MIRA INFORM REPORT

 

 

Report Date :

08.05.2014

 

IDENTIFICATION DETAILS

 

Name :

SAUDI PAPER RECYCLING COMPANY

 

 

Registered Office :

King Fahd Street, PO Box : 13038, Riyadh 11493

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.10.2012

 

 

Com. Reg. No.:

1010146513, Riyadh

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the recycling paper and related materials.

 

 

No. of Employees :

75

 

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 :

Satisfactory

Payment Behaviour :

No complaints

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

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

 

 

SUMMARY

 

Company Name                                    : SAUDI PAPER RECYCLING COMPANY

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 11th October 2012

Commercial Registration Number           : 1010146513, Riyadh

Chamber Membership Number               : 84329

Issued Capital                                       : SR 500,000

Paid up Capital                                     : SR 500,000

Total Workforce                                     : 75

Activities                                               : Recycling paper and related materials

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

SAUDI PAPER RECYCLING COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : King Fahd Street

PO Box            : 13038

Town                : Riyadh 11493

Country             : Saudi Arabia

 

Telephone         : (966-1) 4626888 / 4628488

Facsimile          : (966-1) 4626888

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Riyadh.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Read Al Mishal                                                                                      Managing Partner

 

Prince Abdullah Bin Al Saad                                                                  Partner

 

Abdullah Bin Abdulrahman Al Rabdi                                                       General Manager

 

Abdul Sattar Aba Al Khail                                                                      Administration Manager

 

Feras Al Zawawi                                                                                    Financial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           25/11/1433 Hijri (corresponding to 11th October 2012)

 

Legal Form      :                       Limited Liability Partnership

 

Commercial Reg. No.   :           1010146513, Riyadh

Chamber Member No.  :           84329

 

Issued Capital              :           SR 500,000

 

Paid up Capital            :           SR 500,000

 

Name of Partner (s)                                                     

 

Read Al Mishal

 

Prince Abdullah Bin Al Saad                                                                 

 

 

AFFILIATED COMPANIES

 

Saudi Paper Manufacturing Co (SPMC)

Al Ahsa Road

2nd Industrial City

PO Box: 8663

Dammam 31492

Tel: (966-3) 8121015 / 8121016 / 8121779 / 8121763 / 8430660

Fax: (966-3) 8121060 / 8121763 / 8121779

CR No. 2050028141

 

Saudi Paper Converting Co

2nd Industrial Area

PO Box: 3801

Dammam 31481

Tel: (966-3) 8123210

Fax: (966-3) 8123209

 

 

OPERATIONS

 

Activities: Engaged in the recycling paper and related materials.

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                                                           


Year Ending 31/12/13:

 

Total Sales                                            SR 14,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-1) 4772281

Fax: (966-1) 4730322

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.04

UK Pound

1

Rs.101.97

Euro

1

Rs.83.58

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NNA

 

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%)

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