MIRA INFORM REPORT

 

 

Report Date :

06.09.2007

 

IDENTIFICATION DETAILS

 

Name :

SHARJAH OIL REFINING CO FZC

 

 

Registered Office :

Hamriyah Free Zone, P O Box 41785 & 5635, Sharjah

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

13th September 1995

 

 

Com. Reg. No.:

27294, Sharjah

 

 

Legal Form :

Free Zone Company – FZC

 

 

Line of Business :

Engaged in the provision of storage tank facilities.

 

 

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

 

Maximum Credit Limit :

US$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : SHARJAH OIL REFINING CO FZC

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Free Zone Company - FZC

Registration Date                                   : 13th September 1995

Commercial Registration Number            : 27294, Sharjah

Trade Licence Number                            : 119730

Issued Capital                                        : UAE Dh 5,000,000

Paid up Capital                                      : UAE Dh 5,000,000

Total Workforce                                     : 20

Line of Business                                    : Providers of storage tank facilities.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

SHARJAH OIL REFINING CO FZC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Hamriyah Free Zone

PO Box             : 41785 & 5635

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5263400

Facsimile          : (971-6) 5263600

Email                : sor@emirates.net.ae

                          refinery@sor.ae

 

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Hamriyah Free Zone Area of Sharjah.

 

 

KEY PRINCIPALS

 

·       Abdullah Juma Al Sari                                                                       Chairman

 

·       Majid Abdullah Juma Al Sari                                                               Managing Director

 

·       Mohamed Abdullah Juma Al Sari                                                        Director

 

·       Nihad Shaqra                                                                                    Operations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 13th September 1995

 

Legal Form                  : Free Zone Company - FZC

 

Commercial Reg. No.  : 27294, Sharjah

 

Trade Licence No.       : 119730 (Expires 11th September 2007)

 

Issued Capital              : UAE Dh 5,000,000

 

Paid up Capital            : UAE Dh 5,000,000

 

 

 

Name of Shareholder (s)

 

·       Abdullah Juma Al Sari

 

·       Majid Abdullah Juma Al Sari

 

·       Mohamed Abdullah Juma Al Sari

 

·       Fal Co Ltd

     Sharjah

 

Note to the Legal Form

 

A Free Zone Company (FZC) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.

 

This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51 % equity in the capital.

 

 

AFFILIATED COMPANIES

 

Subject belongs to the Fal group of companies which includes the following concerns:

 

·       Emirates Lubricants Company (ELCO)

Sheikh Sultan Al Awal Street

Al Layha Area

PO Box : 6600

Sharjah

Tel : (971-6) 5280335

Fax : (971-6) 5281437

 

·       Fal Energy Company Ltd

       Sheikh Sultan Al Awal Street

Al Layha Area

PO Box : 6600

Sharjah

Tel : (961-6) 5283323

Fax : (961-6) 5281437

    

·       Fal Shipping Company Ltd

       Sheikh Sultan Al Awal Street

Al Layha Area

PO Box : 6600

Sharjah

Tel : (961-6) 5282775

Fax : (961-6) 5281437

     Email : technical@faloil.co.ae

 

·       Fal Oil Company Ltd

Sheikh Sultan Al Awal Street

Al Layha Area

PO Box : 6600

Sharjah

Tel : (971-6) 5286666 / 5283334 / 5283323

Fax : (971-6) 5281437 / 5280861

 

 

LINE OF BUSINESS

 

Operations : Engaged in the provision of storage tank facilities.

 

Subject plans to begin refining propane, butane, gasoline, jet fuel, diesel fuel, kerosene, gas oils, bunker and asphalt.

 

Import Countries : Europe and the United States of America.

 

Operating Trend : Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/05 :                           Year Ending 31/12/06 :

 

Total Revenue                            UAE Dh 8,800,000                                 UAE Dh 10,250,000

 

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

 

 

BANKERS

 

·       Emirates Bank International Ltd

Immigration Road

PO Box : 25090

Sharjah

Tel : (971-6) 5733300

Fax : (971-6) 5730077

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1995, subject belongs to the Fal group of companies and is involved in the provision of storage tank facilities.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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