MIRA
INFORM REPORT
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Report Date : |
30.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FOUZ CHEMICAL CO |
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Registered Office : |
Globe Marine
Building, 4th Floor, Corniche Street, PO Box 974, Dammam 31421 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
17.10.1979 |
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Com. Reg. No.: |
2050007901, Dammam |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and Wholesale of chemicals, water treatment
materials, anti corrosion agents, agrochemicals, maintenance equipment, pipe
systems, as well as rubber lining installation and design |
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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Maximum Credit Limit : |
US$ 600,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : FOUZ CHEMICAL CO
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 17th October 1979
Commercial Registration Number : 2050007901, Dammam
Chamber Membership Number : 2233
Issued Capital : SR 20,000,000
Paid up Capital : SR 20,000,000
Total Workforce : 95
Activities : Import and wholesale of chemicals, water treatment materials, anti corrosion agents, agrochemicals, maintenance equipment, pipe systems, as well as rubber lining installation and design
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 600,000
COMPANY NAME
FOUZ CHEMICAL CO
ADDRESS
Registered & Physical Address
Building : Globe Marine Building, 4th
Floor
Street : Corniche Street
PO Box : 974
Town : Dammam 31421
Country : Saudi Arabia
Telephone : (966-3) 8353300
Facsimile : (966-3) 8354400
Email : fouzchem@awalnet.net.sa
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Dammam.
Branch Office
(s)
Location Description
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Jeddah Sales
office
Tel: (966-2) 6554172
Fax: (966-2) 6659850
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Riyadh Sales
office
Tel: (966-1) 4643551
Fax: (966-1) 4657320
KEY PRINCIPALS
Name Position
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Mohamed Ahmed
Mohamed Al Shubaili Managing
Partner
·
Mustafa H.
Hassan General
Manager
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Ahmed
Hassan Al Barajinah Finance
Manager
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Khalil
Khan Administrative
Officer
LEGAL FORM & OWNERS
Date of Establishment : 26/11/1399
Hijri (Corresponding to 17th October 1979)
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 2050007901,
Dammam
Chamber Member No. : 2233
Issued Capital : SR 20,000,000
Paid up Capital : SR 20,000,000
Name of Partner (s)
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Mohamed Ahmed
Mohamed Al Shubaili
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Ahmed Mohamed Ahmed Mohamed Al Shubaili
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Sulaiman Mohamed
Ahmed Mohamed Al Shubaili
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Mustafa
Mohamed Ahmed Mohamed Al Shubaili
OPERATIONS
Activities: Engaged in the import and wholesale of
chemicals, water treatment materials, anti corrosion agents,
agrochemicals, maintenance
equipment, pipe systems, as well as rubber lining installation and design.
Agents for: Norit, Chemetrics, Goodway,
Floerger, Algiphane, & Ajax
Import
Countries: Germany, United
Kingdom, Netherlands, Belgium and the United States of America
International
Suppliers:
·
Karima Ltd Germany
Operating Trend: Steady
Subject has a
workforce of 95 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales SR 25,750,000 SR 27,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Khalil Khan, Administrative
Officer.
BANKERS
·
National
Commercial Bank
PO Box : 13
Dammam 31411
Tel : (966-3) 8331188
Fax : (966-3) 8336058
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Arab National
Bank (ANB)
King Street
PO Box : 18
Dammam 31411
Tel : (966-3) 8323440
Fax : (966-3) 8337829
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction October 2005
Credit amount 51,000
Amount overdue 0
Payment terms 30
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
Established in
1979, Fouz Chemical Co has made good progress in the local market offering a
range of chemical products such as water treatment materials, anti corrosion
agents, and agrochemicals.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is 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.46.94 |
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UK Pound |
1 |
Rs.85.57 |
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Euro |
1 |
Rs.67.79 |
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. |
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%)