‬
‫مستوى تركز العمالء‬
Segments covered ‫القطاعات‬ Private and government entities
‫الكيانات الخاصة والحكومية‬

4 CREDIT ASSESSMENT REPORT

‫تقييم القوة المالية ‪5. Evaluation of Financial Strength‬‬
‫المال السابق‪5.1. Past financial performance‬‬
‫ي‬ ‫األداء‬
‫‪Till‬‬
‫‪12/31/2019‬‬ ‫‪12/31/2020‬‬
‫‪30/11/2021‬‬
‫نتائج العمل ‪Working Results -‬‬
‫‪Total Revenue from Operations -‬‬
‫‪1,545,088.00 1,851,839.00 2,398,540.00‬‬
‫إجمال اإليرادات من العمليات‬ ‫ي‬
‫‪EBITDA -‬‬
‫‪533,172.00‬‬ ‫‪709,159.00‬‬ ‫‪713,620.00‬‬
‫االيرادات قبل خصم الفوائد والضائب واالستهالك‬
‫االعباء المالية‪Finance Charges-‬‬ ‫‪0.00‬‬ ‫‪0.00‬‬ ‫‪0.00‬‬
‫االستهالك ‪Depreciation-‬‬ ‫‪53,880.00‬‬ ‫‪53,880.00‬‬ ‫‪0.00‬‬
‫الزكاة ‪Zakat-‬‬ ‫‪23,063.00‬‬ ‫‪17,114.00‬‬ ‫‪0.00‬‬
‫‪Net Income before Zakat-‬‬
‫‪483,292.00‬‬ ‫‪655,279.00‬‬ ‫‪403,830.00‬‬
‫صاف االرباح قبل الزكاة‬ ‫ي‬
‫‪Net Income after Zakat-‬‬
‫‪460,229.00‬‬ ‫‪638,165.00‬‬ ‫‪403,830.00‬‬
‫صاف االرباح بعد الزكاة‬
‫ي‬
‫‪Gross Cash Accruals-‬‬
‫‪514,109.00‬‬ ‫‪692,045.00‬‬ ‫‪713,620.00‬‬
‫النقد السنوي المجمع‬
‫التقييم المال ‪Financial Position -‬‬
‫‪Total Shareholders’ Equity-‬‬
‫‪470,229.00‬‬ ‫‪648,165.00 1,270,573.00‬‬
‫مجموع رأس المال وحقوق الملكية‬
‫مجموع المطلوبات ‪Total Debt -‬‬ ‫‪0.00‬‬ ‫‪0.00‬‬ ‫‪155,683.00‬‬
‫اهم النسب ‪Key Ratios -‬‬
‫نسبة النمو ‪Growth (%)-‬‬
‫صاف المبيعات ‪Net Sales -‬‬ ‫ي‬ ‫‪NM‬‬ ‫‪19.85‬‬ ‫‪0.00‬‬
‫‪Net Profit after Zakat-‬‬
‫‪NM‬‬ ‫‪38.66‬‬ ‫‪0.00‬‬
‫صاف االرباح بعد الزكاة‬‫ي‬
‫نسبة الربحية ‪Profitability (%)-‬‬
‫‪EBITDA/ Total Revenue‬‬
‫‪34.51‬‬ ‫‪38.29‬‬ ‫‪0.30‬‬
‫صاف المبيعات‬ ‫االيرادات قبل خصم الفوائد والضائب واالستهالك‪ /‬ي‬
‫‪Net Profit / Total Revenue-‬‬
‫‪29.79‬‬ ‫‪34.46‬‬ ‫‪0.17‬‬
‫صاف المبيعات‬ ‫صاف االرباح‪ /‬ي‬ ‫ي‬
‫العوائد من حقوق الملكية ‪RONW-‬‬ ‫‪97.87‬‬ ‫‪98.46‬‬ ‫‪0.32‬‬
‫التشغيىل ‪ROCE -‬‬
‫ي‬ ‫العوائد من رأس المال‬ ‫‪39.10‬‬ ‫‪63.63‬‬ ‫‪0.56‬‬
‫المالءة ‪Solvency(times)-‬‬
‫‪Total liabilities/Total equity-‬‬
‫‪1.60‬‬ ‫‪0.66‬‬ ‫‪0.12‬‬
‫اجمال المطلوبات‪/‬حقوق الملكية‬ ‫ي‬
‫‪Interest Coverage (EBITDA/Interest)-‬‬
‫!‪#DIV/0‬‬ ‫!‪#DIV/0‬‬ ‫!‪#DIV/0‬‬
‫نسبة تغطية الفوائد‬
‫‪Total Debt/GCA-‬‬
‫‪1.47‬‬ ‫‪0.61‬‬ ‫‪0.22‬‬
‫اجمال المطلوبات‪/‬النقد المجمع‬ ‫ي‬
‫السيولة المالية ‪Liquidity (times)-‬‬
‫‪Current ratio -‬‬
‫‪20.38‬‬ ‫‪12.09‬‬ ‫‪7.46‬‬
‫نسبة السيولة من كامل الموجودات المتدولة‬
‫‪Quick ratio-‬‬
‫‪12.83‬‬ ‫‪6.42‬‬ ‫‪3.93‬‬
‫نسبة السيولة من الموجودات المتدولة ناقص المخزون‬

‫‪5‬‬ ‫‪CREDIT ASSESSMENT REPORT‬‬

NA- Not available
NM- Not meaningful, as the financials is for 9 months

6. Charts ‫المخططات‬
Growth Analysis ‫تحليل النمو‬

30

20

10

0 Growth in Total Income

FY19 (Audited) FY20 (Audited) FY21
-10 (Provisional) EBITDA

-20 PAT

-30

-40

-50

Trend in Profitability ‫الربحية‬

40

35

30

25
EBITDA
20
PAT Margin
15

10

0
FY19 (Audited) FY20 (Audited) FY21 (Provisional)

6 CREDIT ASSESSMENT REPORT

Balance Sheet Profile ‫القوائم المالية‬

SAR 3,000,000.00

SAR 2,500,000.00

SAR 2,000,000.00

Net Fixed Assets

SAR 1,500,000.00
Investments
SAR 1,000,000.00
Total Current Assets

SAR 500,000.00

SAR 0.00
FY19 FY20 FY21
(Audited) (Audited) (Provisional)

SAR 2,500,000.00

SAR 2,000,000.00

SAR 1,500,000.00 FY21 (Provisional)

FY20 (Audited)
SAR 1,000,000.00
FY19 (Audited)
SAR 500,000.00

SAR 0.00
Tangible Short Term Long Term Total Current
Networth debt debt Liabilities

7 CREDIT ASSESSMENT REPORT

Composition of total capital employed ‫إجمال رأس المال المستخدم‬
‫ي‬ ‫تكوين‬

SAR 1,400,000.00

SAR 1,200,000.00

SAR 1,000,000.00

SAR 800,000.00
Tangible Net worth
SAR 600,000.00
Debt Capital
SAR 400,000.00

SAR 200,000.00

SAR 0.00
FY19 FY20 FY21
(Audited) (Audited) (Provisional)

Liquidity profile ‫السيولة‬

25.00

20.00

15.00
Current Ratio

10.00 Quick Ratio

5.00

0.00
FY19 (Audited) FY20 (Audited) FY21 (Provisional)

Details of Bank Facilities: ‫تفاصيل التسهيالت المضفية‬

The entity has availed debt facility from banks/financial institutions and the debt repayment including
principal and interest payment are paid on timely manner. / ‫استفادت المنشأة من تسهيالت الديون من البنوك‬
‫المؤسسات المالية ويتم سداد مدفوعات الديون بما يف ذلك سداد أصل الدين والفائدة يف الوقت المناسب‬.

8 CREDIT ASSESSMENT REPORT

Disclaimer:
Marketplace lending based on direct lending between the borrower and the financier (investor) is a type of financial transaction that is
classified as high-risk investment that involves the risk of investor capital loss or other financial risk. Forus Business Capital Company, its
partners, owners or employees are not responsible for any type of financial loss. Investors who want to invest their money through the
Forus lending marketplace platform should take caution and know the risks of investing in start-ups and make sure every step they take in
investing their money. Forus Platform provides financiers (investors) and borrowers (start-ups, SMEs) opportunities to invest and obtain
financing. Often startups are in the early stages of their entry into the market and Forus does not aim to publish the information of startups
offered to the public as an investment recommendation and do not offer any guarantees against risks. These startups are fully responsible
for their activities, managing their services and growing their business, and using the funds obtained from them properly and regularly. Forus
is not responsible for managing the funds for these startups. All procedures and activities implemented on the Forus Platform are subject
to the laws and regulations of the Kingdom of Saudi Arabia. Forus does not provide any advice, guarantee or recommendation on the level
of legal, financial or investment risks, and investors should mitigate investment risks by making use of reliable advisors in this field. Forus is
not responsible for ensuring or representing any content contained in the service. This includes but is not limited to: (a) guarantees relating
to marketing or use for specific purposes, including (investment decisions) whether or not they have opportunities to know or have known
reasons, or have been advised in advance in this regard. (B) Failure to guarantee any results obtained or obtained through the use of a
service, content or data available on Forus. Also, it is not permissible in any way to interpret the content or services provided by Forus as
investment advice or opinions of Forus on the appropriateness of any investment project. Also, the content and services provided by Forus
cannot be interpreted as a recommendation, marketing, induction or endorsement of opportunities on a specific offer to buy or sell
securities, financing, investment or borrowing in general. Forus shall not be responsible for any investment decision based or derived from
the content, services or results derived or available on Forus. Also, the content available on Forus is only for informational purposes, and it
is not possible to work or rely on it alone without legal or commercial advice. The services were collected based on previous conditions and
should not be relied upon to predict future conditions. Forus is not entirely responsible for any losses related to the content or services
provided on the opportunities arising from contractual or default responsibility or others, whether directly or indirectly including but not
limited to: loss of profits or revenues, or any economic or commercial loss For any decision made based on the content and services provided
on Forus. (C) Failure to represent or guarantee that all content on Forus complies with the requirements and obligations stipulated in the
laws and regulations such as the Saudi Arabian Monetary Agency’s rules and regulations or other regulations. This report is not considered
an investment recommendation. Terms and Conditions App.

9 CREDIT ASSESSMENT REPORT