MIRA INFORM REPORT

 

 

Report No. :

307019

Report Date :

05.02.2015

 

IDENTIFICATION DETAILS

 

Name :

SIPCHEM MARKETING & SERVICES CO (SMSC)

 

 

Registered Office :

Saudi International Petrochemical Company Building, King Saud Street, Al Sammam Area, Al Sharqiyah, PO Box 130, Al Khobar 31952

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

26.10.2007

 

 

Com. Reg. No.:

2051037430, Al Khobar

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Marketing of Petrochemical Products.

 

 

No. of Employees

60

 

 

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. 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

Company Name

 

SIPCHEM MARKETING & SERVICES CO (SMSC)

 

 

You Requested

 

SIPCHEM MARKETING COMPANY

 

 

SUMMARY

 

Company Name                                    : SIPCHEM MARKETING & SERVICES CO (SMSC)

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 26th October 2007

Commercial Registration Number           : 2051037430, Al Khobar

Membership Number                             : 160747

Issued Capital                                       : SR 2,000,000

Paid up Capital                                     : SR 2,000,000

Total Workforce                                     : 60

Activities                                               : Marketing of petrochemical products

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

SIPCHEM MARKETING & SERVICES CO (SMSC)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Saudi International Petrochemical Company Building

Street               : King Saud Street

Area                 : Al Sammam Area, Al Sharqiyah

PO Box            : 130

Town                : Al Khobar 31952

Country             : Saudi Arabia

 

Telephone         : (966-13) 8010111 / 3599999

Facsimile          : (966-13) 8010222 / 3588182

Email                : info@sipchem.com / marketingsecretary@sipchem.com

 

Premises

 

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Al Khobar.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdulaziz Al Zamil                                                                     Chairman

 

Ahmed Bin Abdulaziz Al Ouhali                                                  Managing Director

 

Abdulaziz Al Zahran                                                                   Commercial Manager

 

Kevin Hayes                                                                              Finance Manager

 

Salah Naji                                                                                 Chief Financial Officer

 

Trevor Headly                                                                            Development Manager

 

Steph Fank                                                                               Project Manager

 

Frank B Terems                                                                         Marketing Manager

 

Hussain Al Saif                                                                         Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15/10/1428 Hijri (corresponding to 26th October 2007)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 2051037430, Al Khobar

 

Membership No.           : 160747

 

Issued Capital              : SR 2,000,000

 

Paid up Capital            : SR 2,000,000

 

Name of Partner (s)                                                      Percentage

 

Saudi International Petrochemical Co                                   100%

Jubail Industrial City

PO Box: 12021

Jubail 31961

Tel: (966-3) 3599999

Fax: (966-3) 3599888

 

 

AFFILIATED COMPANIES

 

International Methanol Company (IMC)

 

Gulf Advanced Chemical Industries Company (GACIC)

 

International Vinyl Acetate Company (IVAC)

 

International Acetyl Company (IAC)

 

United Industrial Gasses Company (UIGC)

 

 

OPERATIONS

 

Activities: Engaged in the marketing of petrochemical products including Methanol Butanediol (BDO), Maleic Anhydride (MAn), Tetrahydrofuran (THF), Acetic Acid (AA) and Vinyl Acetate Monomer (VAM).

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

National Commercial Bank

PO Box: 58

Jubail 51951

Tel: (966-3) 3612896

Fax: (966-3) 3611750

 

 

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.61.68

UK Pound

1

Rs.93.53

Euro

1

Rs.70.75

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

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.