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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL INDUSTRIALIZATION PETROCHEMICAL MARKETING COMPANY |
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Registered Office : |
Building No. C-3, Business Gate Airport Road PO Box 26707 Riyadh 11496 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.11. 2001 |
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Com. Reg. No.: |
1010171953, Riyadh |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of petrochemicals, polypropylene and polyethylene. |
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No. of Employees : |
75 |
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 (31.03.2011) |
Current Rating (30.06.2012) |
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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 : NATIONAL INDUSTRIALIZATION PETROCHEMICAL MARKETING
COMPANY
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 21st November 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 : 75
Activities : Distributors of petrochemicals, polypropylene and polyethylene.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Awad Taha, Finance Manager
NATIONAL INDUSTRIALIZATION
PETROCHEMICAL MARKETING COMPANY
Building : Building No.
C-3, Business Gate
Street : Airport Road
PO Box : 26707
Town : Riyadh 11496
Country : Saudi Arabia
Telephone : (966-1) 2222205
Facsimile : (966-1)
4174198
Mobile : (966-50)
4414811
Email : a.bequitro@tasnee.com
Please note that subject’s previous address was, New Akaria No. (D),
Tower 1, 2nd Floor, Al Sitteen Street, Malaz Area, Riyadh.
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Riyadh.
Name Position
· Saleh Bin Fahd Al
Nuzha Managing
Director
· Moayad Al Qurtas Chief
Executive Officer
· Sultan Al Zahrani Sales
Manager
· Walid Abdullah Al
Hamd Marketing
Manager
· Awad Taha Finance
Manager
Date of
Establishment : 06/09/1422 Hijri
(corresponding to 21st November 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
· National
Industrial Company (NIC) 97%
PO Box: 26707
Riyadh 11496
Tel: (966-1)
4767166
Fax: (966-1)
4770898
· Al Khalijia
National Co For Petrochemical 3%
· Rowad National
Plastic Co Ltd
· National Batteries
Co
· National Lead
Smelting Co
· National
Inspection and Technical Testing Co Ltd
· National
Operations and Industrial Services Co Ltd
· National Packaging
Products Co Ltd
· The National
Titanium Dioxide Co Ltd (Cristal)
Activities: Engaged in the import and distribution of petrochemicals, various grades
of polypropylene and high and low density polyethylene.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 75 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
2,080,000,000 SR
2,200,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Awad Taha, Finance Manager
·
National Commercial Bank
Airport Road
PO Box: 2800
Riyadh 11461
Tel: (966-1)
4772281
Fax: (966-1)
4730322
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
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|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
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 |
-- |
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.