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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

500037

Report Date :

23.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SIPCHEM MARKETING & SERVICES CO (SMSC)

 

 

Registered Office :

Saudi International Petrochemical Company Building, 3rd Floor, 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

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

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

 

 

Employees:

60

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Saudi Arabia

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 87% of budget revenues, 42% 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. Over 6 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors; at the same time, however, 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 2015, the Kingdom incurred a budget deficit estimated at 13% of GDP, and it faces a deficit of $87 billion in 2016, which will be financed by bond sales and drawing down reserves. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or by borrowing, it has announced plans to cut capital spending in 2016. Some of these plans to cut deficits include introducing a value-added tax and reducing subsidies on electricity, water, and petroleum products. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO - another move to increase revenue and outside investment. The government has also looked at privatization and diversification of the economy more closely in the wake of a diminished oil market. Historically, Saudi Arabia has focused diversification efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sector in the healthcare, education and tourism industries. While Saudi Arabia has emphasized their goals of diversification for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.

 

Source : CIA

 

 

 

 

SUMMARY

 

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

 

 

 

COMPANY NAME

 

SIPCHEM MARKETING & SERVICES CO (SMSC)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Saudi International Petrochemical Company Building, 3rd Floor

Street               : King Saud Street

Area                 : Al Sammam Area, Al Sharqiyah

 

PO Box                        : 130

 

Town                : Al Khobar 31952

Country : Saudi Arabia

 

Telephone         : (966-13) 8019208 / 8010111 / 3599999 / 8019392 / 3599640 / 8079392

Facsimile          : (966-13) 8019208 / 8010222 / 3588182

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

 

·       Samir Al Jishy                                                                                  Business Development Manager

 

·       Ibrahim Al Roushod                                                                          Project Manager

 

·       Matar Dhufair                                                                                   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 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

 

 

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)

 

·       Sipchem Asia Pte Ltd

36 Armenian Street, 03-06
Singapore 179934
Tel: (65) 68846958
Fax: (65)­ 68846956

 

 

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: (966-13) 3612896

Fax: (966-13) 3611750

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Sipchem Marketing & Services Co (SMSC)” and not “Spichem Marketing Company”.

 

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

INR 65.06

UK Pound

1

INR 92.06

Euro

1

INR 80.37

SAR

1

INR 17.37

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

Report Prepared by :

NIT

 

 

 

 

 

 

                                                

 

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