MIRA INFORM REPORT

 

 

Report Date :           

17.03.2012

 

IDENTIFICATION DETAILS

 

Name :

NEW PRODUCTS INDUSTRIES COMPANY LIMITED (NEPROPLAST)

 

 

Registered Office :

Industrial City, Phase III, P O Box 460, Jeddah 21411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

04.10.2001

 

 

Com. Reg. No.:

4030135494, Jeddah

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of plastic and PVC pipes and injection mouldings

 

 

No. of Employees :

300

 

RATING & COMMENTS

 

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$ 3,000,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : NEW PRODUCTS INDUSTRIES COMPANY LIMITED (NEPROPLAST)

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 4th October 2001

Commercial Registration Number            : 4030135494, Jeddah

Chamber Membership Number                : 20820

Issued Capital                                        : SR 60,000,000

Paid up Capital                                      : SR 60,000,000

Total Workforce                                     : 300

Activities                                               : Manufacturers of plastic and PVC pipes and injection mouldings.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 3,000,000

Person Interviewed                                 : Sayed El Tohami, Finance Manager

 

COMPANY NAME

 

NEW PRODUCTS INDUSTRIES COMPANY LIMITED (NEPROPLAST)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial City, Phase III

PO Box             : 460

Town                 : Jeddah 21411

Country             : Saudi Arabia

Telephone         : (966-2) 6363568 / 63635558 / 6362364

Facsimile          : (966-2) 6362364

Email                : info@neproplast.com / tohami@neroplast.com

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Jeddah.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Khairi Sahl Mohamed Kabbani                                                            Managing Partner

·       Ranya Sahl Mohamed Kabbani                                                           Partner

·       Badiya Sahl Mohamed Kabbani                                                          Partner

·       Essam Khairi Kabbani                                                                       Partner

·       Ali Ahmed Mahdi                                                                               General Manager

·       Mohamed El Hajrasi                                                                          Assistant General Manager

·       Brian Waugh                                                                         Factory Manager

·       Sayed El Tohami                                                                               Finance Manager

·       Swital Mashrawala                                                                            Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1968, however it was registered on 16/07/1422 Hijri

                          (corresponding to 4th October 2001)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 4030135494, Jeddah

 

Chamber Member No. : 20820

Issued Capital              : SR 60,000,000

 

Paid up Capital            : SR 60,000,000

 

Name of Partner (s)

 

·       Khairi Sahl Mohamed Kabbani

·       Ranya Sahl Mohamed Kabbani

·       Badiya Sahl Mohamed Kabbani

·       Essam Khairi Kabbani

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic and PVC pipes, fittings and injection mouldings.

 

                 Subject is ISO 9001:2000 accredited.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                SR 506,000,000             SR 514,000,000

 

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

 

The above figures were provided by Mr Sayed El Tohami, Finance Manager

 

 

BANKERS

 

·       National Commercial Bank

King Abdul Aziz Street

PO Box: 3555

Jeddah 21481

Tel: (966-2) 6446644

Fax: (966-2) 6446644

 

 

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.50.31

UK Pound

1

Rs.79.04

Euro

1

Rs.65.82

 

 

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.