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Report No. : |
344782 |
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Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SIPCHEM MARKETING & SERVICES CO (SMSC) |
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Registered Office : |
Saudi International Petrochemical Company Building, King Saud Street, Al Sammam Area, Al
Sharqiyah, PO Box 130, Al Khobar 31952 |
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Country : |
Saudi
Arabia |
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Date of Incorporation : |
26.10.2007 |
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Com. Reg. No.: |
2051037430 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the marketing of petrochemical
products including Methanol Butanediol (BDO), Maleic Anhydride (MAn), Tetrahydrofuran
(THF), Acetic Acid (AA) and Vinyl Acetate Monomer (VAM). |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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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 :
SIPCHEM MARKETING & SERVICES CO (SMSC)
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Company
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
Person Interviewed :
Salah Naji, Chief Financial Officer
SIPCHEM MARKETING & SERVICES CO (SMSC)
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 / 8019392 / 3599640 / 8079392
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.
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
Samir Al Jishy Business
Development Manager
Ibrahim Al Roushod Project
Manager
Matar Dhufair Marketing
Manager
Hussain Al Saif Financial
Controller
Date of Establishment : 15/10/1428 Hijri
(corresponding to 26th October 2007)
Legal Form : Limited Liability
Company
Commercial Reg. No. : 2051037430, Al Khobar
Membership No. : 160747
Issued Capital : SR 2,000,000
Paid up Capital : SR 2,000,000
Name of
Shareholder (s) Percentage
Saudi International Petrochemical Co 95%
Jubail Industrial City
PO Box: 12021
Jubail 31961
Tel: (966-13) 3599999
Fax: (966-13) 3599888
Sipchem Chemical Co 5%
Jubail
International Methanol Company (IMC)
Gulf Advanced Chemical Industries Company (GACIC)
International Vinyl Acetate Company (IVAC)
International Acetyl Company (IAC)
United Industrial Gasses Company (UIGC)
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.
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: 58
Jubail 51951
Tel: (966-13) 3612896
Fax: (966-13) 3611750
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
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1 |
Rs.99.54 |
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Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
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Analysis Done by
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SAN |
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Report Prepared
by : |
TPT |
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.