MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

SAUDI CHEM COMPANY

 

 

Registered Office :

2nd Industrial Area, P O Box 70108, Al Khobar 31952

 

 

Country :

Saudi Arabia

 

 

Date of Incorporation :

04.04.2004

 

 

Com. Reg. No.:

2050045329, Al Khobar

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of chemicals for water treatment as well as the oil and gas industry

 

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$ 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Saudi Arabia

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : SAUDI CHEM COMPANY

Country of Origin                                    : Saudi Arabia

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 4th April 2004

Commercial Registration Number            : 2050045329, Al Khobar

Chamber Membership Number                : 48532

Issued Capital                                        : SR 5,000,000

Paid up Capital                                      : SR 5,000,000

Total Workforce                                     : 65

Activities                                               : Manufacturers of chemicals for water treatment as well as the oil and

gas industry.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Dr Nader Mohamed Abdullah Obaid, Managing Partner

 

COMPANY NAME

 

SAUDI CHEM COMPANY

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 2nd Industrial Area

PO Box             : 70108

Town                 : Al Khobar 31952

Country             : Saudi Arabia

Telephone         : (966-3) 8123928 / 8476467

Facsimile          : (966-3) 8123927 / 8476985

Mobile               : (966-50) 4750488

Email                : solutions@saudichem.com / nmo@saudichem.com

 

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Al Khobar.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Dr Nader Mohamed Abdullah Obaid                                                    Managing Partner

 

·       Noman Abdullah Al Nuaimi                                                                 Partner

 

·       Mark Tayag                                                                                      Marketing Manager

 

·       M Johnson                                                                                        Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 14/02/1425 Hijri (corresponding to 4th April 2004)

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2050045329, Al Khobar

 

Chamber Member No. : 48532

 

Issued Capital              : SR 5,000,000

 

Paid up Capital            : SR 5,000,000

 

Name of Partner (s)

 

·       Dr Nader Mohamed Abdullah Obaid

 

·       Noman Abdullah Al Nuaimi

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of chemicals for water treatment as well as the oil and gas industry.

 

Import Countries: Europe and GCC countries.

 

Principal Clients:

 

·       SABIC

·       ARAMCO

 

Subject has a workforce of 65 employees.

 

 

FINANCIAL DATA

 

Companies registered in Saudi Arabia are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       National Commercial Bank

PO Box: 1

Al Khobar 31952

Tel: (966-3) 8949669

Fax: (966-3) 8646474

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.