MIRA INFORM
REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
ROWAD GLOBAL PACKAGING CO. LTD |
|
|
|
|
Registered Office : |
Al Rowad National Plastic Company Building, Al Kharj Road, 2nd Industrial City P.O. Box 29452, Riyadh 11457 |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Date of Incorporation : |
24.08.2008 |
|
|
|
|
Com. Reg. No.: |
1010255388 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers of Bi-axially oriented polypropylene (BOPP) films for printing, lamination, packaging and coating |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
SR 2,500,000 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
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) |
|
Saudi Arabia |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company NAME
Rowad Global
Packaging Co. Ltd
Company ADDRESS
Building : Al Rowad National Plastic Company Building
Street : Al Kharj Road
Area : 2nd Industrial City
P.O. Box : 29452
Town : Riyadh 11457
Country : Saudi Arabia
Telephone : (966 1) 265 1966 / 498 4289
Fax : (966 1) 265 1973 / 498 4302
E-Mail : info@alrowadplastic.com
Website : www.rowadplastic.com
Trading Style : Rowad BOPP Films
SENIOR COMPANY PERSONNEL
Name Position
1. Saleh Mohammed Al Nuzha Chairman
2. Mohammad Al Labon General Manager
3. Firoz Thanduparakkal Chief Accountant
4. Khaliq Samad Purchasing Manager
5. Mustafa Al Oraini Sales Manager
6. Ibrahim Al Aboli Purchasing Executive
Total Employees : 200
PAYMENTS
No complaints have been heard regarding payments from local suppliers
or banks.
Subject is an affiliate of National Industrialization Company - NIC
(TASNEE), a Saudi Joint Stock Company, established in 1985 to invest
in industrial projects and has a paid up capital of SR 2.33 billion.
Its majority shares held by Prince Al Waleed Bin Talal Ibn Abdulaziz
Al Saud, a member of the Saudi Royal family. It has a market
capitalization of SR 20 billion.
We consider it is acceptable to deal with subject for MEDIUM amounts.
Opinion on maximum credit : SR 2,500,000 (associations inspire
additional confidence for higher amounts
if required)
Trade risk assessment: Normal
PRINCIPAL BANKERS
NAME : THE SAUDI INVESTMENT BANK
Branch : Main Branch
P.O. Box : 3533
Town : Riyadh 11481
Telephone: (966 1) 477 8433
Fax : (966 1) 477 6781
The Company also has an account with:
1. Al Rajhi Banking and Investment Corp
Main branch
PO Box 28
Riyadh 11411
Telephone: (966 1) 405 4244
Fax : (966 1) 405 2950
2. Banque Saudi Fransi
Ma'ther Street
PO Box 56006
Riyadh 11554
Telephone: (966 1) 404 2222
Fax : (966 1) 404 2311
3. Al Riyad Bank
Main branch
PO Box 22622
Riyadh 11416
Telephone: (966 1) 401 3030
Fax : (966 1) 404 2707
4. National Commercial Bank (Al Ahli)
Al Batha
PO Box 34
Riyadh 11495
Telephone: (966 1) 402 5084
Fax : (966 1) 402 0981
FINANCIAL INFORMATION
Private companies in Saudi Arabia are not required to publish or disclose balance sheets. However, the subject interviewed offered
the following information :
Sales Turnover : SR 98,000,000 – 2009 - exact
: SR 125,000,000 – 2010 – exact *
Net Profit : not given but stated to be 10-15% of the sales
Financial year ends 31 December.
The following financial information applies to subject’s
parent company, Rowad National Plastic
Co. Ltd :
Sales Turnover : SR 143,000,000 – 2009 - exact
: SR 250,000,000 – 2010 – exact *
Net Profit
: not given but stated to be 10-15% of the sales
Invested Capital : SR 25,000,000
* A significant increase in sales turnover in 2010
was attributed to favourable market conditions and expansion of the business.
Financial year ends 31 December.
The following consolidated Balance sheet information as at 31
December 2010 applies to National Industrialization Company (Tasnee):
31/12/2010 31/12/2009 31/12/2008
(in thousands of SR)
ASSETS
Cash 2,717,614 1,108,440 800,902
Time Deposits 1,168,499 2,477,025 2,812,547
Cash & Cash
Equivalents 3,886,113 3,585,465 3,613,449
Accounts
Receivables 2,133,486 2,043,693 1,532,423
Provision for
Doubtful
Receivables (25,146) (29,772) (25,986)
Net Receivables 2,108,340 2,013,921 1,506,437
Other receivables 8,246 7,512 14,527
Current
receivables 2,116,586 2,021,433 1,520,964
Raw Material 824,272 614,606 589,784
Spare Parts 584,087 611,542 418,831
Goods in
Transit 10,127 8,264 95,158
Work in Process 329,211 259,861 216,800
Finished Goods 1,141,519 1,221,332 1,221,795
Total Inventory 2,889,216 2,715,605 2,542,368
Net Inventory 2,889,216 2,715,605 2,542,368
Advance Payments to
Suppliers 78,435 98,945 154,671
Due from Sister
Companies/Associates 1,154,520 1,018,957 343,460
Loans to employees
(under one
year) 33,082 22,349 21,058
Prepaid Expenses
ST 113,081 116,955 106,770
Other Current
Assets 349,343 287,301 176,681
Total Current
Assets 10,620,376 9,867,010 8,479,421
Land &
Buildings 1,800,754 1,672,179 1,295,699
Furniture &
Equipment 151,856 127,054 120,488
Machinery 17,539,208 16,203,980 6,122,266
Other Fixed
Assets 1,583,874 1,119,110 854,888
Accumulated
Depreciation (3,986,748) (2,884,985) (1,774,532)
Capital work in
Progress 2,096,389 2,268,160 10,590,392
Fixed Assets 19,185,333 18,505,498 17,209,201
Investment in
associates 235,498 232,002 653,884
Other Long term
Investments 346,398 253,173 217,172
Total Long term
Investments 581,896 485,175 871,016
Due From Tax Authority 484,227 400,403 237,375
Other Non-Current
Assets 281,859 212,627 227,827
Goodwill 2,471,273 2,471,273 2,429,146
License 10,684 6,261 2,796
Pre Operating
Expenses 1,110,293 1,219,475 962,589
Intangibles 3,592,250 3,697,009 3,394,531
Total Long Term
Assets 24,125,565 23,300,712 21,939,950
Total Assets 34,745,941 33,167,722
30,419,371
LIABILITIES &
SHAREHOLDERS EQUITY
Short Term Islamic
Financing 2,030,747 2,235,227 1,083,254
Current Portion of
Long Term Debt 1,384,668 891,780 542,153
Current Portion of
Long Term Lease 187,500 168,750 112,500
Accounts
Payable 797,504 982,262 966,773
Accrued
Expenses 1,026,166 724,114 602,215
Dividends
Payable 72,621 79,915 74,741
Due To Sister
Companies 15,816 407 2,300
Other Current
Liabilities 338,347 566,673 781,935
Total Current
Liabilities 5,853,369 5,649,128 4,165,871
Long Term Debt 11,353,278 12,887,659 12,976,826
Capital Lease 1,031,250 1,218,750 1,387,500
Other Long Term
Liabilities 1,267,027 1,281,712 1,455,915
Total Long-term
Liabilities 13,651,555
15,388,121 15,820,241
Total Liabilities 19,504,924 21,037,249 19,986,112
Tax Provision 112,747 103,634 60,229
Deferred Tax
Income 356,561 305,858 112,042
Deferred Income 120,839 149,272 177,705
Provision for
Employees'
Termination
Benefits 140,391 112,229 90,380
Other
Provisions 113,541 0 0
Total
Provisions 844,079 670,993 262,651
Total Liabilities
&
Provisions 20,349,003 21,708,242 20,426,468
Minority
Interest 5,135,291 3,669,728 2,643,341
Paid-up Capital 5,067,532 4,606,847 4,606,847
Share premium 1,303,244 1,763,929 1,763,929
Legal/Statutory
Reserve 496,537 349,277 297,329
Change in Fair Value
Resv.
& Translation
Adj. 126,959 33,737 0
Reserves (276,347) (529,927)
(879,579)
Due To Shareholders
\Appropriation 506,753 345,513 460,685
Retained Earnings/
Accumulated
losses 2,036,969 1,220,376 1,100,351
Total Shareholders'
Equity 9,261,647 7,789,752 7,349,562
Total Liabilities
&
Shareholders'
Equity 34,745,941 33,167,722 30,419,371
Comm. &
Contingent
Liabilities 8,727,422 9,316,099 9,919,139
INCOME STATEMENT
Gross Revenue 15,989,374 10,862,955 10,037,141
Cost of Goods
Sold (11,449,325) (7,445,644) (7,214,354)
Gross Margin 4,540,049 3,417,311 2,822,787
S.G. & A. (1,428,371) (940,400) (1,075,022)
Amortization 28,433 0 0
Depreciation
Expense (65,213) (983,122) (781,654)
Net Operating
Profit 3,074,898 1,493,789 966,111
Interest
Expense (669,938) (586,072) (522,851)
Investment
Income 24,413 94,355 76,023
Unrealized
Investment
Gain/ Loss (11,163) 0 0
Income from
Associates 18,419 22,769 43,430
Total Investment
Income 31,669 117,124 119,453
Foreign Exchange
Gain/Loss 24,645 1,869 74,807
Other Income 174,877 37,426 64,257
Minority
Interests (1,081,325) (452,717) (156,526)
Net Profit Before
Taxes/Zakat 1,554,826 611,419 545,251
Tax / Zakat
Provision (82,220) (91,933) 55,600
Net Profit After
Taxes
or Zakat 1,472,606 519,486 600,851
Net Profit After
Unusual Items 1,472,606 519,486 600,851
Financial year ends
31 December.
LEGAL STATUS AND HISTORY
Date Started : 24 August 2008 (23/08/1429 H)
C.R. No. : 1010255388 (expiry date: 01/07/2013 / 22/08/1434 H)
RCCI Membership No.: 193600
Authorized Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
Limited Liability Company with the following sole shareholder :
Percentage
1. Rowad National Plastic Co. Ltd 87.50%
Al Rowad
National Plastic Company Building
Al Kharj
Road
2nd
Industrial City
PO Box
29452
Riyadh
11457
Telephone:
(966 1) 265 1966 / 498 4289
Fax : (966 1) 265 1973 / 498 4302
E-Mail : info@alrowadplastic.com
Website : www.rowadplastic.com
Est. : 3
March 1992 (28/8/1412 H)
C.R. No.
: 1010092377 (expiry date: 18 July 2012
/ 28/8/1433 H)
RCCI Membership
No.: 39835
Capital :
SR 8,500,000
2. National Industrialization Company (Tasnee) 12.50%
New Akaria Building, Tower II, 7th Floor
Sitteen Street
Malaz Area
PO Box 26707
Riyadh 11496
Telephone: (966 1) 476 7166 / 476 6878 / 476 6885 / 476 6694
Fax : (966 1) 477 0898
Email : info@tasnee.com
Website : www.tasnee.com
Affiliated companies of Rowad Global Packaging Co. Ltd :
Subsidiaries
1. Rowad International Geosynthetics Co. (Rowad Geo) 70.00%
Rowad International Geosynthetics Co. Building
Kharj Road, Street No. 10
2nd Industrial Area
PO Box 29452
Riyadh 11457
Telephone: (966 1) 265 1966
Fax : (966 4) 265 1973
2. Rowad International Industrial Membranes Company 70.00%
2nd Industrial City-Riyadh
PO Box 29452
Riyadh 11457
Telephone: (966 1) 265 1966
Fax : (966 1) 265 1973
Associates of National Industrialization Company (Tasnee) :
Subsidiaries/Associates
1. National Gulf Company for Petrochemicals Technology 100.00%
Jubail
Saudi Arabia
2. National Industrialization Petrochmicals Marketing (Tasnee-
Marketing) 100.00%
Jubail
Saudi Arabia
3. Tasnee Petrochemicals Company 100.00%
Jubail
Saudi Arabia
4. National Batteries Co. (BATTARIAT) 80.00%
PO Box 177
Riyadh 11383
Telephone: (966 1) 265 0019 / 265 0038
(Car Batteries
Production Capacity: 500,000 Batteries)
5. Saudi Polyolefins Company 75.00%
SPC Building
Road 183, corner 218
Jubail Industrial City
PO Box 35579
Jubail 31961
Telephone: (966 3) 358 2000 / 341 5525 / 359 9363 / 359 9569
Fax : (966 3) 358 2500
6. National Lead Smelting Co. (RASASS) 74.90%
PO Box 43169
Riyadh 11561
Telephone: (966 1) 265 1293 / 265 1306
Fax : (966 1) 265 2223
(Lead 18,000 Ton, Polypropylene 2,300 Tons,
Sodium Sulphates 2,800 Ton.)
7. The National Titanium Dioxide Company 66.00%
PO Box 13586
Jeddah 21414
Telephone: (966 2) 652 9966 / 651 9883 / 653-0104
Fax : (966 2) 652 9933
E-Mail : info@cristalglobal.com
Website : www.cristalglobal.com
8. National Operation & Industrial Services Co. (KHADAMAT) 61.66%
PO Box 86868
Riyadh 11632
Telephone: (966 1) 476 2800
Fax : (966 1) 476 0088
9. Tasnee and Sahara Olefins Company 60.45%
PO Box 26707
Riyadh 11496
Telephone: (966 1) 476 7166
Fax : (966 1) 477 0898
E-Mail : info@tasnee.com
10. National Inspection & Technical Testing Co. Ltd. (FAHSS) 57.94%
Test operation, fine lighting system, safety and security
system, cranes and elevating system, calibration & x-ray
PO Box 3998
Dammam 31481
Telephone: (966 3) 828 1835 / 828 1937
Fax : (966 3) 828 1267
11. TUV - Middle East 57.94%
PO Box 46030
Abu Dhabi
UAE
Telephone: (971 2) 447 8500
Fax : (971 2) 447 8600
E-Mail : abudhabi@tuv-nord.com
12. National Packing Products Company Ltd. (WATAN PAC) 42.60%
PO Box 25817
Riyadh 11476
Telephone: (966 1) 265 2211
Fax : (966 1) 265 2483
(Corrugated cartonnes boxes
Production Capacity: 60,000 Tonnes)
13. National Metal Manufacturing & Casting Co. (MAADANIAH) 35.40%
PO Box 10882
Jubail 31961
Telephone: (966 3) 358 8000
Fax : (966 3) 358 3831
(Steel Wire - Cable Wire - Springs Wire - Nails - Screws.
Production Capacity: 33,000 Ton)
14. National Environmental Preservation Company 32.33%
P.O. Box 10628
Jubail l 31961
Telephone: (966 3) 358 8008
Fax : (966 3) 358 8584
E-Mail : info@beeah.com
Website : www.beeah.com
15. Saudi Acrylic Monomers Company 20.00%
Jubail
Saudi Arabia
ACTIVITIES
The Company is involved in the following activities :
Manufacturers of Bi-axially oriented polypropylene (BOPP) films for printing, lamination, packaging and coating.
Subject also has a packaging division.
Major Products:
- Polycarbonate Sheets
- Acrylic Sheets
- ABS Sheets
- Polystyrene Sheets
- Polypropylene Recycling
- Car Battery cases
- Paint Pails
The company also has a section for Polypropylene (PP) Recycling.
NACE Code : 2016 / 2222 / 2229
Imports from Europe and China.
Exports to Middle East and the GCC countries.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices and a manufacturing unit with integrated warehousing facilities located at the heading address as well as one branch office located elsewhere in Dammam (see "Branch Offices" section below).
BRANCH OFFICES
Dammam
1st Industrial Area
PO Box 14164
Dammam 31424
Telephone: (966 3) 802 5560
Fax : (966 3) 802 5560
Sub C.R. No, 2050071650
SPECIAL NOTE
Interviewed: Firoz Thanduparakkal (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
|
1 |
Rs.7208 |
|
Euro |
1 |
Rs.63.66 |
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.