MIRA
INFORM REPORT
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Report Date : |
1st
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AL
NAHAR CO. LTD. |
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Registered Office : |
Gasser Bin Gasheer Road,
Mujamah El Sharlkat, Tripoli |
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Country : |
Libya |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Ø
Water, sewer, pipeline & power line construction Ø
Manufacture of fabricated pipe and pipe fittings |
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 : |
Regular |
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Litigation : |
Clear |
Company Name
AL NAHR CO. LTD
Registration Briefing
Registration Number: N/A
Registration Date: N/A
Legal Form: LIMITED LIABILITY
COMPANY
Latest Financials: N/A
Financial Briefing
Nominal Capital: N/A
Issued Capital: N/A
Turnover: N/A
Net Profit: N/A
Net Worth: N/A
Rating Briefing
Current Rime Rating: Ba
Former Rime Rating: N/A
Current
Recommended Credit: N/A
Former Recommended Credit: N/A
Rating Trend: RATING TRENDS CANNOT
BE CONFIRMED
Payment Record: NO COMPLAINTS
Company Details
Rime Reference: 10247268
Company Name: AL
NAHR CO. LTD
Headquarter Address: Gasser Bin
Gasheer Road, Mujamah El Sharlkat,Tripoli,
Libya
Telephone: +21822
63420614
+21822
63420714
+21822
63420814
+21822
63420914
+21822
63421014
Fax: +21822
634211
E‑Mail: alnahrco@yahoo.com
Web Site: www.ancltd.com
Registration & Legal Details
Current Legal Form: LIMITED
LIABILITY COMPANY
Registration Address: Gasser
Bin Gasheer Road, Mujamah El Sharlkat,
Tripoli
Registration Town: Tripoli
Date of Last Annual Return: 31/12/2005
Capital
Capital is NOT disclosed.
Shareholders
Parent Company: Al Nahr Co. Ltd,
United Kingdom
Parent Operates as: The company deals in the following:
‑ Pipe manufacturing.
‑ Pipeline construction.
‑ Pipe materials.
‑ Pipe coating.
‑ Pipe jointing techniques.
‑ Supply and installation of a pipeline.
Shareholders:
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Name/Address |
Shares Held |
% of Voting/Non‑Voting capital |
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None
Selected |
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Mr. Abdel Hakim Shweidy
(Principal Shareholder), Libya |
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Mr. Abdel Salam Awn, Libya |
Holds balance of shares |
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Principals
Name: Eng. Abdel
Hakim Shweidy
Position within the company: President
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr Abdel
Salam Awn
Position within the company: General Manager
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr Salem
Seleni
Position within the company: Accountant
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Name: Mr Ashraf
Madi
Position within the company: Secretary to General
Manager
Country of Birth: Libya
Nationality: Libyan
Can fluently speak: English
& Arabic
Education: Graduate
University
Company Activities
Sic Codes: 1623 Water, sewer, pipeline & power line construction ‑
50%
3498 Manufacture of fabricated pipe and pipe
fittings ‑ 50%
The company deals in
the following:
‑ Pipe manufacturing.
‑ Pipeline construction.
‑ Pipe materials.
‑ Pipe coating.
‑ Pipe jointing techniques.
‑ Supply and installation of a pipeline.
The company exports all production requisites (ex.
polyethylene for exterior pipeline coatings).
Local Reporters consider the investigated company to be
MEDIUM in their field of concern.
Operations
Employees
Company Employs: 8000
Figure is approximate
Comments: 5000 Expatriates.
3000 Locals.
HQ Premises
Operates from: Owned
Offices
Location: Central Business
Area, Main Road
BrancheS
Al Nahr Co Ltd.,
Al Hawari,
Benghazi,
Libya
Description of branch: Office
These premises operate as: a branch. Tel: 218‑2263420914.
Fax: 218‑634211
Al Nahr Co Ltd.,
Brega,
Libya
Description of branch: Factory, Warehouse
These premises operate as: a Factory. Tel: 218‑2263420614,2263420714.
Fax:
218‑22634211
Al Nahr Co Ltd.,
Sarir,
Libya
Description of branch: Office
These premises operate as: a branch. Tel: 218‑2263420914.
Fax: 218‑634211
Imports
Import % and type of product: 100% Raw Materials
Imports From: China,
U S A, Germany, U A E, Japan
Importing Terms: Letters
of credit
Additional Information: Cash against
documents.
Cash.
Importer
of all production requisites.
Exports
Export % and type of product: Subject does not export
Trading & Selling
Territory: 100%
Nationally
Type of Customer: Wholesalers,
Companies
Related Companies
Information on Related Companies is not available/applicable
Bankers
Goumherya Bank,
Branch: Tripoli
Tripoli,
Libya
Sahari Bank,
Branch: Tripoli
Tripoli,
Libya
El Wehda Bank,
Branch: Tripoli
Tripoli,
Libya
Al Umma Bank,
Branch: Tripoli
Tripoli,
Libya
Commerce and Development Bank,
Branch: Tripoli
Tripoli,
Libya
Financial Information
Financial Information is not
available
Payments
Subject's payments reported to
be: NO COMPLAINTS
Interview & Reporter Comments
Date: 21/12/2006
Name/Title: Mr.
Ashraf Mady Secretary to General Manager
Comment: Subject
has confirmed the general details provided in the
report but has declined to provide any Financial Data.
Expansion Plans: Mr.
Ashraf Mady, secretary to the general manager, stated
that
the companies objectives are as follows:
‑ Using advanced techniques and materials.
‑ Achieve maximum benefit from the most up‑to‑date
knowledge.
‑ Understanding the costs and benefits of the latest
pipe materials, coatings, jointing techniques.
Reporter Comment Date: 21/12/2006
Reporter Comment: In the
interview conducted with Mr. Ashraf Mady, secretary to
the
general manager, he declined bank account number and
any
financial information citing the grounds of company
confidentiality.
Conclusions
Accounts
Comments:
Full Financial Statements were
unavailable to local analysts so a complete and accurate picture of the
financial strength of the company could not be ascertained. Our assessment and
ratings are therefore based on non‑financial data.
Local
Reputation:
The company being investigated
is considered by local reporters to be a Fair / Normal Trade Risk.
General
Conclusion:
Local informants consider
granting of credit to be a fair trade risk.
Owner/Shareholders
Comments:
Some of the owners /
shareholders have an active participation in the running of the business.
Clippings
Date: 16/01/2006
Source: United World
Nearing completion is a project that could prove the most remarkable and enduring legacy of the Gaddafi era.
LAUNCHED more than 20 years ago, the Great Man‑Made River (GMMR) Project is a hugely ambitious scheme to transport water from deep beneath Libya’s empty wasteland to the fertile, populated areas along the northern coast.
With 95 percent of Libya comprised of desert, water is in short supply for everything from drinking to irrigation. Incredibly, the solution to the problem lies buried beneath the dunes. Trapped in huge underground basins thousands of years old are enormous water reserves, discovered during the search for new oil fields in the 1950s.
The prospect of a reliable, plentiful supply of fresh water makes it possible for Libya to vastly increase the amount of arable land, extend agricultural production, and boost national self‑sufficiency in food.
Accessing the water and conveying it to where it is most needed is an enormous challenge that has resulted in one of the world’s largest engineering schemes. Billions of dollars are being spent on a conveyance system of production wells, pumps, and underground pipelines to convey the water across hundreds of miles to specially built reservoirs.
The logistics of the project have been on a daunting scale. Just one example would be the fleet of more than 100 tankers required to haul thousands of tons of cement daily from the Libyan Cement Company to the Al Nahr Company pipe manufacturing plants at Brega and Sarir.
ABDUL MAJID
M. ELAGOUD
Secretary for the Great Man‑Made River Project
INTERVIEW
Launched by Col. Gaddafi in 1983, the GMMR project is being completed in five phases, which will eventually link up to create one huge integrated network. With some justification, the Libyan leader has dubbed the scheme “the eighth wonder of the world.”
The cost of the project so far is $14 billion. Water is already being supplied to the cities of Benghazi, Sirte, and Tripoli, and to the Jeffara plain in the western coastal belt.
“The availability of water affects the development of almost all sectors of our economy,” says Abdul Elgaoud, Secretary for the GMMR. “We were in serious danger of further desertification of our land, but in agriculture, things have improved massively.”
While management of the project is entirely in Libyan hands, technical partnerships with international companies, including American firms, have made a major contribution.
According to Mr. Elgaoud, the project is nearing the final stage of implementation, but there are still opportunities for U.S. investors in utilization of water for agriculture, manufacture of the impermeable membranes around reservoirs, and continuing pipe production at the Al Nahr plants.
“We need to keep one or two of our own lines of production for the future, but we have others that we would like to convert to
fiber glass pipe manufacturing plants.
“It’s a very good technology that can be used for sewers and irrigation schemes and it’s very easy to export them to neighboring regions like the Gulf.”
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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