|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIPCHEM MARKETING & SERVICES CO (SMSC) |
|
|
|
|
Registered Office : |
Saudi
International Petrochemical Company Building, King Saud Street, Al Sammam Area, Al
Sharqiyah, P O Box 130, Al
Khobar 31952 |
|
|
|
|
Country : |
Saudi Arabia |
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|
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Date of Incorporation : |
26.10.2007 |
|
|
|
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Com. Reg. No.: |
2051037430, Al Khobar |
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|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Marketing of
petrochemical products |
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|
|
|
No. of Employees : |
58 employees |
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 |
|
Status : |
Satisfactory |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Saudi
Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Saudi Arabia - ECONOMIC OVERVIEW
Saudi Arabia
has an oil-based economy with strong government controls over major economic
activities. It possesses about one-fifth of the world's proven petroleum
reserves, ranks as the largest exporter of petroleum, and plays a leading role
in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45%
of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of
the private sector in order to diversify its economy and to employ more Saudi
nationals. Diversification efforts are focusing on power generation,
telecommunications, natural gas exploration, and petrochemical sectors. Almost
6 million foreign workers play an important role in the Saudi economy,
particularly in the oil and service sectors, while Riyadh is struggling to
reduce unemployment among its own nationals. Saudi officials are particularly
focused on employing its large youth population, which generally lacks the
education and technical skills the private sector needs. Riyadh has
substantially boosted spending on job training and education, most recently
with the opening of the King Abdallah University of Science and Technology -
Saudi Arabia''s first co-educational university. As part of its effort to
attract foreign investment, Saudi Arabia acceded to the WTO in December 2005
after many years of negotiations. The government has begun establishing six
"economic cities" in different regions of the country to promote
foreign investment and plans to spend $373 billion between 2010 and 2014 on
social development and infrastructure projects to advance Saudi Arabia''s
economic development.
|
Source : CIA |
Company Name : SIPCHEM MARKETING & SERVICES CO (SMSC)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 26th October 2007
Commercial Registration Number : 2051037430, Al
Khobar
Membership Number : 160747
Issued Capital : SR 2,000,000
Paid up Capital : SR 2,000,000
Total Workforce : 58
Activities : Marketing of petrochemical products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Salah Naji, Chief Financial Officer
SIPCHEM MARKETING
& SERVICES CO (SMSC)
Registered &
Physical Address
Building : Saudi International Petrochemical
Company Building
Street : King Saud Street
Area : Al Sammam
Area, Al Sharqiyah
PO Box : 130
Town : Al Khobar 31952
Country : Saudi Arabia
Telephone : (966-3) 8010111 / 3599999
Facsimile : (966-3) 8010222 / 3588182
Email : info@sipchem.com
/ marketingsecretary@sipchem.com
Premises
Subject operates
from a medium sized suite of offices that are owned and located in the Central
Business Area of Al Khobar.
Name Position
·
Abdulaziz Al Zamil Chairman
·
Ahmed Bin Abdulaziz Al Ouhali Managing
Director
·
Abdulaziz Al Zahran Commercial
Manager
·
Kevin Hayes Finance Manager
·
Salah Naji Chief
Financial Officer
·
Trevor
Headly Development
Manager
·
Steph
Fank Project
Manager
·
Frank B
Terems Marketing
Manager
·
Hussain
Al Saif Financial
Controller
Date of Establishment : 15/10/1428
Hijri (corresponding to 26th October 2007)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2051037430, Al
Khobar
Membership No. :
160747
Issued Capital : SR 2,000,000
Paid up Capital : SR 2,000,000
Name of Partner (s) Percentage
·
Saudi International Petrochemical Co
100%
Jubail Industrial City
PO Box: 12021
Jubail 31961
Tel: (966-3) 3599999
Fax: (966-3) 3599888
·
International
Methanol Company (IMC)
·
Gulf Advanced Chemical Industries
Company (GACIC)
·
International Vinyl Acetate Company
(IVAC)
·
International Acetyl Company (IAC)
·
United Industrial Gasses Company (UIGC)
Activities: Engaged in the marketing of petrochemical
products.
Subject has a
workforce of 58 employees.
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.
·
National
Commercial Bank
PO Box: 58
Jubail 51951
Tel: (966-3) 3612896
Fax: (966-3) 3611750
No complaints
regarding subject’s payments have been reported.
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.55.70 |
|
UK Pound |
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.