MIRA
INFORM REPORT
|
Report Date : |
14th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
KHORASAN
PETROCHEMICAL COMPANY |
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Registered Office : |
17th
Km. Of Mashhad Road, P.O. Box: 298,
Bojnurd 19395-4583, Iran |
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Country : |
Iran |
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Financials (as on) : |
20.3.2004 |
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Date of Incorporation : |
1990 |
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Legal Form : |
State
owned company |
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Line of Business : |
Production
and wholesale of all kinds of petrochemical products, fertilisers, chemicals
such as nitrate, ammonium etc. and refining gas for domestic use. The
manufacture, production, sale, distribution and export of commodities derived
from hydrocarbons and related materials, both organic and inorganic. |
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 |
|
Maximum Credit Limit : |
RIAL
5,500,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
COmpany NAME
KHORASAN
PETROCHEMICAL COMPANY
ADDRESS
Street : 17th Km. Of Mashhad Road
P.O.
Box : 298
Town : Bojnurd 19395-4583
Country : Iran
Telephone : (98 584) 222 8125
Fax : (98 584) 222 0096
Shortform
Name : KHPC
SENIOR COMPANY PERSONNEL
Name Position
1.
Assadolah Rastgar Pour Chairman / Managing Director
2.
Ali Akbar Ahmadi Dashti Director
3.
Masoud Jamshid Director
3.
Qasem Shahri Factory Manager
4.
Jafar Farhadi Financial Manager
5.
Ali Dastani Personnel
Manager
Total
Employees : 1,000
PAYMENTS
No
complaints have been heard regarding payments from local suppliers or banks.
Subject
is a well established and state owned company responsible to National
Petrochemical Co.
Associations
inspire confidence and we consider it is acceptable to deal with subject for
LARGE amounts, although it is normal accepted practice for international
suppliers to deal on secured terms with Iranian importers.
Opinion
on maximum credit : RIAL 5,500,000,000 (associations inspire confidence for
higher amounts if
required).
PRINCIPAL BANKERS
NAME :
BANK TEJARAT IRAN
Branch :
184 Taleghani Avenue
PO
Box : 11365/1917
Town :
Tehran
Telephone : (98 21) 8889 0139
Fax :
(98 21) 8882 8215
FINANCIAL INFORMATION
Under
Iranian Company Law companies are not required to publish or disclose balance
sheets. However, the subject interviewed
offered the following information which applies to National
Petrochemical Co:
onsolidated
Balance Sheets as at 20 March showed :
ASSETS
Property,
plant & equipment: RIALS
5,903,043,000,000 - 1998 - exact
: RIALS
7,349,748,000,000 - 1999 - exact
: RIALS
11,809,558,000,000 - 2000 - exact
: RIALS
12,518,867,000,000 - 2001 - exact
: RIALS
45,806,472,000,000 - 2002 - exact
: RIALS
67,133,221,000,000 - 2003 - exact
: RIALS
93,218,228,000,000 - 2004 - exact
Total non current assets :
RIALS 9,692,815,000,000 - 1998 - exact
: RIALS
9,880,546,000,000 - 1999 - exact
: RIALS
12,650,459,000,000 - 2000 - exact
: RIALS
16,276,234,000,000 - 2001 - exact
: RIALS
49,039,474,000,000 - 2002 - exact
: RIALS
69,356,267,000,000 - 2003 - exact
: RIALS
98,355,608,000,000 - 2004 - exact
Total
assets : RIALS
12,219,311,000,000 - 1998 - exact
:
RIALS 12,524,973,000,000 - 1999 - exact
:
RIALS 16,229,770,000,000 - 2000 - exact
: RIALS 22,948,181,000,000 - 2001 - exact
:
RIALS 58,058,766,000,000 - 2002 - exact
:
RIALS 84,056,937,000,000 - 2003 - exact
:
RIALS 119,212,275,000,000 - 2004 - exact
LIABILITIES
Total
current liabilities :
RIALS 4,058,408,000,000 - 1998 - exact
:
RIALS 4,692,958,000,000 - 1999 - exact
: RIALS 5,736,972,000,000
- 2000 - exact
: RIALS
4,233,550,000,000 - 2001 - exact
: RIALS
7,645,178,000,000 - 2002 - exact
:
RIALS 12,856,579,000,000 - 2003 - exact
: RIALS
17,529,883,000,000 - 2004 - exact
Total
non current :
RIALS 4,354,013,000,000 - 1998 - exact
liabilities : RIALS 2,973,901,000,000 - 1999 - exact
: RIALS
3,486,527,000,000 - 2000 - exact
: RIALS
4,475,119,000,000 - 2001 - exact
: RIALS
10,547,438,000,000 - 2002 - exact
: RIALS
28,139,128,000,000 - 2003 - exact
: RIALS
54,331,545,000,000 - 2004 - exact
Total
shareholder's equity : RIALS
3,351,974,000,000 - 1998 - exact
: RIALS
4,360,874,000,000 - 1999 - exact
: RIALS
6,535,306,000,000 - 2000 - exact
: RIALS
13,931,344,000,000 - 2001 - exact
: RIALS 39,816,150,000,000
- 2002 - exact
: RIALS
43,061,230,000,000 - 2003 - exact
: RIALS
47,350,847,000,000 - 2004 - exact
PROFIT
AND LOSS ACCOUNT
Sales
turnover :
RIALS 3,702,449,000,000 - 1998 - exact
: RIALS
4,394,457,000,000 - 1999 - exact
: RIALS
6,334,699,000,000 - 2000 - exact
: RIALS
9,597,882,000,000 - 2001 - exact
: RIALS
8,199,002,000,000 - 2002 - exact
: RIALS
12,845,048,000,000 - 2003 - exact
: RIALS
16,779,949,000,000 - 2004 - exact
Net
profit (loss) before :
RIALS (1,229,236,000,000)- 1998 - exact
tax : RIALS
824,726,000,000 - 1999 - exact
: RIALS
2,340,538,000,000 - 2000 - exact
: RIALS 7
497,909,000,000 - 2001 - exact
: RIALS
2,038,860,000,000 - 2002 - exact
: RIALS
3,192,469,000,000 - 2003 - exact
: RIALS
3,288,519,000,000 - 2004 - exact
LEGAL STATUS AND HISTORY
Date
Started : 1990
Capital
: RIAL 100,000,000
State
owned company responsible for with the following sole shareholder :
National
Petrochemical Company
46,
Karim Khan Zand Avenue
P.O.
Box : 7484-3484
Tehran
11365
Telephone :
(98 21) 8882 0021 / 8882 2327
Fax : (98 21) 8882 1726
Affiliates of Parent Company
Subsidiaries
1. Amir Kabir Petrochemical Company
No. 56, 1st Alley, Naft-e-Shomaly Street
Mirdamad Blvd.
Tehran
Tel :
(98 21) 2227740
Fax :
(98 21) 2276907
2. Arvand Petrochemical Company
Bandar Imam
3. Bakhtar Petrochemical Company
4. Fajr Petrochemical Company
6, Naft Street, Mirdamad Avenue
P.O. Box 19395/3513
Tehran 19189
Tel: (98 21) 2253012 / 2225913
Fax: (98 21) 2223129
5. Iran Petrochemical Commercial Company 100%
1339, Vanak Square
Vali Asr Ave
Tehran
Tel :
8789241
Fax :
(98 21) 8827312
Established 1990
6. Kharg Petrochemical Company (KPC)
7. Khorasan Petrochemical Company (KHPC)
P.O. Box 19395-4583
Tehran
Tel :
(98 21) 8822093
Fax :
(98 21) 8776774
established 1990. US$1,000 million
complex. First phase completed 1995.
Production Capacity: Ammonia 330,000
tonnes; Urea 495,000 tonnes
8. Non Basic Services Company 100%
P.O.Box 516
Industrial Area
Mahshahr
Tel :
(98 65) 352 8209 (Mahshahr)
(98 21) 872 4208 (Tehran)
Fax :
(98 65) 352 4110 (Mahshahr)
(98 21) 871 4212 (Tehran)
Established 1989
9. Pars Petrochemical Co.
P.O. Box: 15875-1133
Tehran
Tel :
(98 21) 8842203
Fax :
(98 21) 8734087
10.
Petrochemical Industries Development Management Co (Pidmco)
project management company
11.
Razi Petrochemical Company (RPC)
No. 7, Farivar Street
Ghaem Magham Farahani Avenue
Tehran
Tel :
(98 21) 8303102 / 8305114
Fax :
(98 21) 8835116
established 1967. War damaged sulphuric
acid unit at Razi reopened 1994.
Production
Capacity: Ammonia 660,000 tonnes; Urea 726,000
tonnes; Sulphur 508,000
tonnes;
Sulphuric Acid 627,000
tonnes;
Phosphoric Acid 255,000
tonnes;
DAP 450,000 tonnes.
12.
Shiraz Fertiliser Company (SFC)
13.
Shiraz Petrochemical Company (SPC)
No. 5, Farivar Street
Ghaem Magham Farahani Avenue
Tehran
Tel :
(98 21) 8830275/3130802
Fax :
(98 21) 6462901
established 1960
Production Ammonia 432,000 tonnes, Urea 543,000 tonnes,
Nitric Acid 386,000 tonnes, Ammonium Nitrate
254,000 tonnes, L. Sodium Carbonate 80,000 tonnes,
D. Sodium Carbonate, 51,000 tonnes, Sodium
Bicarbonate 30,000 tonnes, Sodium Tripoly
Phosphate 30,000 tonnes, DAP 20,000 tonnes,
Methanol 84,000 tonnes, Perchlorine 5,000 tonnes,
14.
Simorgh Petrochemical Company
Formerly joint venture between NPC 55% and
Basell 45%.
The
partnership was dissolved in 2003, and the project
is now being carried out on behalf of NPC
by Amir Kabir
Petrochemical Company
15.
Zagrous Petrochemical Company (TPC)
P.O. Box 15875-3396
Tehran
Tel :
(98 21) 8554797/9
Fax :
(98 21) 8554798
Associates
1. Abadan Petrochemical Company (APC)
established 1969
Production Capacity : PVC 36,000 tonnes; DDB 10,000 tonnes;
Caustic Soda 30,000 tonnes; Chlor Gas
26,400 tonnes; EDC 89,000 tonnes.
2. Arak Petrochemical Company (ARPC)
P.O. Box 14155/6589, 6591
Tehran
Tel :
(98 21) 8895907
Fax :
(98 21) 8807044
established 1987. US$ 1,500 million
complex.
Production Capacity: Arak Petrochemical
Complex H.D.
Polyethylene 60,000
tonnes; L.L.D.
Polyethylene 60,000
tonnes;
Polypropylene 50,000
tonnes; Pyrolysis
Gasoline 102,000 tonnes;
Butene-1 7,000
tonnes; Acetic Acid
30,000 tonnes; Vinyl
Acetate 30,000 tonnes;
Polybutadiene
25,000 tonnes; 2-Ethyl
Hexanol 50,000
tonnes; Ethylene Glycol
105,000 tonnes;
Ethanol Amines 30,000
tonnes; Ethylene
Oxide 110,000 tonnes;
n-Butanol 5,000
tonnes; i-Butanol 5,700.
Arak Butachlor Project
Alachlor
500 tonnes; Butachlor 2,600
tonnes; Diethyl Aniline
2,500 tonnes;
Monochloro Acetic Acid
10,500 tonnes;
Chloro Acetyl Chloride
1,500.
3. Bakhtar Petrochemical Company
joint venture between NPC and the private
sector
4. Bandar Imam Petrochemical Company (BIPC)
P.O. Box 11365/1678, 13145/1638,
14155/6141
Tehran
Tel :
(98 21) 6944440
Fax :
(98 21) 6944449
established 1989
Production Capacity: Bandar Imam
Petrochemical Complex L.D.
Polyethylene 100,000
tonnes; H.D.
Polyethylene 60,000
tonnes;
Polypropylene 50,000
tonnes; SBR 40,000
tonnes;
Caustic Soda 250,000 tonnes; VCM
175,000 tonnes; PVC
175,000 tonnes; EDC
300,000 tonnes;
Hydrochloric Acid 50,000
tonnes; Pyrolysis
Gasoline 130,000
tonnes; LPG 1,900,000
tonnes; Propylene
52,000 tonnes; Benzene
260,000 tonnes;
Mixed Xylenes 210,000
tonnes.
Melamine Crystal Orumiyeh
Melamine
Crystal 3,000 tonnes; Ammonium
Sulphate 9,000 tonnes;
5. Bisotoon Petrochemical Company
P.O. Box 15855-516
Tehran
Tel :
(98 21) 8848132
Fax :
(98 21) 8848131
6. Borzuyeh Petrochemical Co.
No. 56, 3rd & 4th Floor
1st Alley, Naft-e-Shomaly Street
Mirdamad Blvd.
Tehran 19196-13184, Iran
Tel :
(98 21) 2276920-1/ 2276919
Fax :
(98 21) 2276922
7. Bou Ali Sina Petrochemical Company
6th Floor
No. 83 Karimkhan Zand Blvd.
P.O. Box: 15178/144
Tehran
Tel :
(98 21) 8770351-2
Fax :
(98 21) 8798222
8. Engineering & Supplying Petrochemical
Industries Parts,
Equipments & Chemicals Co. (SPEC)
(A Subsidiary of IPCC)
1st Floor
No.767 Enghelab Ave.
(Corner of Hafez St.)
P.O Box 15815/3688
Tehran
Tel :
(98 21) 8793942-8791232
Fax :
(98 21) 8791867
9. Erection & Construction Company (ECC)
No.6 Naft Street
Mirdamad Blvd.
Tehran
Tel :(9821)
6153437 / 2223120
Fax :(9821)
2226088
established 1989
10.
Esfahan Petrochemical Company (EPC)
No. 28, Nezami-e-Ganjavi Sq.
Tavaneir Str., Vali-e-Asr Blv.
Tehran- Iran
Tel :
(98 21) 8883939/8799569
Fax :
(98 21) 8882039
established 1989
Production Capacity: Benzene 55,600;
Toluene 20,000 tonnes;
O-xylene 22,000 tonnes;
P-xylene 44,000
tonnes.
11.
Fanavaran Petrochemical Company
P.O. Box 15855-516
Tehran
Tel :
(98 71) 8836152 / 8836111
Fax :
(98 )8825356
12.
Farabi Petrochemical company (FPC)
established 1973
Production Capacity: DOP 40,000 tonnes;
Phthalic Anhydride
5,500 tonnes.
13.
Gharb Petrochemical Company
NPC 30% stake
14.
Iran Carbon Company (ICC)
established 1976
Production Capacity: Carbon Black 45,000
tonnes.
15.
Iran Technical Inspectors Co.
(A Subsidiary of IPCC)
P.O. Box 19395-6833
Tehran
Tel :(98
1) 4119273-82
Fax :
(98 21) 4119311- 4119318
16.
Iranian Petrochemical Commercial Company (IPCC)
P.O. Box 19395/4619
Tehran
Tel :
(98 21) 8301819
Fax :
(98 21) 8827312/8829109
Established 1989
17.
Jam Petrochemical Company
P.O. Box 14155/6589
Tehran
Tel :
(98 21) 8869923 / 8809923
Fax :
(98 21) 8808265
18.
Kermanshab Petrochemical Industries Company
NPC is 33% shareholder
19.
Kharg Petrochemical Company (KPC)
P.O. Box 11365-4491
Tehran
Tel :
(98 21) 8304429
Fax :
(98 21) 8306637
established 1967
Production Capacity: Sulphur 198,000
tonnes; Propane 66,000
tonnes; Butane 54,500; Pentane 112,000
tonnes.
20.
Khuzestan Petrochemical Company
2nd Floor
No.11 Tenth St.
Ghaem Magham Farahani Ave.
P.O. Box 15875/5139
Tehran
Tel :
(98 21) 8773308
Fax :
(98 21) 8773307
21.
Laleh Petochemical Company
No. 5, 5th floor, 5 street
Khaled eslambuly steet
Tehran
Tel :(98
21) 8554788
Fax :(98
21) 8554789
22.
Maroon Petrochemical Co.
P.O. Box 15815/1513
Tehran
Tel :(98
21) 8784078-9
Fax :(98
21) 8784080
23.
Mashaldaran Petrochemical Company
5th Floor
No.11 Ghaem Magham Farahani ave.
Tehran,Iran
Tel
:(9821) 8732501
Fax
:(9821) 8732502
24.
Mobin Petrochemical Company
Special economic/energy zone
Bandar Assaluyeh
Iran
25.
NPC Europe Limited
established 1991
26.
NPC International Ltd.
6th Floor, NIOC House
4 Victoria Street
London SW1H ONE, England
Tel :(44
20) 7222 0899
Fax :(44
20) 7222 0897
Tehran Office:
No. 46, Karimkhan Zand Blvd.
Tehran 11365
Tel :(98
21) 8822327
Fax :(98
21) 8826420
27.
Non-Basic Operations and Services Company (NBOSC)
1st Floor, 54 Kharimkhan Zand Blvd.
Tehran
Tel :
(98 21) 8724209 / 8724208,9
Fax :
(98 21) 8714212
28.
Orumiyeh Petrochemical Company (OPC)
No.11, 10th Street, Ghaem Magham Farahani
Ave.
Tehran
Tel :
(98 21) 8834145
Fax :
(98 21) 8834671
29.
PCC U.K.
(Subsidiary of IPCC)
N.I.O.C. House
4 Victoria Street
SW1H 0NE, London
United Kingdom
Tel :
(44 20) 7799 1717
Fax :
(44 20) 7233 0024
30.
PCC Intra-chem Trading GmbH
(Subsidiary of IPCC)
GmbHSchottweg 3,22087
Hamburg, Germany
Tel :
(49 40) 227 2230
Fax :
(49 40) 223972 / 2200061
31.
PCC India
(Representative Office)
99-A, Naker Tower "F" 9th floor
Cutte Pavade, Golaho
Mumbai 700 005
Tel :
(91 22) 218 7842
Fax :
(91 22) 218 6615
32.
PCC FZE
1501-B, 15th floor
901, Kendah House, Sheikkh Zayed Road
Dubai
United Arab Emirates
Tel :(971
4) 331 1623
Fax :(971
4) 331 1697
33.
PCC China
(Representative Office)
Office No. 707
No: 10 Chao Wai Dajie
Chao Yang District
Beijing
China 100020
Tel :(8610)
6599 5439 / 6599 5123-4
Fax :(8610)
6599 5438
34.
PCC Singapore
(Subsidiary of IPCC)
78 Shenton way #08-02
Singapore 079120
Tel :(65)
2235560, 2235179
Fax :(65)
2235907
35.
Pazargad Chemical Company (PZCC)
established 1963
Production Capacity: Pazargad Chemical
Complex (Abadan)
Caustic
Soda 5,000 tonnes; Hydrochloric
Acid 5,900; Chlorine
4,400; Sodium
Hypochlorite 8,600
(Shiraz); Caustic Soda
22,000 tonnes;
Hydrochloric Acid 10,000
tonnes;
Chlorine 20,000 tonnes;
Sodium Hypochlorite
13,000 tonnes.
36.
Petrochemical Commercial Company (PCC)
(a subsidiary of IPCC)
P.O. Box 19395/4619
Tehran
Tel :
(98 21) 8301819
Fax :
(98 21) 8827312/8829109
37.
Petrochemical Commercial Transport Co. (PCTC)
(Subsidiary of IPCC)
No. 8, 4th Floor, No. 54 Karimkhan Zand
Blvd.
Tehran
Tel :
(98 21) 8810051
Fax :
(98 21) 8810053
38.
Petrochemical Downstream Industries Development
Company (Pdsid)
Owned by Industrial Development &
Renovation
Organisation (IDRO) 53% and NPC 47%
39.
Petrochemical Industries Development Management Company (PIDMCO)
No.83,Karimkhan Zand Blvd.
P.O. Box 15859-164
Tehran 15858,Iran
Tel :
(98 21) 8842455
Fax :
(98 21) 8822548 / 8829361
40.
Petrochemical Industries Investment Co. (PIIC)
No. 7, 7th Street, Ghandi Jonobei Avenue
Vanak Square
Tehran
Tel :
(98 21) 877 9961
Fax :
(98 21) 877 4277
41.
Petrochemical Investment Company (PIC)
established 1993
42.
Petrochemical Non-Basic Operations and Services Co. (NBOSC)
established 1989
43.
Petrochemical Research & Technology Company (PRTC)
44.
Puyesh Petrochemical Company
No, 12, Sarve street
South Shirazi Street Molla Sadra Street
Tehran
Tel :
(98 21) 803 9441 / 804 3022/43
Fax :
(98 21) 804 2953
45.
Rahbaran Petrochemical Company
P.O. Box 19768
Tel :
(+9821) 2706520
Fax :
(98 21) 2706521
46.
Shahid Tondguyan Petrochemical Company
No. 15, Daman Afshar Alley
Valli-Asr st. Vanak Sq.
Tehran 19697, Iran
Tel :
(98 21) 8770354
Fax :
(98 21) 8770353
47.
Tabriz Petrochemical Company (TPC)
P.O. Box 15875/6453
Tehran
Tel :
(98 21) 8737620
Fax :
(98 21) 8732502
established 1989
Production Capacity: LLDPE/HDPE 100,000
tonnes; Polystyrene
80,000 tonnes; SBR 23,000
tonnes; SBL
15,000 tonnes; Styrene
(Surplus) 14,000
tonnes; Propylene
(Surplus) 56,000 nnes.
ACTIVITIES
The
Company is involved in the following activities :
Production
and wholesale of all kinds of petrochemical products, fertilisers, chemicals such
as nitrate, ammonium etc. and refining gas for domestic use. The manufacture,
production, sale, distribution and export of commodities derived from
hydrocarbons and related materials, both organic and inorganic.
Imports
factory requirements from Germany.
Production
capacity of 825,000 tons per year.
FACILITIES
The
Company has the following facilities :
Premises
comprising as well as a factory located at the heading address as well as
branch elsewhere in Mashad. (see 'Branch Offices' below).
Subject
is planing to closed down the head office in Tehran all correspondence will
take place at the factory.
BRANCH OFFICES
Offices
No.
63, Corner Of 14th Street, Yasaman Street
Sajjad
Blvd.
91869
Mashhad
Telephone
: 0511 788041-3
Fax :
0511 713674
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |