MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ROWAD NATIONAL PLASTIC COMPANY LIMITED |
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Registered Office : |
Al
Kharj Road, Second Industrial City, PO Box: 29452, Riyadh 11457, Saudi
Arabia. |
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Country : |
Saudi
Arabia |
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Date of Incorporation : |
02.03.1992 |
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Legal Form : |
Limited
Liability Partnership |
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Line of Business : |
Engaged in the manufacture of plastic sheets, including PC
(Polycarbonate) sheets, PMMA (Polymethyl Melhocrylete sheets, ABS (Acrylic
Nitrile Butidoine Slyrene) sheets, and HIPS (High Impact Polysterene) sheets,
as well as injection moulding. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
750,000 |
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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 |
ROWAD NATIONAL PLASTIC COMPANY LIMITED |
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Country
of Origin |
Saudi Arabia |
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Legal
Form |
Limited Liability Partnership |
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Registration
Date |
2nd March 1992) |
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Issued
Capital |
SR 10,000,000 |
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Paid
up Capital |
SR 10,000,000 |
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Total
Workforce |
300 |
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Line
of Business |
Manufacture of plastic sheets & injection moulding. |
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Financial
Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
ROWAD
NATIONAL PLASTIC COMPANY LIMITED
ADDRESS
Registered & Physical Address
Street : Al Kharj Road
Area : Second Industrial City
PO Box : 29452
Town : Riyadh 11457
Country : Saudi Arabia
Telephone : (966-1) 2651966
Facsimile : (966-1) 2651973
Email : info@alrowad.biz
Premises
Subject
operates from a large suite of offices and a factory that are owned and located
in the Industrial Area of Riyadh.
Branch Office (s)
Location Description
· 2nd Industrial City Owned
factory premises
PO Box 14164
Dammam 31424
Tel : (966-3) 8121360 / 8121828
Fax : (966-3) 8121759
KEY PRINCIPALS
· Moayyed Al Qurtas Chairman
· Mohamed Al Laabon General
Manager
· Ashraf Shah Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 28/08/1412 Hijri (Corresponding to 2nd March 1992)
Legal Form : Limited Liability Partnership
Issued
Capital : SR 10,000,000
Paid
up Capital : SR 10,000,000
Name of Partner (s) Percentage
· National Industrialisation
Company 99.91%
· World Wide Industrial Advancement
Co 0.09%
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.
LINE OF BUSINESS
Operations: Engaged
in the manufacture of plastic sheets, including PC (Polycarbonate) sheets, PMMA
(Polymethyl Melhocrylete sheets, ABS (Acrylic Nitrile Butidoine Slyrene)
sheets, and HIPS (High Impact Polysterene) sheets, as well as injection
moulding.
Production
Capacity: 40,000
tonnes per annum
Import
Countries:
Japan, Malaysia and Europe.
Operating
Trend: Steady
Subject
has a workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency:
Saudi Riyals (SR)
Year
Ending 31/12/05: Year
Ending 31/12/06
Total
Revenue SR 80,000,000 SR 120,000,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
National
Commercial Bank
Airport Road
PO Box : 2800
Riyadh 11461
Tel : (966-1) 4772281
Fax : (966-1) 4730322
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1992, Rowad National Plastic Company Limited has become a leading concern in
its field, specialising in the manufacture of plastic
sheets and injection moulding.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled. The operating history is
clear and the financial situation is satisfactory. As such we are of the
opinion that the subject is a fair trade risk.
Maximum
suggested credit figure: US$ 750,000
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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