MIRA INFORM REPORT

 

 

Report Date :

10.04.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

THE NATIONAL TITANIUM DIOXIDE COMPANY LTD (CRISTAL)

 

 

Registered Office :

Future Tower. 9th & 10th Floors Al Amanah Al Jaadeed Street West Bagdadeyaah PO Box 13586 Jeddah 21414

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

31.10.1988

 

 

Com. Reg. No.:

4030062296, Jeddah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Production of titanium dioxide

 

 

No. of Employees :

550

 

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 :

US$ 1,000,000

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 31st, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

 Saudi Arabia

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                         : THE NATIONAL TITANIUM DIOXIDE COMPANY LTD (CRISTAL)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Company

Registration Date                                   : 31st October 1988

Commercial Registration Number            : 4030062296, Jeddah

Membership Number                              : 30646

Issued Capital                                        : SR 600,000,000

Paid up Capital                                      : SR 600,000,000

Total Workforce                         : 550

Activities                                               : Production of titanium dioxide

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 1,000,000

 

 

 

COMPANY NAME

 

THE NATIONAL TITANIUM DIOXIDE COMPANY LTD (CRISTAL)

 

 

company ADDRESS

 

Registered & Physical Address

Building : Future Tower. 9th & 10th Floors

Street               : Al Amanah Al Jaadeed Street

Area                 : West Bagdadeyaah

PO Box             : 13586

Town                 : Jeddah 21414

Country : Saudi Arabia

Telephone         : (966-2) 6529966 / 6519883 / 6530104 / 6518058

Facsimile          : (966-2) 6518757 / 6533382

Email                : info@cristalarabia.com

 

Premises

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Jeddah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Jeddah Road, Kilo 31                                                             Owned factory premises

PO Box: 30320

Yanbu

Tel: (966-3) 3961018 / 3212831 / 3212800

Fax: (966-3) 3960541 / 3960343

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Talal Bin Ali Al Shair                                                                     Chairman

 

·       Jamal H Nahas                                                                                 President

 

·       Omar Najjar                                                                                      Human Resources Manager

 

·       Abdulla Ibrahim                                                                                 Finance Manager

 

·       Fahd Nakshabandi                                                                            Public Relations Manager

 

·       Robert J Daniel                                                                                 Operations Manager

 

·       John Hall                                                                                          Planning Manager

 

·       Thomas Van Valkenburgh                                                                  Supply Chain Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20/03/1409 Hijri (corresponding to 31st October 1988)

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 4030062296, Jeddah

 

Membership No.          : 30646

 

Issued Capital              : SR 600,000,000

 

Paid up Capital            : SR 600,000,000

 

Name of Partner (s)                                                      Percentage

 

·       National Industrialisation Company (NIC)                          66%

Sitteen Street

PO Box: 26707

Riyadh 11496

Saudi Arabia

Tel: (966-1) 4770898

Fax: (966-1) 4770898

 

·       Gulf Investments Corporation                                 -

Ahmed Al Jaber Street

PO Box: 3402

Safat

Kuwait

Tel: (965) 22431911

Fax: (965) 22448894

 

·       Talal Ibn Ali Al Shair                                                         -

 

·       Antoine Francis Sherfan                                                    -

 

 

AFFILIATED COMPANIES

 

·       Al Shairco Company

PO Box: 13586

Jeddah 21414

Tel: (966-2) 6530104

OPERATIONS

 

Activities: Subject is engaged in the production of titanium dioxide, which is a white powder used as an exceptionally opaque white pigment in paint. It is also used as a raw material that enters into several chemical industries such as paper and textiles to give them bright and sparkling colours.

 

Subject began production in June 1992 with a production capacity of 70,000 metric tonnes per annum.

 

In 2002, subject increased the original TiO2 production capacity a year to 100,000 metric tonnes – in

line with a projected annual rise in world demand of around 3% to 2005. This expansion makes

Cristal the largest, privately owned chemical company in Saudi Arabia.

 

Subject is ISO 9002 certified.

 

Production Capacity : 120,000 metric tonnes per annum of titanium pigment

                                     12,000 metric tonnes per annum of caustic soda

 

Import Countries: United Kingdom, Germany and the United States of America.

 

Brand Names: CRISTAL

 

Subject has a workforce of approximately 550 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

 

·       United Saudi Bank

Al Hamra

PO Box: 8673

Jeddah 21492

Tel: (966-2) 6601185

Fax: (966-2) 6673617

 

·       Al Rajhi Banking & Investment Corporation

Al Mahjar Road

Jeddah

Tel: (966-2) 6377810

 

 

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.51.28

UK Pound

1

Rs.81.38

Euro

1

Rs.67.01

 

 

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.