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Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
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Name : |
PETROMIN CORPORATION |
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Formerly Known As : |
PETROMIN LUBRICATING OIL CO |
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Registered Office : |
Aayah Mall, Western
Gate, Petromin Street, Petromin District, P O Box1432, Jeddah 21431 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
14.04.1968 |
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Com. Reg. No.: |
Closed Joint Stock Company |
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Legal Form : |
4030005930,
Jeddah |
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Line of Business : |
Marketing and export of lubricants and greases |
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No. of Employees : |
3,000 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Saudi
Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : PETROMIN CORPORATION
Country of Origin : Saudi Arabia
Legal Form : Closed Joint Stock Company
Registration Date : 14th April 1968
Commercial Registration Number : 4030005930, Jeddah
Chamber Membership Number : 19654
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
Total Workforce : 3,000
Activities : Marketing and export of lubricants and greases.
Financial Condition : Good
Payments : Nothing detrimental uncovered
PETROMIN
CORPORATION
Registered &
Physical Address
Location : Aayah Mall, Western Gate
Street : Petromin Street
Area : Petromin District
PO Box : 1432
Town : Jeddah 21431
Country : Saudi Arabia
Telephone : (966-2) 2157000 / 2157222
Facsimile : (966-2) 2157111
Email : info@petromin.com / hr@petromin.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Jeddah.
Name Position
·
Samir Nawar President
·
Salman Parvis Operations
Manager
·
Mohamed Ismail Finance
Manager
·
Zolfakar Khuraishi Purchasing
Manager
·
Bader
Al Zibyan Commercial
Manager
·
Ateeq
Al Rahman Project
Manager
·
Mohamed
Bafadel Administration
Manager
·
Ahmed Al
Muhba Human
Resources Manager
Date of Establishment : 16/01/1388 Hijri
(corresponding to 14th April 1968)
History : Subject began in 1968 under the name
“Petromin Lubricating Oil Co”, however during 2011
it changed its name to
“Petromin Corporation”.
Legal Form :
Closed
Joint Stock Company
Commercial Reg. No. : 4030005930,
Jeddah
Chamber Member No. : 19654
Issued Capital : SR 100,000,000
Paid up Capital : SR 100,000,000
Name of
Shareholder (s)
·
Gulf Oil International Ltd
·
Hinduja Group
·
Al Dabbagh Holding
Activities: Engaged in the marketing and export of
lubricants and greases.
Export
Countries: Middle East and
Europe
Subject has a
workforce of approximately 3,000 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales SR 632,000,000 SR 637,500,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
National
Commercial Bank
Al Balad Branch
King Abdulaziz Street
PO Box: 5066
Jeddah 21422
Tel: (966-2) 6434777
Fax: (966-2) 6441686
No complaints
regarding subject’s payments have been reported.
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.55.47 |
|
UK Pound |
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.