MIRA INFORM REPORT

 

 

Report No. :

320258

Report Date :

30.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ROWAD NATIONAL PLASTIC COMPANY LTD

 

 

Registered Office :

Al Kharj Road, Second Industrial City, PO Box 29452, Riyadh 11457

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

30.11.2014

 

 

Date of Incorporation :

02.03.1992

 

 

Com. Reg. No.:

1010092377

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of plastic sheets, including PC (Polycarbonate) sheets, PMMA (Polymethyl Melhocrylete sheets, ABS (Acrylic Nitrile Butidoine Slyrene) sheets, and HIPS (High Impact Polystyrene) sheets, as well as injection moulding.

 

 

No. of Employees :

178

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : ROWAD NATIONAL PLASTIC COMPANY LTD

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 2nd March 1992

Commercial Registration Number           : 1010092377, Riyadh

Chamber Membership Number               : 39835

Issued Capital                                       : SR 268,000,000

Paid up Capital                                     : SR 268,000,000

Total Workforce                                     : 178

Activities                                               : Manufacturers of plastic sheets

Financial Condition                                : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Oommen Mathew, Accountant

 

 

COMPANY NAME

 

ROWAD NATIONAL PLASTIC COMPANY LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Kharj Road

Area                 : Second Industrial City

PO Box            : 29452

Town                : Riyadh 11457

Country             : Saudi Arabia

Telephone         : (966-11) 2651966

Facsimile          : (966-11) 2651973

Mobile              : (966-50) 5537819

Email                : info@rowadplastic.com / finance@rowadplastic.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Riyadh.

 

Branch Office (s)

 

Location                                                                                               Description

 

2nd Industrial City                                                                                   Owned factory premises

PO Box: 14164

Dammam 31424

Tel: (966-13) 8121360 / 8121828

Fax: (966-13) 8121759

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Osama Al Shebany                                                                    General Manager

 

Khalid Al Rashid                                                                        Assistant General Manager

 

Ahmed Abdul Fattah                                                                  Finance Manager

 

Najeeb Khourt                                                                           Marketing Manager

 

Soban Thengadi                                                                        Production Manager

 

Oommen Mathew                                                                      Accountant

 

Mohamed Koudmani                                                                 Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28/08/1412 Hijri (Corresponding to 2nd March 1992)

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 1010092377, Riyadh

 

Chamber Member No.  : 39835

 

Issued Capital              : SR 268,000,000

 

Paid up Capital            : SR 268,000,000

 

Name of Shareholder (s)                                                Percentage

 

National Industrialisation Company                                    99.91%

Riyadh

 

World Wide Industrial Advancement Co                            0.09%

Riyadh

 

 

AFFILIATED COMPANIES

 

Rowad International Geo Synthetic

Dammam

 

Rowad Global Packaging Co

Dammam

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic sheets, including PC (Polycarbonate) sheets, PMMA (Polymethyl Melhocrylete sheets, ABS (Acrylic Nitrile Butidoine Slyrene) sheets, and HIPS (High Impact Polystyrene) sheets, as well as injection moulding.

 

Production Capacity: 40,000 tonnes per annum

 

Import Countries: Japan, Malaysia and Europe.

 

Operating Trend: Steady

 

Subject has a workforce of 178 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Saudi Riyals (SR)

 

                         Year Ending 31/12/12:             Year Ending 31/12/13:              Period Ending 30/11/14:

 

Total Sales                    SR 253,400,000             SR 263,700,000                         SR 301,400,000

 

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

 

The above figures were provided by Mr Oommen Mathew, Accountant

 

 

BANKERS

 

National Commercial Bank

Airport Road

PO Box: 2800

Riyadh 11461

Tel: (966-11) 4772281

Fax: (966-11) 4730322

 

Arab National Bank (ANB)

King Faisal Street

North Morabbaa

PO Box: 56921

Riyadh 11564

Tel: (966-11) 4029000

Fax: (966-11) 4027747

 

 

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.63.20

UK Pound

1

Rs.97.00

Euro

1

Rs.69.34

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

               


 

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