MIRA INFORM REPORT

 

 

Report Date :

05.07.2012

 

IDENTIFICATION DETAILS

 

Name :

SHARJAH NATIONAL LUBE OIL COMPANY LLC (SHARLU)

 

 

Registered Office :

Al Zait Street, Cross No. 7, Al Sajaa Area, P O Box 1575, Sharjah

 

 

Country :

United Arab Emirates 

 

 

Date of Incorporation :

19.04.1975

 

 

Com. Reg. No.:

1497, Sharjah

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of lubricants and oil based products

 

 

No. of Employees :

350

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

United Arab Emirates 

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                                     : SHARJAH NATIONAL LUBE OIL COMPANY LLC (SHARLU)

Country of Origin                                    : Sharjah, United Arab Emirates

Legal Form                                            : Limited Liability Company

Registration Date                                   : 19th April 1975

Commercial Registration Number            : 1497, Sharjah

Trade Licence Number                            : 363

Chamber Membership Number                : 584

Issued Capital                                        : UAE Dh 10,500,000

Paid up Capital                                      : UAE Dh 10,500,000

Total Workforce                                     : 350

Activities                                               : Manufacturers of lubricants and oil based products.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Saif Uddine Hatim, Financial Controller

 

 

 

COMPANY NAME

 

SHARJAH NATIONAL LUBE OIL COMPANY LLC (SHARLU)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : Al Zait Street, Cross No. 7

Area                 : Al Sajaa Area

PO Box             : 1575

Town                 : Sharjah

Country             : United Arab Emirates

Telephone         : (971-6) 5283435 / 5310550 / 5744600

Facsimile          : (971-6) 5282366 / 5263122 / 5752435

Mobile               : (971-50) 6349438

Email                : info@sharlu.com / sharlu@eim.ae

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Sharjah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Dubai                                                                                               Office premises

Tel: (971-4) 3322533

Fax: (971-4) 3318605

 

·       Abu Dhabi                                                                                        Office premises

Tel: (971-2) 5554356

       Fax: (971-2) 5559630

 

·       Al Ain                                                                                               Office premises

Tel: (971-3) 7213413

Fax: (971-3) 7218291

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Abdulaziz Abdullah Al Sulaiman                     Saudi                            Managing Director

 

·       Saud Abdulaziz Abdullah Al Sulaiman Saudi                                        Director

 

·       Fouad Mohsen Jawad                                    Emirati                          Director

 

·       Iqbal Mohsen Jawad                                      Emirati                          Director

 

·       Michael Janbert                                                  -                              General Manager

 

·       Morris Batika                                                     -                              Operations Manager

 

·       Munzer Zubairi                                                   -                              Finance Manager

 

·       Saif Uddine Hatim                                              -                              Financial Controller

 

·       Siraj Ahmed Taher                                              -                              Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th April 1975

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 1497, Sharjah

 

Trade Licence No.       : 363 (Expires 17/05/2013)

 

Chamber Member No. : 584

 

Issued Capital              : UAE Dh 10,500,000

 

Paid up Capital            : UAE Dh 10,500,000

 

Name of Shareholder (s)

 

·       Abdulaziz Abdullah Al Sulaiman

 

·       Saud Abdulaziz Abdullah Al Sulaiman

 

·       Iqbal Mohsen Jawad

 

·       Fouad Mohsen Jawad

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of lubricants and oil based products.

 

                  Subject is ISO 9001 accredited.

 

Import Countries: Europe and the United States of America.

 

Brand Names: SHARLU, FALCON and STAR.

 

Subject has a workforce of approximately 350 employees.

 

 

FINANCIAL DATA

 

Companies registered in Sharjah, United Arab Emirates are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       HSBC Bank Middle East

PO Box: 25

Sharjah

Tel: (971-6) 5537222

Fax: (971-6) 5537880

 

 

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.54.55

UK Pound

1

Rs.85.48

Euro

1

Rs.68.70

 

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

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.