MIRA INFORM REPORT

Report Date :

01.06.2011

IDENTIFICATION DETAILS

Name :	NAPCO CONSUMER PRODUCTS CO

Registered Office :	Dammam – Al Khobar Highway, 6^th Street, First Industrial City, P O Box 214, Dammam 31411

Country :	Saudi Arabia

Financials (as on) :	31.12.2010

Date of Incorporation :	04.02.1993

Com. Reg. No.:	2050024797, Dammam

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacture of various consumer products and confectionery snacks, as well as tissue products, sanitary napkins and a variety of bags.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 1,500,000

Status :	Good

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Saudi Arabia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

SUMMARY

Company Name : NAPCO CONSUMER PRODUCTS CO

Country of Origin : Saudi Arabia

Legal Form : Limited Liability Partnership

Registration Date : 4^th February 1993

Commercial Registration Number : 2050024797, Dammam

Chamber Membership Number : 265

Issued Capital : SR 20,000,000

Paid up Capital : SR 20,000,000

Total Workforce : 500

Activities : Manufacture of various consumer products and confectionery snacks,

as well as tissue products, sanitary napkins and a variety of bags.

Financial Condition : Good

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Recommended Credit Limit : US$ 1,500,000

Person Interviewed : Hadi Khadig, Financial Controller

COMPANY NAME

NAPCO CONSUMER PRODUCTS CO

company ADDRESS

Registered & Physical Address

Street : Dammam – Al Khobar Highway, 6^th Street

Area : First Industrial City

PO Box : 214

Town : Dammam 31411

Country : Saudi Arabia

Telephone : (966-3) 8571222 / 8473111

Facsimile : (966-3) 8571918 / 8471918

Email : ncpc@napcogroup.com / info@napco.com.sa

Premises

Subject operates from a medium sized suite of offices, a factory and storage facilities that are owned and located in the Industrial Area of Dammam.

Branch Office (s)

Location Description

· Alhasa Rented warehouse premises

· Riyadh Rented warehouse premises

KEY PRINCIPALS

Name Position

· Hussein Abdul Latif Mohamed Hussein Abdul Latif Managing Partner

· Jamal Abdul Rahman Al Moaibed Partner

· Georges Nematallah Frem Partner

· Abdul Muhsen Abdullah Al Mutlaq Partner

· Mutlaq Abdullah Al Mutlaq Partner

· Peter Hatim General Manager

· John Sulaiman Commercial Manager

· Elias Mai El Faran Finance Manager

· Hadi Khadig Financial Controller

· Christophe Moeuwad Production Manager

LEGAL FORM & OWNERS

Date of Establishment : 12/08/1413 Hijri (corresponding to 4^th February 1993)

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 2050024797, Dammam

Chamber Member No. : 265

Issued Capital : SR 20,000,000

Paid up Capital : SR 20,000,000

Name of Partner (s) Percentage

· Al Moaibed Group Ltd 30%

PO Box: 1040

Dammam 31431

Saudi Arabia

· Georges Nematallah Frem 30%

· United Commercial Investments Company 20%

PO Box: 7170

Riyadh 11462

Saudi Arabia

· Abdul Muhsen Abdullah Al Mutlaq 10%

· Mutlaq Abdullah Al Mutlaq 10%

AFFILIATED COMPANIES

· Sanita Paper & Plastic Products Sarl (Sanita)

Halat Main Street

Halat

PO Box: 112354

Beirut

Lebanon

Tel: (961-9) 947148 / 957002 / 940337 / 947149

Fax: (961-1) 880602

· Unipak Sal

Halat Main Street

Halat

PO Box: 226308

Beirut

Lebanon

Tel: (961-9) 957001 / 880701 / 947114

Fax: (961-1) 914922

· National Paper Company Ltd (NAPCO)

Street No. 404

Industrial Estate, Phase 4

PO Box: 30263

Jeddah 21477

Saudi Arabia

Tel: (966-2) 6370757

Fax: (966-2) 6374886

· Badypak Limited

Dammam – Al Khobar Highway

Industrial Area

Dammam 31411

Saudi Arabia

Tel: (966-3) 8573256

C.R.No. 2050009725

· United Packaging Company Ltd

First Industrial City

PO Box: 4711

Dammam 31412

Saudi Arabia

Tel: (966-3) 8575275

C.R.No. 2050007318

· Safaripak Ltd

Jeddah Industrial Zone

PO Box: 4270

Jeddah 21482

Saudi Arabia

Tel: (966-2) 6362087

C.R.No. 4030007391

· National Paper Products Co

Dammam Old Industrial Estate

PO Box: 538

Dammam 31421

Saudi Arabia

Tel: (966-3) 8578685

C.R.No. 2050000435

· Carlton Al Moaibed Hotel

Dammam – Al Khobar Highway

PO Box: 1235

Dammam 31452

Saudi Arabia

Tel: (966-3) 8575455

C.R.No. 2050004543

· Napco Modern Plastics Products Company

First Industrial City

PO Box: 206

Dammam 31411

Saudi Arabia

Tel: (966-3) 8578685 / 8576688 / 8579276 / 8571222

Fax: (966-3) 8574620 / 8571918

· Eastern Company for Carton Industry

Dammam

Saudi Arabia

OPERATIONS

Activities: Engaged in the manufacture of various consumer products and confectionery snacks, tissue products, sanitary napkins, paper bags, aluminium foil and cling film, baby diapers, trash bags, food stock bags and sandwich bags.

Major Product Lines

Aluminium foil for catering and household use

Nappies

Liquid soap

Medical clinic sheets

Disposable plastic bags

Medical underpads

Tissues

Paper cups

Cling film

Table covers

Cotton disposables

Toilet seat covers

Sanitary towels

Wet wipes

Import Countries: United States of America and Europe.

Clients:

· New National Marketing & Trading LLC, Dubai, United Arab Emirates

Export Countries: United Arab Emirates

Brand Names: SANITA, FAM, DREAMS, BAMBI and CLUB

Operating Trend: Steady

Subject has a workforce of approximately 500 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 293,645,000 SR 300,000,000

Local sources consider subject’s financial condition to be Good.

The above figures were provided by Mr Hadi Khadig, Financial Controller

BANKERS

· Saudi American Bank

PO Box: 3113

Dammam 31471

Tel: (966-3) 8337171

· National Commercial Bank

PO Box: 13

Dammam 31411

Tel: (966-3) 8331188

Fax: (966-3) 8336058

· Arab National Bank (ANB)

King Street

PO Box: 18

Dammam 31411

Tel: (966-3) 8323440

Fax: (966-3) 8337829

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

Date of transaction March 2001 February 2002

Credit amount 250,000 200,000

Amount overdue 0 0

Payment terms 60 days 60 days

Payment Method Letters of Credit Letters of Credit

Paying record No Complaints No Complaints

Currency Deutsch Marks Euros

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.45.03
UK Pound	1	Rs.74.43
Euro	1	Rs.64.75

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
----	NB	New Business	----

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.