MIRA INFORM REPORT

 

 

Report Date :           

22.02.2012

 

IDENTIFICATION DETAILS

 

Name :

HENKEL POLYBIT INDUSTRIES LTD

 

 

Registered Office :

King Abdulaziz Street, P O Box 2230, Al Khobar 31952

 

 

Country :

Saudi Arabia 

 

 

Date of Incorporation :

07.04.2007

 

 

Com. Reg. No.:

2051035935

 

 

Legal Form :

Branch of a Foreign Registered Corporation

 

 

Line of Business :

Manufacturers of construction chemicals, water proofing and coating materials and epoxies

 

 

No. of Employees :

120

 

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$ 300,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                         : HENKEL POLYBIT INDUSTRIES LTD

Country of Origin                                    : United Arab Emirates

Legal Form                                            : Branch of a Foreign Registered Corporation

Registration Date                                   : 7th April 2007

Commercial Registration Number            : 2051035935

Chamber Membership Number                : 83266

Issued Capital                                        : SR 3,000,000

Paid up Capital                                      : SR 3,000,000

Total Workforce                                     : 120

Activities                                               : Manufacturers of construction chemicals, water proofing and coating

                                                              materials and epoxies.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 300,000

 

 

 

COMPANY NAME

 

HENKEL POLYBIT INDUSTRIES LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : King Abdulaziz Street

PO Box             : 2230

Town                 : Al Khobar 31952

Country             : Saudi Arabia

Telephone         : (966-3) 8987761

Facsimile          : (966-3) 8987759

Email                : dammam@henkelpolybit.com / sayedneyeem@henkelpolybit.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       2nd Industrial City                                                                               Factory premises

Dammam 31952

Tel: (966-3) 8121920

Fax: (966-3) 8121164

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       John Varghese                                                                                  General Manager

 

·       Sayed Nayeem                                                                                 Regional Sales Manager

 

·       Veil Murgan                                                                                      Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20/03/1428 Hijri (corresponding to 7th April 2007)

 

Legal Form                : Subject is the Saudi Arabian registered branch of Henkel Polybit Industries Ltd, a Limited Liability Company incorporated in the United Arab Emirates.

 

  Henkel Polybit Industries Ltd in Saudi Arabia, operates as a Branch of a Foreign

  Registered Corporation with its registered office located at the following address:

 

    Henkel Polybit Industries Ltd

                                        Ras Al Khaimah - Umm Al Quwain Highway

    Rafa Industrial Area

    PO Box: 293

    Umm Al Quwain

    United Arab Emirates

                                        Tel: (971-6) 7670777 / 7671661

                                        Fax: (971-6) 7671669 / 7670197

 

    A Branch of a Foreign Registered Corporation is not a legal entity in its own right.

    Responsibility for payments lays in the hands of the company where it is originally

    registered.

 

    Under these circumstances, we strongly advise that any international trade credit should  only be written under the name of the main company where the subject holds its registered office, in this case the United Arab Emirates.

 

Commercial Reg. No.  : 2051035935, Al Khobar

 

Chamber Member No. : 83266

 

Issued Capital              : SR 3,000,000

 

Paid up Capital            : SR 3,000,000

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of construction chemicals, water proofing and coating materials and

                 epoxies.

 

Import Countries: Europe and GCC countries.

 

Subject has a workforce of 120 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.49.08

UK Pound

1

Rs.77.79

Euro

1

Rs.65.17

 

 

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

----

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%)

 

 

 

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.