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MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
NAPCO RIYADH
PAPER PRODUCTS COMPANY LTD (NRPC) |
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Registered Office : |
Prince Salman
Street (Street No. 305), Exit 17, Riyadh Industrial Area, Phase III, P O Box
827, Riyadh 11421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
1010168675, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
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 : |
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$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : NAPCO RIYADH PAPER PRODUCTS COMPANY LTD (NRPC)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Start Date : 1986
Registration Date : 2002
Commercial Registration Number : 1010168675, Riyadh
Membership Number : 113351
Issued Capital : SR 24,000,000
Paid up Capital : SR 24,000,000
Total Workforce : 350
Line of Business : Manufacture of paper products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NAPCO RIYADH PAPER
PRODUCTS COMPANY LTD (NRPC)
ADDRESS
Registered & Physical Address
Street : Prince Salman Street (Street
No. 305), Exit 17
Area : Riyadh Industrial Area, Phase
III
PO Box : 827
Town : Riyadh 11421
Country : Saudi Arabia
Telephone : (966-1) 2650155 / 2412087 / 2415283
Facsimile : (966-1) 2650223 / 2412098
Email : napcoriyadh@napcogroup.com
Premises
Subject operates
from a large suite of offices, a factory and distribution centre that are owned
and located in the Industrial Area of Riyadh.
KEY PRINCIPALS
·
Tariq Al
Mutlaq President
·
Joseph Akaleen Factory
Manager
·
Pierre Tanious Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2002
History : Subject was originally established in 1986
as a branch of National Paper Company Ltd
(Napco) which is a Jeddah registered and based company.
However during 2002, subject
became an autonomous legal entity as a result of the
Napco Group’s restructuring
programme.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010168675,
Riyadh
Membership No. :
113351
Issued Capital : SR 24,000,000
Paid up Capital : SR 24,000,000
Name of Partner (s)
·
Al Moaibed
Group Ltd
PO Box : 1040
Dammam 31431
Saudi Arabia
·
Georges Nematallah
Frem
·
United
Commercial Investments Company
PO Box : 7170
Riyadh 11462
Saudi Arabia
·
Abdul Muhsen
Abdullah Al Mutlaq
·
Mutlaq
Abdullah Al Mutlaq
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
Subject is a member of the Napco Group of Companies, which began
activities in 1956 and has since grown into a SR1 billion operation.
The Napco Group of Companies consists of the following concerns:
·
Easternpak
2nd
Industrial City, Street No. 135
PO Box : 9942
Dammam 31423
Tel : (966-3) 8121341
Fax : (966-3) 8121305
E-mail : info@napcoeasternpak.com
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Multipak
Industrial
Area Phase 4, Street 407
PO Box : 32826
Jeddah 21438
Tel : (966-2) 6081118
Fax : (966-2) 6081063
E-mail: info@napcomultipak.com
· Napco Composite Packaging
Technology (Compact)
2nd
Industrial City, Street 133
PO Box : 31646
Al Khobar 31952
Tel : (966-3) 8121244
Fax : (966-3) 8121322
Email : info@napcocompact.com
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National
Consumer Products Company (NCPC)
First Industrial City, 6th Street
PO Box : 214
Dammam 31421
Tel : (966-3) 8471914 / 8473111
Fax : (966-3) 8471918
Email : info@napcoconsumer.com
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Napco Modern
Plastic Products Company (NMPPC)
Dammam-Al Khobar Road
First Industrial City
PO Box : 206
Dammam 31411
Saudi Arabia
Tel : (966-3) 8473040
Fax : (966-3) 8471484
Email : info@napcomodern.com
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National
Paper Company Ltd (NPCL)
Industrial City Phase 4, Street 404
PO Box : 30263
Jeddah 21477
Tel : (966-2) 6370757
Fax : (966-2) 6374886
Email : info@napcoconsumer.com
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National Paper
Products Company (NPPC)
Ibn Sina Road
1st Industrial City
PO Box : 538
Dammam 31421
Tel : (966-3) 8473111 / 8471617
Fax : (966-3) 8471435
Email : info@napcopaper.com
· United Plastic Products Company
(UPPC)
Industrial City Phase 4, Street 405
PO Box : 32859
Jeddah 21438
Tel : (966-2) 6380885
Fax : (966-2) 6380825
Email : info@napcounited.com
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 350 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 50,000,000 SR 61,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Al Bank Al
Saudi Al Fransi
Mather Road
PO Box : 56006
Riyadh 11554
Tel : (966-1) 4042222
Fax : (966-1) 4042311
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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.
Date of transaction January 2003
Credit amount 200,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Napco Riyadh Paper
Products Company Ltd (NRPC) was registered as a separate legal entity during 2002,
having previously been a branch of the Jeddah based, National Paper Company Ltd
(Napco).
The company is run
in a professional manner and is a member of the well known Napco Group of
Companies, which has interests in a number of companies throughout the Kingdom.
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$ 1,000,000
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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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%)