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Report No. : |
340253 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PETROCHEMICAL INDUSTRIALIZATION MARKETING CO LTD (TASNEE) |
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Registered Office : |
Economic Gate G3, East Ring Road, PO Box 26707, Riyadh 11496 |
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Country : |
Saudi
Arabia |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
02.12.2001 |
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Com. Reg. No.: |
1010171953 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture and Marketing of Polypropylene,
Polyurethane and Polyolefin Products. |
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No. of Employees : |
65 |
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, 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.
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Source
: CIA |
Company Name :
NATIONAL PETROCHEMICAL INDUSTRIALIZATION MARKETING
CO LTD (TASNEE)
Country of Origin :
Saudi Arabia
Legal Form :
Limited Liability Partnership
Registration Date :
2nd December 2001
Commercial Registration Number :
1010171953, Riyadh
Chamber Membership Number :
116560
Issued Capital :
SR 5,000,000
Paid up Capital :
SR 5,000,000
Total Workforce : 65
Activities :
Manufacturers and marketers of polypropylene,
polyurethane and
polyolefin products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NATIONAL PETROCHEMICAL INDUSTRIALIZATION MARKETING CO LTD (TASNEE)
Registered &
Physical Address
Building : Economic Gate G3
Street : East Ring Road
PO Box : 26707
Town : Riyadh 11496
Country : Saudi Arabia
Telephone : (966-11) 2222205 / 4174144 / 4734559
Facsimile : (966-11) 4002255
Email : marketing@tasnee.com
Please note that subject’s previous address was, New Akaria Tower No. 2,
7th Floor, Sitteen Street, Al Malaz District, Riyadh.
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Riyadh.
Branch Offices
Location Description
New Akaria Tower No. 1, 2nd Floor Office
premises
Sitteen Street
Al Malaz District
Riyadh
Name Position
Moayed Essa Al Qurtas Chief
Executive Officer
Saleh Abdulaziz Al Nuzha Chief
Operating Officer
Walid Hamad General
Manager
Islam Zuhair Personal
Assistant
Osama Salem Administration
Manager
Awad Taha Financial
Controller
Khalid Abdulrahman Mutlaq Al Fouzan Marketing
Manager
Mohamed Abdullah Al Asmari Finance
Manager
Date of Establishment : 16/09/1422 Hijri
(corresponding to 2nd December 2001)
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 1010171953, Riyadh
Chamber Member No. : 116560
Issued Capital : SR 5,000,000
Paid up Capital : SR 5,000,000
Name of Partner
(s) Percentage
National Industrialisation Co (Tasnee) 100%
New Akariah Al Jadidah Building, Tower No. 2, 1st Floor
Sitteen Street
Al Malaz
PO Box: 26707
Riyadh 11496
Tel: (966-11) 4767166 / 4769910
Fax: (966-11) 4770898
Email: general@tasnee.com
Activities: Engaged in the manufacture and marketing of
polypropylene, polyurethane and polyolefin products.
Import Countries: Europe and the Far East.
Local Suppliers:
SABIC
Operating Trend: Steady
Subject has a workforce of 65 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
2,800,000,000 SR
3,000,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Riyad Bank
King Abdul Aziz Road
PO Box: 22622
Riyadh 11416
Tel: (966-11) 4013030
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.66.61 |
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1 |
Rs.102.30 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.