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Report Date : |
05.09.2012 |
IDENTIFICATION DETAILS
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Name : |
FARABI PETROCHEMICALS |
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Registered Office : |
Jubail Industrial City PO Box 11763 Jubail 31961 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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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 : |
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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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Saudi Arabia |
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 |
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 : 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
Person Interviewed : Abdullah S Al Shareef, General Manager
FARABI PETROCHEMICALS
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
Subject operates from a large suite of offices and a production plant
that are owned and located in the Industrial Area of Jubail.
Name Position
· Mohamed Ibrahim Al
Bibi President
· Abdullah S Al Shareef General
Manager
· Sulaiman K Al
Homaidan Purchasing
Manager
· Abdulrahman Z Al
Garni Human
Resources Manager
· Mounaguru Samy
Periyanayaham Marketing
Manager
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
· Mada Investment
Company for Industry & Trade
· Prince Sultan Bin
Mohammed Bin Saud Al Kabeer
· Al Fozan Holding
Company
· Sara Development
· Sheikh Saleh
Nasser A Al Sorayai
· Muhammed &
Abdullah Al Subeaei Investment Company
· Sheikh Omar Kassim
Alesayi
Activities: Engaged in the manufacture of 120,000 MT of normal Paraffin and 70,000
MT of Linear Alkyl Benzene.
Import Countries: Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 170 employees.
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
1,280,000,000 SR 1,355,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Abdullah S Al
Shareef, General Manager
·
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
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.54 |
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1 |
Rs.88.23 |
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Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.