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Report No. : |
354693 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ARAB PAPER
MANUFACTURING COMPANY (WARAQ) |
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Registered Office : |
Makkah Street, Road 139, 2nd Industrial City, P O Box: 9840, Dammam 31423 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
09.01.1415 Hijri
(corresponding to 18th June 1994) |
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Com. Reg. No.: |
2050028130,
Dammam |
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Legal Form : |
Closed Joint Stock Company |
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Line of Business : |
· Subject is engaged in the manufacture of paper products and corrugated boxes. · Subject produces Fluting, Testliner, Whitetop Testliner, Whitetop Kraftliner and Kraftliner which are essesential components of corrugated cartons. WARAQ also produces Unbleached CorEboard which is converted into textile bobbins and paper tubes for various applications. |
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No. of Employees : |
180 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 |
Company Name : ARAB PAPER
MANUFACTURING COMPANY (WARAQ)
Country of Origin : Saudi
Arabia
Legal Form :
Closed Joint Stock Company
Registration Date : 18th
June 1994
Commercial
Registration Number :
2050028130, Dammam
Chamber Membership
Number : 1620
Issued Capital : SR
310,000,000
Paid up Capital : SR
310,000,000
Total Workforce : 180
Activities :
Manufacturers of paper products.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Osama Kamal,
Financial Manager
ARAB PAPER MANUFACTURING
COMPANY (WARAQ)
Street : Makkah Street, Road 139
Area : 2nd Industrial
City
PO Box : 9840
Town : Dammam 31423
Country : Saudi Arabia
Telephone : (966-13) 8121255 / 8121924
Facsimile : (966-13) 8121251
Email : marketing@waraq.com / info@waraq.com / waraq@athaar.net.sa
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Dammam.
Branch Office
(s)
Location Description
·
Al
Mahger Area Rented
office premises
Jeddah
Tel: (966-12) 6364080
Fax: (966-12) 6350614
·
Al
Hassa Road Rented
office premises
Abqaiq
Dammam 31423
Name Position
·
Mohamed
Ahmed Issa Al Hashim Chairman
·
Nasser
Al Mubarak General
Manager
·
Atol
Kual Commercial
Manager
·
Abbass
Al Nasri Purchasing
Manager
·
Osama Kamal Financial
Manager
Date of Establishment : 09/01/1415
Hijri (corresponding to 18th June 1994)
Legal Form :
Closed Joint Stock Company
Commercial Reg. No. : 2050028130,
Dammam
Chamber Member No. : 1620
Issued Capital : SR 310,000,000
Paid up Capital : SR 310,000,000
·
Yousef
Al Dossary & Sons Co
Dammam
·
Abdullatif
Al Fozan Co
Al Khobar
·
Mohamed
Ahmed Issa Al Hashim
·
Local
businessmen and private investors
Activities: Engaged in the manufacture of paper
products and corrugated boxes.
Subject produces
Fluting, Testliner, Whitetop Testliner, Whitetop Kraftliner and Kraftliner
which are essesential components of corrugated cartons. WARAQ also produces Unbleached CorEboard which is
converted into textile bobbins and paper tubes for various applications.
Production
Capacity: 200,000 tonnes
per year.
Import
Countries: France, Germany
and the United Kingdom
Brand Names: WARAQ
Subject has a
workforce of 180 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
PO Box: 13
Dammam 31411
Tel: (966-13) 8331188
Fax: (966-13) 8336058
Unknown
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
|
SAR |
1 |
Rs.17.76 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
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|
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Report Prepared
by : |
NIT |
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.