MIRA
INFORM REPORT
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Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL HAMRANI FUCHS PETROLEUM SAUDI ARABIA LTD |
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Registered Office : |
Madinah Road,
Kilo 11, PO Box 7103 & 1229,
Jeddah 21462 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1995 |
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Com. Reg. No.: |
4030070768, Jeddah |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject operates
a Lubricant and Grease Blending. |
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$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL HAMRANI FUCHS PETROLEUM SAUDI ARABIA LTD
Country of Origin : Saudi Arabia
Legal Form : Limited Liability Partnership
Registration Date : 1995
Commercial Registration Number : 4030070768, Jeddah
Chamber Membership Number : 35420
Issued Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
Total Workforce : 200
Activities : Subject operates a lubricant and grease blending.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 800,000
COMPANY NAME
AL HAMRANI FUCHS
PETROLEUM SAUDI ARABIA LTD
ADDRESS
Registered & Physical Address
Location : Madinah Road, Kilo 11
PO Box : 7103 & 1229
Town : Jeddah 21462
Country : Saudi Arabia
Telephone : (966-2) 6635666
Facsimile : (966-2) 6633702
Email : info@fuchs.com.sa
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Jeddah.
Branch Office
(s)
Location Description
·
Yanbu Blending
plant
KEY PRINCIPALS
Name Position
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Mezahem Basrawi President
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Mozafar
Talbour Vice
President
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Hanif
Sattar Technical
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1995
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4030070768,
Jeddah
Chamber Member
No. : 35420
Issued Capital : SR 15,000,000
Paid up Capital : SR 15,000,000
Name of Partner (s)
·
Fuchs Petrolub
AG
Friesenheimer Street 17
D-68169 Mannheim
Germany
Tel: (49) 6213802
Fax: (49) 6213802
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Al Hamrani
Group
PO Box: 1229
Jeddah 21431
Tel: (966-2) 6065555
Fax: (966-2) 6060265
AFFILIATED COMPANIES
Subject is a member
of the Al Hamrani Group of Companies, which comprises the following concerns:
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Al Hamrani
Industrial Group (AIG)
Industrial Estate, Phase 1
PO Box: 7172
Jeddah 21462
Saudi Arabia
Tel: (966-2) 6360390
Fax: (966-2) 6375172
Email: aiginfo@alhamrani.net
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Al Hamrani
United Company
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Mohamed A. Al
Hamrani & Co (Intertrade Ltd)
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Al Hamrani
Trading & Import Company
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Al Jabr
Trading Company
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Al Hamrani
Fuchs Petroleum
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Al Hamrani
Company for Investment in Trade
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Al Hamrani
Universal Company
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Al Hamrani
Company for Industry
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Al Hamrani
Chemical Company
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Al Hamrani
Real Estate Development
OPERATIONS
Activities: Subject operates a lubricant and grease
blending plant located in Yanbu that offers over 200 different
products for hundreds of different applications, such as lubricants for
vehicles, construction machinery and agricultural equipment.
Production
capacity: 125,000 metric
tonnes per annum. This meets 30% of the domestic requirements of Saudi
Arabia, and allows the
company to export to 26 countries in the region.
Import
Countries: Europe, United
States of America and Japan.
Brand Names: FUCHS
Operating Trend: Steady
Subject has a
workforce of approximately 200 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 55,500,000 SR 70,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mezahem Basrawi, President.
BANKERS
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National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box : 5066
Jeddah 21422
Tel : (966-2) 6434777
Fax : (966-2) 6441686
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Arab National
Bank (ANB)
Madinah Road
PO Box : 9463
Jeddah 21413
Tel : (966-2) 6600272
Fax : (966-2) 6650202
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction April
2005 April
2007
Credit amount 48,000 47,000
Amount overdue 0 0
Payment terms 180
days 180
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling Pounds
Sterling
GENERAL COMMENTS
Al Hamrani Fuchs
Petroleum Saudi Arabia Ltd has been in business for a decade operating a
lubricant and grease blending plant located in Yanbu.
Subject is run in a
professional manner and is a member of the well known and financially strong Al
Hamrani Group of Companies, which has interests in a number of diversified
ventures located throughout the country.
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 good. 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.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.36 |
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%)