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Report No. : |
328503 |
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Report Date : |
02.07.2015 |
IDENTIFICATION DETAILS
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Name : |
THE NATIONAL TITANIUM DIOXIDE COMPANY LTD (CRISTAL) |
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Registered Office : |
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Country : |
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Date of Incorporation : |
31.101988 |
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Com. Reg. No.: |
4030062296, Jeddah |
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Legal Form : |
Limited Liability
Company |
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Line of Business : |
Subject is engaged in the production of titanium dioxide, which is a
white powder used as an exceptionally opaque white pigment in paint. It is
also used as a raw material that enters into several chemical industries such
as paper and textiles to give them bright and sparkling colours |
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No. of Employee : |
2,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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, telecommuncations, 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.
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Source
: CIA |
Company Name : THE NATIONAL TITANIUM DIOXIDE COMPANY LTD (CRISTAL)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 31st
October 1988
Commercial
Registration Number :
4030062296, Jeddah
Membership Number : 30646
Issued Capital : SR
2,362,500,000
Paid up Capital : SR
2,362,500,000
Total Workforce : 2,000
Activities :
Production of titanium dioxide
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Jyothi
Prakash, Executive Officer
THE NATIONAL
TITANIUM DIOXIDE COMPANY LTD (CRISTAL)
Building : King Road
Tower, 16th and 17th Floors
Street : King Road
PO Box : 13586
Town : Jeddah 21414
Country : Saudi Arabia
Telephone : (966-12)
2248000 / 2248227 / 6519883
Facsimile : (966-12)
6069087
Email : info@cristal.com / fahd.nackshabandi@cristal.com /
joyothi.prakash@cristal.com
Please note that subject’s previous address was, Future Tower. 9th & 10th Floors, Al Amanah Al Jaadeed Street, West
Bagdadeyaah, Jeddah.
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
· Jeddah
Road, Kilo 31 Owned
factory premises
PO Box: 30320
Yanbu
Tel: (966-14)
3212799 / 3212831 / 3212800 / 3212400 / 3283003
Fax: (966-14)
3960541 / 3960343 / 3961018 / 3961188
· Jizan Owned
factory premises
Name Position
· Dr Talal Bin Ali Al Shair Chairman
· Dr Fadi Tabzuni Vice
President
· Fahd Nackshabandi Public
Relations Manager
· Graham Hewsons Operations
Manager
· Thomas Van Valkenburgh Commercial
Manager
· Mark Stoll Corporate
Development Manager
· Sam Livingston Technical
Manager
· Dr Fadi Tabzuni Strategy
Manager
· Faiz Al Ahmari Finance
Manager
· Fawaz Al Fawaz Chief
Financial Officer
· Amer Al Bahiti Human
Resources Manager
· Imad Al Junaidi Supply
Chain Manager
· Jyothi Prakash Executive
Officer
Date of Establishment : 20/03/1409 Hijri (corresponding to 31st
October 1988)
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 4030062296, Jeddah
Membership No. : 30646
Issued Capital : SR 2,362,500,000
Paid up Capital : SR 2,362,500,000
· National
Industrialisation Company (NIC) 79%
Sitteen Street
PO Box: 26707
Riyadh 11496
Tel: (966-11)
4770898
Fax: (966-11)
4770898
· Gulf Investments
Corporation 20%
Ahmed Al Jaber
Street
PO Box: 3402
Safat
Kuwait
Tel: (965)
22431911
Fax: (965)
22448894
· Dr Talal Ibn Ali
Al Shair 1%
· Al Shairco Company
PO Box: 13586
Jeddah 21414
Tel: (966-12)
6530104
Activities: Subject is engaged in the production of titanium dioxide, which is a
white powder used as an exceptionally opaque white pigment in paint. It is also
used as a raw material that enters into several chemical industries such as
paper and textiles to give them bright and sparkling colours.
Subject began production in June 1992 with a production capacity of 70,000 metric tonnes per annum.
In 2002, subject increased the original TiO2 production capacity a year to 100,000 metric tonnes – in
line with a projected annual rise in world demand of around 3% to 2005. This expansion makes
Cristal the largest, privately owned chemical company in Saudi Arabia.
Subject is ISO 9002 certified.
Production Capacity : 120,000 metric tonnes per annum of titanium
pigment
12,000 metric tonnes per annum of caustic soda
Import Countries: United Kingdom, Germany and the United States of
America
Brand Names: CRISTAL
Operating Trend: Steady
Subject has a workforce of approximately 2,000 employees.
Financial highlights provided by local sources are given below:
Currency: Saudi Riyals (SR)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales SR
8,054,961,000 SR 8,327,608,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
United Saudi Bank
Al Hamra
PO Box: 8673
Jeddah 21492
Tel: (966-12) 6601185
Fax: (966-12) 6673617
·
Al Rajhi Banking & Investment Corporation
Al Mahjar Road
Jeddah
Tel: (966-12)
6377810
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.62 |
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|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.70.77 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.