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MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL PAPER COMPANY LTD (NAPCO) |
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Registered Office : |
Street
No. 404, Industrial Estate, Phase 4, PO Box: 30263, Jeddah 21477, Saudi
Arabia. |
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Country : |
Saudi
Arabia |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
4030051828, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged
in the production of baby nappies, napkins, toilet rolls, facial tissues,
table napkins, tissue paper and cellulose wadding, printing, drawing and
writing paper, paper and paper rolls for technical use, aluminium foils,
disposable tissue items for hospital usage, flexible packaging and
polyethylene products. |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
NATIONAL PAPER COMPANY LTD (NAPCO) |
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Country
of Origin |
Saudi Arabia |
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Legal
Form |
Limited Liability Partnership |
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Registration
Date |
1986 |
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Commercial
Registration Number |
4030051828, Jeddah |
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Issued
Capital |
SR 28,000,000 |
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Paid
up Capital |
SR 28,000,000 |
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Total
Workforce |
250 |
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Line
of Business |
Manufacture of a paper related products |
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Financial
Condition |
Good |
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Payments |
Prompt |
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Operating
Trend |
Steady |
COMPANY NAME
NATIONAL
PAPER COMPANY LTD (NAPCO)
ADDRESS
Registered & Physical Address
Street : Street No. 404
Area : Industrial Estate, Phase 4
PO Box : 30263
Town : Jeddah 21477
Country : Saudi Arabia
Telephone : (966-2) 6370757
Facsimile : (966-2) 6374886
Email : napco@npcl.com
Premises
Subject
operates from a large suite of offices, a factory and storage facilities that
are owned and located in the Industrial Area of Jeddah.
Branch Office (s)
Location Description
· Prince Salman Street (Street No.
305), Exit 17 Rented
distribution centre
Riyadh Industrial Area, Phase III
PO Box : 827
Riyadh 11421
Tel : (966-1) 2412087
Fax : (966-1) 2412098
Email : npcl@zajil.net
KEY PRINCIPALS
· Hussein Abdul Latif Mohamed
Hussein Abdul Latif President
· Fawzi Tansa Seif Vice
President
· Antoun Machoul General
Manager
· Ghassan Tawilah Commercial
Manager
· Tony Makroul Deputy
General Manager
· Edmond Karim Plant
Manager
· Maroun Gosson Finance
Manager
· Abdullatif Marwan Production
Manager
· Emile B. Koyess Sales
Marketing Manager
LEGAL FORM & OWNERS
Date of Establishment : 1986
History : Subject was originally established in 1986
as a Limited Liability
Partnership between the following
partners :
-
United Commercial Investment Co
- Al
Moaibed Group
-
Georges Nematallah Frem
-
Fawzi Tansa Seif
-
Yousuf Mawad
-
Jamal Al Moaibed
In December 1994, Fawzi Tansa Seif, Yousuf
Mawad and Jamal Al
Moaibed fully withdrew from the
business after assigning all their
shares (by sale) to two new
Saudi partners, namely Abdul Muhsen
Abdullah Al Mutlaq and Mutlaq
Abdullah Al Mutlaq.
Subsequently, subject was re-registered with
the Jeddah Notary
Public under the new ownership
as a Limited Liability Partnership.
Legal Form : Sharikat Tadhamun Bill Asshum (Limited Liability Partnership)
Commercial Reg. No. : 4030051828, Jeddah
Membership No. : 24266
Issued
Capital : SR 28,000,000
Paid
up Capital : SR 28,000,000
Name of Partner (s) Percentage
· Al Moaibed Group Ltd 30
%
PO Box : 1040
Dammam 31431
Saudi Arabia
· Georges Nematallah Frem 30
%
· United Commercial Investments
Company 20
%
PO Box : 7170
Riyadh 11462
Saudi Arabia
· Abdul Muhsen Abdullah Al Mutlaq 10
%
· Mutlaq Abdullah Al Mutlaq 10
%
Notes to the legal Form
A Limited Liability Partnership is a private entity formed by two or more partners who are liable for company debts to the extent of their contributed capital. A maximum of 50 partners are allowed in such a company. The total share capital must be SR 500,000 or more, divided into non-negotiable shares of equal value. The company may not include in its objects the conduct of banking, insurance or savings.
AFFILIATED COMPANIES
· Sanita Paper & Plastic
Products Sarl (Sanita)
Halat Main Street
Halat
PO Box : 112354
Beirut
Lebanon
Tel :
(961-9) 947148 / 957002 / 940337 / 947149
Fax :
(961-1) 880602
· Unipak Sal
Halat
Main Street
Halat
PO Box : 226308
Beirut
Lebanon
Tel :
(961-9) 957001 / 880701 / 947114
Fax :
(961-1) 914922
· Napco Consumer Products Co
First Industrial City
PO Box : 214
Dammam 31411
Saudi Arabia
Tel :
(966-3) 8571222
Fax :
(966-3) 8571918
· Badypak Limited
Dammam – Al Khobar Highway
Industrial Area
Dammam 31411
Saudi Arabia
Tel :
(966-3) 8573256
C.R.No. 2050009725
· United Packaging Company Ltd
First
Industrial City
PO Box : 4711
Dammam 31412
Saudi Arabia
Tel :
(966-3) 8575275
C.R.No. 2050007318
· Safaripak Ltd
Jeddah Industrial Zone
PO Box : 4270
Jeddah 21482
Saudi Arabia
Tel :
(966-2) 6362087
C.R.No. 4030007391
· National Paper Products Co
Dammam Old Industrial Estate
PO Box : 538
Dammam 31421
Saudi Arabia
Tel :
(966-3) 8578685
C.R.No. 2050000435
· Carlton Al Moaibed Hotel
Dammam – Al Khobar Highway
PO Box : 1235
Dammam 31452
Saudi Arabia
Tel :
(966-3) 8575455
C.R.No. 2050004543
· Napco Modern Plastics Products
Company
First Industrial City
PO Box : 206
Dammam 31411
Saudi Arabia
Tel : (966-3) 8578685 / 8576688 / 8579276 / 8571222
Fax : (966-3) 8574620 / 8571918
· Eastern Company for Carton
Industry
Dammam
Saudi Arabia
LINE OF BUSINESS
Operations
: Engaged in the
production of baby nappies, napkins, toilet rolls, facial tissues, table
napkins, tissue paper and cellulose wadding, printing, drawing and writing
paper, paper and paper rolls for technical use, aluminium foils, disposable
tissue items for hospital usage, flexible packaging and polyethylene products.
Import
Countries : The
United Kingdom, Germany, France and Italy.
Brand
Names : FAM CLUB PAPITA TENDREY
SANITA WOW SOFTEX NAPCO
DREAMS FAIR FAMILY
Operating
Trend : Steady
Subject
has a workforce of approximately 250 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Saudi Riyals (SR)
Year
Ending 31/12/04: Year
Ending 31/12/05:
Total
Revenue SR
153,750,000 SR 158,920,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
Al
Bank Al Saudi Al Fransi
Al Sharafiya Branch
Medina Road
PO Box : 7888
Jeddah 21472
Tel : (966-2) 6605863
·
National
Commercial Bank
King Abdul Aziz Street
PO Box : 3555
Jeddah 21481
Tel : (966-2) 6446644
PAYMENT HISTORY
Subject’s
payment record is reported to be met in a generally prompt manner.
Date of
transaction March 2001 February 2002
Credit
amount 250,000 200,000
Amount
overdue 0 0
Payment
terms 90 days 60 days
Payment
Method Letters of Credit Letters of Credit
Paying
record Prompt Prompt
Currency Deutsch
Marks Euros
GENERAL COMMENTS
National
Paper Company Ltd (NAPCO) has been in business for 20 years and is engaged in
the manufacture of a wide range of paper related products. It has gained an
enviable reputation for the quality of its products and deals with several well
known international suppliers.
According
to local sources subject’s financial position is described as healthy and
profitable with nothing detrimental reported regarding the manner in which
payment obligations are fulfilled. As such the business is considered to be a
fair trade risk.
RATING EXPLANATIONS
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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