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Report Date : |
07.03.2014 |
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 : |
Prince Sultan
Street, Mohammedia Area, P O Box 1432, Jeddah 21431 |
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Country : |
Saudi Arabia |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
14.04.1968 |
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Com. Reg. No.: |
4030005930,
Jeddah |
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Legal Form : |
Closed Joint Stock Company |
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Line of Business : |
Engaged in the marketing and export of lubricants and greases. |
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No. of Employees |
3,500 (approximately) |
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 : |
Regular |
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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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Saudi Arabia |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Saudi Arabia ECONOMIC OVERVIEW
Saudi Arabia has an oil-based economy with strong government controls over major economic activities. It possesses about 17% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in OPEC. The petroleum sector accounts for roughly 80% of budget revenues, 45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Over 5 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors, while Riyadh is struggling to reduce unemployment among its own nationals. Saudi officials are particularly focused on employing its large youth population, which generally lacks the education and technical skills the private sector needs. Riyadh has substantially boosted spending on job training and education, most recently with the opening of the King Abdallah University of Science and Technology - Saudi Arabia's first co-educational university. As part of its effort to attract foreign investment, Saudi Arabia acceded to the WTO in 2005. The government has begun establishing six "economic cities" in different regions of the country to promote foreign investment and plans to spend $373 billion between 2010 and 2014 on social development and infrastructure projects to advance Saudi Arabia''s economic development.
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Source : CIA |
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 660,000,000
Paid up Capital : SR 660,000,000
Total Workforce : 3,500
Activities : Marketing and export of lubricants and greases
Financial Condition : Good
Payments : Nothing detrimental uncovered
Person Interviewed : Ibrahim Hadi, Human Resources Manager
PETROMIN
CORPORATION
Registered &
Physical Address
Street : Prince Sultan Street
Area : Mohammedia Area
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 / hadiis@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
·
Ibrahim Hadi Human
Resources Manager
·
Yasser Al Qassemi Accountant
·
Omran Mutify Marketing
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 660,000,000
Paid up Capital : SR 660,000,000
Name of Shareholder
(s) Percentage
·
Al Dabbagh Group Holding 100%
Jeddah
Tel: (966-12)
6697220
Fax: (966-12)
6696184
Activities: Engaged in the marketing and export of
lubricants and greases.
Export
Countries: Middle East and
Europe
Subject has a
workforce of approximately 3,500 employees.
Financial
highlights provided by local sources are given below:
Currency: Saudi
Riyals (SR)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue SR 645,000,000 SR 650,000,000
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
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Indian Rupees |
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US Dollar |
1 |
Rs.61.32 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.84.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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-- |
NB |
New Business |
-- |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.