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MIRA
INFORM REPORT
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Report Date : |
31.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION
(ADNOC-FOD) |
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Registered Office : |
Adnoc
Tower, Al Salam Street, P O
Box 4188, Abu Dhabi |
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Country : |
United Arab
Emirates |
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Date of Incorporation : |
October 1973 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Engaged in the storage, transportation
and distribution of refined products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 4,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
ABU DHABI NATIONAL OIL
COMPANY FOR DISTRIBUTION
(ADNOC-FOD)
Country of Origin : Abu Dhabi, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : October 1973
Issued Capital : UAE Dh 30,000,000
Paid up Capital : UAE Dh 30,000,000
Total Workforce : 5,000
Line of Business :
Storage, transportation and distribution of
refined products in the United
Arab Emirates.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
ABU DHABI NATIONAL OIL COMPANY FOR DISTRIBUTION (ADNOC-FOD)
ADDRESS
Registered & Physical Address
Building : Adnoc
Tower
Street : Al
Salam Street
PO Box : 4188
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 6771300 / 6773141
Facsimile : (971-2) 6722322
Email : information@adnoc-dist.ae
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Abu Dhabi.
Branch Office (s)
Location Description
·
Sharjah Sales
office
Tel: (971-6) 5564000
Fax: (971-6) 5564242
·
Al Ain Sales office
Tel: (971-3) 7882880
·
Fujairah Sales office
Tel: (971-9) 2224177
Fax: (971-9) 2227607
·
Ras Al Khaimah Sales office
Tel: (971-7) 2668842
Fax: (971-7) 2668848
KEY PRINCIPALS
·
Omar
Bin Yousuf Managing
Director
·
Jamal
Al Dharif General
Manager
·
Taher
Al Amri Marketing
Manager
·
Ali
Abdullah Al Damarki Sales Manager
·
Khamis
Al Dhareef Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : October 1973
Legal Form :
Limited Liability Company -
LLC
Issued Capital : UAE Dh 30,000,000
Paid up Capital : UAE Dh 30,000,000
Name of Shareholder (s) Percentage
·
Abu Dhabi
National Oil Company (Adnoc) 100%
ADNOC Building
Corniche Road
PO Box 898
Abu Dhabi
Tel: (971-2) 6020000
Fax: (971-2) 6023389
Email: info@adnoc.com
AFFILIATED COMPANIES
Abu Dhabi National Oil Company (Adnoc) has interests in the following
companies, who together comprise the Adnoc Group of Companies:
·
Abu Dhabi
Marine Operating Company (ADMA-OPCO)
ADMA-OPCO Building
Umm Al Nasr Street
Tourist Club Area
PO Box: 303
Abu Dhabi
Tel: (971-2) 6060000 / 6064320
Fax: (971-2) 6266005 / 6064848
·
Abu Dhabi
Company for Onshore Oil Operations (ADCO)
PO Box : 270
Abu Dhabi
Tel : (971-2) 6040000
Fax : (971-2) 6669785
·
Abu Dhabi
Drilling Chemicals And Products Co Ltd (ADDCAP)
Mussafah Industrial Area
PO
Box : 46121
Abu Dhabi
Tel : (971-2) 6029000
Fax : (971-2) 6029010
Email : addcap@addcap.co.ae
·
Zakum
Development Company (ZADCO)
PO Box : 46808
Abu Dhabi
Tel : (971-2) 6050000
Fax : (971-2) 6669448
·
National
Petroleum Construction Company (NPCC)
PO Box : 2058
Abu Dhabi
Tel : (971-2) 6549000
Fax : (971-2) 6549111
·
National
Drilling Company (NDC)
PO Box : 4017
Abu Dhabi
Tel : (971-2) 6776100
Fax : (971-2) 6779937
·
Abu Dhabi Petroleum
Ports Operating Company (ADPPOC)
PO
Box : 61
Abu Dhabi
Tel : (971-2) 6777300
Fax : (971-2) 6766903
·
The National
Marine Services Company (NMS)
PO Box : 7202
Abu Dhabi
Tel : (971-2) 6277777
Fax : (971-2) 6268239
·
Abu Dhabi Gas
Industries Limited (GASCO)
PO
Box : 665
Abu Dhabi
Tel : (971-2) 6041111
Fax : (971-2) 6047414
·
Abu Dhabi Gas
Liquefaction Limited (ADGAS)
PO
Box : 3500
Abu Dhabi
Tel : (971-2) 6061111
Fax : (971-2) 6065500
·
Abu Dhabi Oil
Refining Company (TAKREER)
PO
Box : 3593
Abu Dhabi
Tel : (971-2) 6027000
Fax : (971-2) 6027272
·
Abu Dhabi Gas
Company (ATHEER)
Abu Dhabi
Tel : (971-2) 6027533
Fax : (971-2) 6027588
·
Ruwais
Fertilizer Industries (FERTIL)
PO
Box : 2288
Abu Dhabi
Tel : (971-2) 6021111
Fax : (971-2) 6728084
·
Abu Dhabi
Polymers Company Limited (Borouge)
PO
Box : 6925
Abu Dhabi
Tel : (971-2) 6312333
Fax : (971-2) 6312299
·
Abu Dhabi
National Tanker Company (ADNATCO)
PO
Box : 2977
Abu Dhabi
Tel : (971-2) 6277733
Fax : (971-2) 6272940
·
National Gas
Shipping Company (NGSCO)
PO
Box : 2600
Abu Dhabi
Tel : (971-2) 6271400
Fax : (971-2) 6274305
LINE OF BUSINESS
Operations: Engaged in the
storage, transportation and distribution of refined products in the
United Arab Emirates.
ADNOC Distribution operates a vast network of filling stations covering all areas of the UAE. The company's fuel products are distributed by its own fleet of load tankers in addition to pipelines for transporting petroleum products to the main depots.
In 1979 ADNOC Distribution opened its own lubricants blending, filling and packaging plant. Today, a whole range of new lubricants based on the latest international specifications are being introduced. In 1993, a modern grease plant started production.
In addition, ADNOC Distribution operates two LPG bottling plants, one in Abu Dhabi and the other in AI Ain. Also it operates three vessels to supply gas oil to Abu Dhabi Islands.
Import
Countries: Germany and the
United States of America.
Subject has a
workforce of approximately 5,000 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Abu Dhabi, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Abu
Dhabi Commercial Bank
Abu Dhabi Commercial Bank Building
Al Salam Street
PO Box : 939
Abu Dhabi
Tel : (971-2) 6962222 / 6962222
Fax : (971-2) 6776499 / 6776499
·
Union National
Bank (UNB)
Sheikh Khalifa Street
PO Box : 3865
Abu Dhabi
Tel : (971-2) 6741600
Fax : (971-2) 6786080
·
Mashreq Bank
Plc
Sheikh Khalifa Street
PO Box : 858
Abu Dhabi
Tel: (971-2) 6332300
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction March 2007
Credit amount 171,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Abu Dhabi National Oil Company For Distribution (Adnoc-Fod)
was established in 1973 and specialises in the storage, transportation and distribution of refined
products in the United Arab Emirates.
It is wholly owned by Abu Dhabi National Oil Company (Adnoc), which in turn is wholly owned by
the government of Abu Dhabi, deemed trustworthy for respecting its financial
trade commitments. As such the above credit figure is deemed admissible.
Maximum suggested
credit figure: US$ 4,000,000
RATING
EXPLANATIONS
|
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. |
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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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%)