MIRA INFORM
REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED PETROCHEMICAL COMPANY |
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Registered Office : |
Industrial City
No. 2, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.10.2005 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturers of propylene and polypropylene |
RATING & COMMENTS
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MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : ADVANCED PETROCHEMICAL COMPANY
Country of Origin :
Legal Form : Joint Stock Company
Registration Date : 1st October 2005
Issued Capital : SR 1,413,750,000
Paid up Capital : SR 1,413,750,000
Total Workforce : 1,300
Activities : Manufacturers of propylene and polypropylene.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
ADVANCED
PETROCHEMICAL COMPANY
company ADDRESS
Registered & Physical Address
Location : Industrial City No. 2
PO Box : 11022
Town : Jubail 31961
Country :
Telephone : (966-3) 3566061 / 3566000
Facsimile : (966-3) 3566065 / 3592000
Email : info@advancedpetrochem.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Jubail.
KEY PRINCIPALS
Name Position
·
Khalifa
Abdullatif Al Mulhem Chairman
·
Abdulla
Abdul Rahman Alobikan Director
·
Ahmed
Sulaiman Al Rajhi Director
·
Abdul
Rahman Ali Al Garawi Director
·
Khaled
Suleiman Al Rawaff Director
·
Waleed
Mohamed Al Jaafari Director
·
Khalid
Nasser Al Muammar Director
·
Abdulaziz
Abdullah Al Molhem Director
·
Abdulaziz
Abdullah Al Rashed Director
·
Abdullah
Mogbil Al Garawi General
Manager
·
Fahad A
Al Mishal Finance
Manager
·
Eric
Leys Technical
Manager
·
Fahad S
Al Matrafi Operations
Manager
LEGAL FORM & OWNERS
Date of Establishment : 27/08/1426
Hijri (corresponding to 1st October 2005)
Legal Form :
Joint Stock Company
Issued Capital : SR 1,413,750,000
Paid up Capital : SR 1,413,750,000
Name of Shareholder
(s) Percentage
·
Polypropoline
Co Ltd 7.9%
·
General
Organization for Social Security 5.3%
·
Local
businessmen and private investors 86.8%
OPERATIONS
Activities: Engaged in the manufacture of propylene and
polypropylene.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 1,300 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR 000’s)
Balance Sheet 31/12/08
31/12/09 31/12/10
|
Current Assets |
775,839 |
833,166 |
654,058 |
|
Inventory |
0 |
0 |
165,910 |
|
Investments |
0 |
0 |
0 |
|
Fixed Assets |
2,642,973 |
2,497,900 |
2,418,667 |
|
Other Assets |
88,181 |
82,736 |
125,873 |
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Total Assets |
3,506,993 |
3,413,802 |
3,364,508 |
|
Current Liabilities |
484,179 |
496,057 |
537,191 |
|
Non-Current Liabilities |
1,405,368 |
1,247,362 |
1,016,008 |
|
Other Liabilities |
0 |
0 |
0 |
|
Shareholder's Equity |
1,617,446 |
1,670,383 |
1,811,309 |
|
Total Liabilities & Shareholders’ Equity |
3,506,993 |
3,413,802 |
3,364,508 |
Income
Statement
|
Sales |
1,459,176 |
1,466,828 |
2,030,960 |
|
Sales Cost |
1,179,655 |
1,248,900 |
1,635,461 |
|
Total Income |
279,521 |
217,928 |
395,499 |
|
Other Revenues |
4,399 |
2,015 |
2,378 |
|
Total Revenues |
283,920 |
219,943 |
397,877 |
|
Admin and Marketing Expenses |
25,427 |
44,990 |
37,327 |
|
Depreciation |
0 |
0 |
0 |
|
Other Expenses |
48,344 |
47,829 |
32,233 |
|
Total Expenses |
73,771 |
92,819 |
69,560 |
|
Net Income Before Zakat |
210,149 |
127,124 |
328,317 |
|
Zakat |
0 |
0 |
0 |
|
Net Income |
210,149 |
127,124 |
328,317 |
Local sources consider
subject’s financial condition to be Good.
BANKERS
·
National
Commercial Bank
PO Box: 58
Jubail 51951
Tel: (966-3) 3612896
Fax: (966-3) 3611750
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.