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Report Date : |
12.03.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PETROCHEMICAL INDUSTRIALIZATION MARKETING CO LTD (TASNEE) |
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Registered Office : |
New Akaria Tower No. 2, 7th Floor Sitteen Street Al Malaz
District PO Box 26707 Riyadh 11496 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
02.12.2001 |
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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 : |
Manufacturers and marketers of polypropylene, polyurethane and polyolefin products. |
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No. of Employees : |
65 |
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 – 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 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
· 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 31/12/10: Year
Ending 31/12/11:
Total Sales SR
2,170,000,000 SR
2,400,000,000
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.54.29 |
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UK Pound |
1 |
Rs.81.09 |
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Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.