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Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Future Business Tower, Hail Street, 2824 & 4459 Jeddah 21461 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
21.03.1999 |
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Com. Reg. No.: |
4030216641 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Engaged in the manufacturing of polypropylene |
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No of Employees : |
454 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
SAUDI ARABIA ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 16% 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 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 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
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Source
: CIA |
Company Name : NATIONAL PETROCHEMICAL INDUSTRIES COMPANY (NATPET)
Country of Origin : Saudi Arabia
Legal Form : Joint Stock Company
Registration Date : 21st March 1999
Commercial Registration Number : 4030126641, Jeddah
Chamber Membership Number : 71335
Issued Capital : SR 1,070,000,000
Paid up Capital : SR 1,070,000,000
Total Workforce : 454
Activities : Manufacturers of polypropylene
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
NATIONAL
PETROCHEMICAL INDUSTRIES COMPANY (NATPET)
Building : Future Business Tower
Street : Hail Street
PO Box : 2824 & 4459
Town : Jeddah 21461
Country : Saudi Arabia
Telephone : (966-12) 6443079 / 6048661 / 6048600
/ 6437619
Facsimile : (966-12) 6440057 / 6442475 / 6529376
Email : info@natpet-pp.com
Please note that
the correct PO Box numbers are 2824 & 4459, not 4409.
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
·
Yanbu
Industrial City Owned
factory premises
Name Position
·
Khaled
A Zainal Alireza Chairman
·
Yousuf
A Zainal Alireza Managing
Director
·
Abdulrehman
Abdullah Alzamil Director
·
Mohamed
Abdul Karim Bakr Director
·
Dr
Abdullah Sadiq Dhalan Director
·
Adnan
Abdullah Maimani Director
·
Adnan
Kamel Salah Director
·
Khalid
Zaqzouq Director
·
Jamal
Malaikah President
·
Hamed
Khalil Marketing
Manager
·
Mohamed
Anis Al Hakeem Financial
Manager
Date of Establishment : 03/12/1419
Hijri (corresponding to 21st March 1999)
Legal Form :
Joint Stock Company
Commercial Reg. No. : 4030216641,
Jeddah
Chamber Member No. : 71335
Issued Capital : SR 1,070,000,000
Paid up Capital : SR 1,070,000,000
·
Al
Lujain Company
·
General
Organisation for Social Insurance
·
Zenial
Group
Activities: Engaged in the manufacturing of
polypropylene
The National
Petrochemical Industrial Co. NATPET has built a 400,000 MT/Year polypropylene plant in Yanbu
Industrial City on the west coast of Saudi Arabia. This Plant is producing a
wide range of polypropylene product mix of (Homopolymers, Random &
Heterophasic Copolymers) that is suitable for a wide variety of applications.
NATPET has acquired certifications for ISO
9001:2008- Quality, ISO 14001:2004- Environment, ISO 22000:2005- product safety, OHSAS 18001:2007-
Occupational health and safety and ISO 17025;2005 – laboratory test reliability and
calibration. The certification is accredited by the United Kingdom
Accreditation Service (UKAS) UK,
Swiss Accreditation, Switzerland and Dubai Accreditation.
Import
Countries: Europe and GCC
countries
Subject has a
workforce of approximately 454 employees.
Companies
registered in Saudi Arabia are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
·
National
Commercial Bank
King Abdul Aziz Street
PO Box: 3555
Jeddah 21481
Tel: (966-2) 6446644
Fax: (966-2) 6446644
No complaints
regarding subject’s payments have been reported.
Credit amount 5,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
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. 59.72 |
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|
1 |
Rs. 102.45 |
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Euro |
1 |
Rs. 81.54 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.