MIRA INFORM REPORT

 

 

Report Date :

20.01.2014

 

IDENTIFICATION DETAILS

 

Name :

NAPCO MODERN PLASTICS PRODUCTS COMPANY LTD

 

 

Registered Office :

Dammam – Al Khobar Highway, First Industrial City, PO Box : 206, Dammam 31411

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.02.1993

 

 

Com. Reg. No.:

2050024798, Dammam

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of plastic products, including plastic bags and sacks, packaging, polyethylene co-polymers, polyethylene and co-extruded, plain or printed plastic PE films.

 

 

No. of Employees :

560

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Clear

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

SUMMARY

 

Company Name                                     : NAPCO MODERN PLASTICS PRODUCTS COMPANY LTD

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 4th February 1993

Commercial Registration Number            : 2050024798, Dammam

Chamber Membership Number                : 266

Issued Capital                                        : SR 25,000,000

Paid up Capital                                      : SR 25,000,000

Total Workforce                                     : 560

Activities                                               : Manufacturers of plastic products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Roy Refai, Financial Controller

 

COMPANY NAME

 

NAPCO MODERN PLASTICS PRODUCTS COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Dammam – Al Khobar Highway

Area                 : First Industrial City

PO Box             : 206

Town                 : Dammam 31411

Country             : Saudi Arabia

 

Telephone         : (966-3) 8472288 / 8473040 / 8578685 / 8576688 / 8579276 / 8571222 / 8121244

Facsimile          : (966-3) 8471484 / 8574620 / 8571918 / 8123003

Email                : info@napcomodern.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Dammam.

 

 

KEY PRINCIPALS

 

Name                                                               Nationality                   Position

 

Georges Nematallah Frem                                  Lebanese                      Managing Partner

 

Abdul Muhsen Abdullah Al Mutlaq                          Saudi                         Partner

 

Mutlaq Abdullah Al Mutlaq                                     Saudi                         Partner

 

Arsen Georgia                                                          -                            General Manager

 

Elia Sarkis                                                               -                            Assistant General Manager

 

Gamal Al Haji                                                          -                            Commercial Manager

 

Ayman Abu Soufaha                                                -                            Finance Manager

 

Essam Yousef Shaya                                                -                            Area Manager

 

Hanna Saad                                                             -                            Administration Manager

 

James Kassab                                                          -                            Sales Manager

 

Roy Refai                                                                 -                            Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           12/08/1413 Hijri (corresponding to 4th February 1993)

 

Legal Form                  :           Limited Liability Partnership

 

Commercial Reg. No.  :           2050024798, Dammam

 

Chamber Member No. :           266

 

Issued Capital              :           SR 25,000,000

 

Paid up Capital            :           SR 25,000,000

 

Name of Partner (s)                                                           Percentage

 

Al Moaibed Group Ltd                                                          30%

PO Box: 1040

Dammam 31431

Saudi Arabia

 

Georges Nematallah Frem                                                   30%

 

United Commercial Investments Company                             20%

PO Box: 7170

Riyadh 11462

Saudi Arabia

 

Abdul Muhsen Abdullah Al Mutlaq                                        10%

 

Mutlaq Abdullah Al Mutlaq                                                   10%

 

 

AFFILIATED COMPANIES

 

Sanita Paper & Plastic Products Sarl (Sanita)

Halat Main Street

Halat

PO Box: 112354

Beirut

Lebanon

Tel: (961-9) 947148 / 957002 / 940337 / 947149

Fax: (961-1) 880602

 

Unipak Sal

Halat Main Street

Halat

PO Box: 226308

Beirut

Lebanon

Tel: (961-9) 957001 / 880701 / 947114

Fax: (961-1) 914922

 

Napco Consumer Products Co

First Industrial City

PO Box: 214

Dammam 31411

Saudi Arabia

Tel: (966-3) 8571222

Fax: (966-3) 8571918

 

United Packaging Company Ltd

First Industrial City

PO Box: 4711

Dammam 31412

Saudi Arabia

Tel: (966-3) 8575275

CR No. 2050007318

 

National Paper Products Co

Dammam Old Industrial Estate

PO Box: 538

Dammam 31421

Saudi Arabia

Tel: (966-3) 8578685

CR No. 2050000435

 

Carlton Al Moaibed Hotel

Dammam – Al Khobar Highway

PO Box: 1235

Dammam 31452

Saudi Arabia

Tel: (966-3) 8575455

CR No. 2050004543

 

National Paper Company Limited (NAPCO)

Industrial Estate, 4th Phase

Street No. 404

PO Box: 30263

Jeddah 21477

Saudi Arabia

Tel: (966-2) 6370757

Fax: (966-2) 6374886

 

 

OPERATIONS

 

Activities:                     Manufacturers of plastic products, including plastic bags and sacks, packaging, polyethylene co-polymers, polyethylene and co-extruded, plain or printed plastic PE films.

 

Napco Modern Plastic Products Co Ltd has fulfilled all requirements according to ISO 9001:2000 audit report No.3500 4681 and certificate registration No. 44 100 060835.

 

Production Capacity:   6,200 tonnes per month

 

Import Countries:         Germany, the United Kingdom, Japan and the United States of America

 

International Suppliers:

 

McMaster Inc                United States of America

Dover                            United States of America

OMT                             United Kingdom

V-Line                           Germany

 

Operating Trend:         Steady

 

Subject has a workforce of approximately 560 employees.

 

 

FINANCIAL DATA

 

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 603,604,000             SR 618,441,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Mr Roy Refai, Financial Controller

 

 

BANKERS

 

National Commercial Bank

PO Box: 13

Dammam 31411

Tel: (966-3) 8331188

Fax: (966-3) 8336058

 

Saudi American Bank

PO Box: 3113

Dammam 31471

Tel: (966-3) 8337171

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.61.35

UK Pound

1

Rs.100.21

Euro

1

Rs.83.52

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.