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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
THE NATIONAL TITANIUM DIOXIDE COMPANY LTD
(CRISTAL) |
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Registered Office : |
King Road Tower,
King Road, P O Box 13586, Jeddah 21414 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
31.10.1988 |
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Com. Reg. No.: |
4030062296, Jeddah |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Production of titanium dioxide |
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No. of Employees : |
750 |
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 : |
Regular |
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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 |
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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 : 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 2,362,500,000
Paid up Capital : SR 2,362,500,000
Total Workforce : 750
Activities : Production of titanium dioxide
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
THE NATIONAL
TITANIUM DIOXIDE COMPANY LTD (CRISTAL)
Registered &
Physical Address
Building : King Road Tower
Street : King Road
PO Box : 13586
Town : Jeddah 21414
Country : Saudi Arabia
Telephone : (966-2) 2248000 / 2248227
Facsimile : (966-2) 6069087
Email : info@cristal.com
Please note that
subject’s previous address was, Future Tower. 9th
& 10th Floors, Al Amanah Al Jaadeed Street, West Bagdadeyaah, Jeddah.
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: (966-4) 3212799 / 3212831
Fax: (966-4) 3960541 / 3960343
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
·
Graham
Swans Operations
Manager
·
Thomas Van Valkenburgh Supply
Chain Manager
·
Mark
Stoll Commercial
Manager
·
Sam
Livingston Technical
Manager
·
Dr Fadi
Tabzuni Strategy
Manager
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 2,362,500,000
Paid up Capital : SR 2,362,500,000
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 33%
Ahmed Al Jaber Street
PO Box: 3402
Safat
Kuwait
Tel: (965) 22431911
Fax: (965) 22448894
·
Talal
Ibn Ali Al Shair 1%
·
Al
Shairco Company
PO Box: 13586
Jeddah 21414
Tel: (966-2) 6530104
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
Operating Trend: Steady
Subject has a
workforce of approximately 750 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales SR 9,331,262,000 SR 7,755,067,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
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
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.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
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 |
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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 |
|
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.