MIRA INFORM REPORT
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Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
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Name : |
FARABI PETROCHEMICALS |
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Formerly Known As : |
Gulf Farabi Petrochemical Company Ltd |
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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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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.03.2002 |
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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 : |
Manufacture of normal Paraffin and Linear Alkyl Benzene |
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No. of Employees
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170 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 2,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Saudi Arabia
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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 : FARABI PETROCHEMICALS
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 26th March 2002
Commercial Registration Number : 2055005152, Jubail
Chamber Membership Number : 50076
Issued Capital : SR 500,000,000
Paid up Capital : SR 500,000,000
Total Workforce : 170
Activities : Manufacture of normal Paraffin and Linear Alkyl Benzene
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,500,000
Person Interviewed : Abdullah S Al Shareef, General Manager
COMPANY NAME
FARABI PETROCHEMICALS
company ADDRESS
Registered &
Physical Address
Location : Jubail Industrial City
PO Box : 11763
Town : Jubail 31961
Country : Saudi Arabia
Telephone : (966-3) 3565012 / 3565000
Facsimile : (966-3) 3565010 / 3565008
Email : info@gulffarabi.com / info@farabi.pc.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
·
Abdullah S Al Shareef General
Manager
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Sulaiman
K Al Homaidan Purchasing
Manager
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Abdulrahman
Z Al Garni Human
Resources Manager
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Mounaguru
Samy Periyanayaham Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 12/01/1423
Hijri (corresponding to 26th March 2002)
History :
Subject was originally
established in 2002 under the name of “Gulf Farabi Petrochemical Company Ltd”,
however in September 2010 it changed its name to the current style of “Farabi Petrochemicals”.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2055005152,
Jubail
Chamber Member No. : 50076
Issued Capital : SR 500,000,000
Paid up Capital : SR 500,000,000
Name of Partner
(s)
·
Mada
Investment Company for Industry & Trade
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Prince
Sultan Bin Mohammed Bin Saud Al Kabeer
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Al
Fozan Holding Company
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Sara
Development
·
Sheikh Saleh
Nasser A Al Sorayai
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Muhammed
& Abdullah Al Subeaei Investment Company
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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.
Subject is currently undertaking plans to expand its Linear Alkyl Benzene Plant in Jubail. In September 2010 Foster Wheeler was awarded the PMC contract. The contract includes the preparation and issue of the ITB for the engineering, procurement and construction management (EPCM) contract, EPCM bid evaluations, preparation of the EPCM contract and support to Gulf Farabi during the engineering and procurement phase of the project. The project is scheduled for completion in 2011.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of approximately 170 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales SR 1,200,000,000 SR
1,280,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Abdullah S Al Shareef, General Manager
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.36 |
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UK Pound |
1 |
Rs.82.51 |
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Euro |
1 |
Rs.68.99 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.