|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL PETROCHEMICAL INDUSTRIALIZATION
MARKETING CO LTD (TASNEE) |
|
|
|
|
Registered Office : |
New Akaria Tower
No. 2, 7th Floor, Sitteen Street, Al Malaz District, P O Box
26707, Riyadh 11496 |
|
|
|
|
Country : |
Saudi Arabia |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
02.12.2001 |
|
|
|
|
Com. Reg. No.: |
1010171953, Riyadh |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacturers and marketers of polypropylene, polyurethane and polyolefin products |
|
|
|
|
No. of Employees : |
65 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 17% 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. Over 5
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 2005. 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 : NATIONAL PETROCHEMICAL INDUSTRIALIZATION MARKETING
CO LTD (TASNEE)
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 2nd December 2001
Commercial Registration Number : 1010171953, Riyadh
Chamber Membership Number : 116560
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Total Workforce : 65
Activities :
Manufacturers and marketers of
polypropylene, polyurethane and
polyolefin products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Osama Salem, Finance Manager
NATIONAL PETROCHEMICAL
INDUSTRIALIZATION MARKETING CO LTD (TASNEE)
Registered &
Physical Address
Building : New Akaria Tower No. 2, 7th
Floor
Street : Sitteen Street
Area : Al Malaz District
PO Box : 26707
Town : Riyadh 11496
Country : Saudi Arabia
Telephone : (966-1) 4734559 / 4767166
Facsimile : (966-1) 4734580 / 4770898
Email : marketing@tasnee.com
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Riyadh.
Branch Offices
Location Description
·
New Akaria Tower
No. 1, 2nd Floor Office
premises
Sitteen Street
Al Malaz District
Riyadh
Name Position
·
Moayed Essa Al Qurtas Chief
Executive Officer
·
Saleh Abdulaziz Al Nuzha Chief
Operating Officer
·
Walid Hamad General
Manager
·
Islam Zuhair Assistant
General Manager
·
Osama Salem Finance
Manager
·
Awad Taha Financial
Controller
·
Khalid Abdulrahman Mutlaq Al Fouzan Marketing
Manager
Date of Establishment : 16/09/1422
Hijri (corresponding to 2nd December 2001)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1010171953,
Riyadh
Chamber Member No. : 116560
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Name of Partner (s) Percentage
·
National
Industrialisation Co (Tasnee) 100%
New Akariah Al Jadidah Building, Tower No.
2, 1st Floor
Sitteen Street
Al Malaz
PO Box: 26707
Riyadh 11496
Saudi Arabia
Tel: (966-1) 4767166 / 4769910
Fax: (966-1) 4770898
Email: general@tasnee.com
Activities: Engaged in the manufacture and marketing of
polypropylene, polyurethane and polyolefin products.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 65 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 Revenue SR 2,400,000,000 SR 2,655,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Osama Salem, Finance Manager
·
Riyad
Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-1) 4013030
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.59.39 |
|
UK Pound |
1 |
Rs.89.90 |
|
Euro |
1 |
Rs.77.23 |
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.