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MIRA
INFORM REPORT
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Report Date : |
11.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GULF FARABI PETROCHEMICAL COMPANY LIMITED (GFPC) |
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Registered Office : |
Jubail Industrial
City, P O Box 11763, Jubail 31961 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
October 2001 |
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Com. Reg. No.: |
2055005152, Jubail |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Manufacturer of
normal Paraffin and Linear Alkyl Benzene |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : GULF FARABI PETROCHEMICAL COMPANY
LIMITED (GFPC)
Country of Origin : Saudi
Arabia
Legal Form : Limited
Liability Partnership
Registration Date : October
2001
Commercial
Registration Number :
2055005152, Jubail
Chamber Membership
Number : 5067
Issued Capital : SR
1,200,000,000
Paid up Capital : SR
1,200,000,000
Total Workforce : 150
Activities :
Manufacture of normal Paraffin and Linear Alkyl Benzene
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 1,000,000
COMPANY NAME
GULF FARABI PETROCHEMICAL
COMPANY LIMITED (GFPC)
ADDRESS
Registered & Physical Address
Location : Jubail Industrial City
PO Box : 11763
Town : Jubail 31961
Country : Saudi Arabia
Telephone : (966-3) 3580803 / 3411841 / 3401070
Facsimile : (966-3) 3580820 / 3580819 / 3580824
/ 3418824
Email : mktg@gulffarabi.com
Premises
Subject operates
from a large suite of offices and a production plant that are owned and located
in the Industrial Area of Jubail.
KEY PRINCIPALS
Name Position
Mohamed Ibrahim Al
Bibi President
Mohamed Abdulrahman
Al Zuraikh General
Manager
Ahmed Al Shamrany Operations
Manager
LEGAL FORM & OWNERS
Date of
Establishment : October 2001
Legal Form : Limited Liability Partnership
Commercial Reg.
No. : 2055005152, Jubail
Chamber Member
No. : 5067
Issued Capital : SR 1,200,000,000
Paid up Capital : SR 1,200,000,000
Name of Partner (s)
Mada Investment
Company for Industry & Trade
Prince Sultan Bin
Mohammed Bin Saud Al Kabeer
Al Fozan Holding
Company
Sara Development
Sheikh Saleh Nasser
A Al Sorayai
Muhammed &
Abdullah Al Subeaei Investment Company
Sheikh Omar Kassim
Alesayi
OPERATIONS
Activities: Engaged in the manufacture of 120,000 MT of normal
Paraffin and 70,000 MT of Linear Alkyl Benzene.
Import Countries: Europe and GCC countries
Subject has a
workforce of approximately 150 employees.
FINANCIAL DATA
Companies registered
in Saudi Arabia are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
BANKERS
Al Rajhi Banking
& Investment Corporation
Al Amir Mohamed
Street
PO Box : 1362
Al Khobar 31952
Tel : (966-3)
8640019 / 8641234 / 8649468
Fax : (966-3)
8649482
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Gulf Farabi
Petrochemical Company Limited (GFPC) was incorporated in October 2001 and is engaged
in the manufacture of normal Paraffin and Linear Alkyl Benzene.
The company enjoys
the full support of its shareholders and as such is deemed a sound trade risk
and reliable for respecting its financial obligations.
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. |
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%)