MIRA INFORM REPORT

 

 

Report No. :

343272

Report Date :

06.10.2015

 

IDENTIFICATION DETAILS

 

Name :

NAPCO PACKAGING SYSTEM CO LTD (UNIPLAST)

 

 

Registered Office :

Building No. 6701, Road No. 8574, Industrial Area, Phase 4, PO Box 3584, Jeddah 22427

 

 

Country :

Saudi Arabia

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

30.12.1982

 

 

Com. Reg. No.:

4030039800

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the manufacture of stretch film wrap, refuse bags and disposable table covers.

 

 

No. of Employees :

320

 

 

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 :

Good

Payment Behaviour :

Regular

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

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, 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.

 

Source : CIA

SUMMARY

 

Company Name                                    : NAPCO PACKAGING SYSTEM CO LTD (UNIPLAST)

Country of Origin                                   : Saudi Arabia

Legal Form                                           : Limited Liability Company

Registration Date                                  : 30th December 1982

Commercial Registration Number           : 4030039800, Jeddah

Chamber Membership Number               : 15075

Issued Capital                                       : SR 19,500,000

Paid up Capital                                     : SR 19,500,000

Total Workforce                         : 320

Activities                                               : Manufacture of stretch film wrap, refuse bags and disposable table

  covers

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mohammed Jalal, Human Resources Manager

 

 

COMPANY NAME

 

NAPCO PACKAGING SYSTEM CO LTD (UNIPLAST)

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Building No. 6701

Street               : Road No. 8574

Area                 : Industrial Area, Phase 4

PO Box            : 3584

Town                : Jeddah 22427

Country : Saudi Arabia

Telephone         : (966-12) 6080806

Facsimile          : (966-12) 6379842

Mobile              : (966-50) 9632896

Email                : mohammed.jalal@napcogroup.com / info@napcouniplast.com

 

Premises

 

Subject operates from a large suite of offices and a factory covering 30,500 m2 that are rented and located in the Industrial Area of Jeddah.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Jihad Frem                                                                                General Manager

 

Mohammed Jalal                                                                       Human Resources Manager

 

Sayed Ayoub                                                                            Finance Manager

 

Ghassan Sahyoun                                                                     Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14/03/1403 Hijri (corresponding to 30th December 1982)

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 4030039800, Jeddah

 

Chamber Member No.  : 15075

 

Issued Capital              : SR 19,500,000

 

Paid up Capital            : SR 19,500,000

 

Name of Partner (s)                                                      

 

United Commercial Investment

 

Frem Industrial Group

Lebanon

 

Al Mutlaq Industrial Investment Group

 

Jamal Abdulrahman Al Moaibed

 

 

AFFILIATED COMPANIES

 

Sanita Paper & Plastic Products Sarl (Sanita)

Halat Main Street

Halat

PO Box: 112354

Beirut

Lebanon

Tel: (961-9) 947148 / 957002 / 940337 / 947149

Fax: (961-1) 880602

 

Unipak Sal

Halat Main Street

Halat

PO Box: 226308

Beirut

Lebanon

Tel: (961-9) 957001 / 880701 / 947114

Fax: (961-1) 914922

 

Napco Consumer Products Co

First Industrial City

PO Box: 214

Dammam 31411

Tel: (966-3) 8571222

Fax: (966-3) 8571918

 

United Packaging Company Ltd

First Industrial City

PO Box: 4711

Dammam 31412

Tel: (966-3) 8575275

CR No. 2050007318

 

National Paper Products Co

Dammam Old Industrial Estate

PO Box: 538

Dammam 31421

Tel: (966-3) 8578685

CR No. 2050000435

 

Carlton Al Moaibed Hotel

Dammam – Al Khobar Highway

PO Box: 1235

Dammam 31452

Tel: (966-3) 8575455

CR No. 2050004543

 

National Paper Company Limited (NAPCO)

Industrial Estate, 4th Phase

Street No. 404

PO Box: 30263

Jeddah 21477

Tel: (966-2) 6370757

Fax: (966-2) 6374886

 

Napco Modern Plastics Products Company Ltd

Dammam – Al Khobar Highway

First Industrial City

PO Box: 206

Dammam 31411

Tel: (966-3) 8472288 / 8473040 / 8578685 / 8576688 / 8579276 / 8571222 / 8121244

Fax: (966-3) 8471484 / 8574620 / 8571918 / 8123003

CR No. 2050024798

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of stretch film wrap, refuse bags and disposable table covers.

 

Production Capacity: 44,000 metric tons of PE films and compound filler additives per year.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of 320 employees.

 

 

FINANCIAL DATA

 

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 91,300,000                           SR 95,000,000

 

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

 

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

 

 

BANKERS

 

Al Bank Al Saudi Al Hollandi

King Abdulaziz Street

PO Box: 67

Jeddah

Tel: (966-12) 6446849

 

 

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.65.29

UK Pound

1

Rs.99.31

Euro

1

Rs.73.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

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.