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Report No. : |
336538 |
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Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAUDI ARAMCO PRODUCTS TRADING COMPANY (ARAMCO TRADING) |
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Registered Office : |
East Al Midra Tower, 3rd Floor, Jubail Road, PO Box No.: 5000, Dhahran 31311 |
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Country : |
Saudi Arabia |
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Date of Incorporation : |
20.11.1979 |
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Com. Reg. No.: |
2052001749 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is
engaged in the import and export of refined petroleum products. |
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No. of Employees : |
80 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Saudi Arabia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 16% 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, telecommuncations, natural gas exploration, and petrochemical sectors. Over 6 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. In 2014 the Kingdom ran its first budget deficit since 2009, and faces budget deficits for the foreseeable future because it requires an oil price greater than $100 per barrel to balance its budget. Although the Kingdom can finance high deficits for several years by drawing down its considerable foreign assets or borrowing, it probably will begin to reduce capital spending if oil prices stay low through the next year.
|
Source
: CIA |
Company Name : SAUDI
ARAMCO PRODUCTS TRADING COMPANY (ARAMCO
TRADING)
Country of Origin : Saudi
Arabia
Legal Form :
Limited Liability Company
Registration Date : 20th
November 1979
Commercial
Registration Number :
2052001749, Dhahran
Membership Number : 170170
Issued Capital : SR
1,000,000
Paid up Capital : SR
1,000,000
Total Workforce : 80
Activities :
Import and export of refined petroleum products.
Financial Condition : Undetermined
Recommended Credit
Limit : US$ 1,500,000
SAUDI ARAMCO PRODUCTS TRADING COMPANY (ARAMCO
TRADING)
Building : East Al Midra Tower, 3rd
Floor
Street : Jubail Road
PO Box : 5000
Town : Dhahran 31311
Country : Saudi Arabia
Telephone : (966-13) 8720115 / 8801010 / 8809090 / 8801788 / 8800272
Facsimile : (966-13) 8738190
Email : general@aramcotrading.com / saidhadrami@aramco.com
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Dhahran.
Name Position
·
Said A
Al Hadrami Chief
Executive Officer
·
Mohamed
Al Mulim Supply
Manager
·
Ali
Lafi Chief
Financial Officer
Date of Establishment : 20th
November 1979
Legal Form :
Limited Liability Company
Commercial Reg. No. : 2052001749,
Dhahran
Membership
No. : 170170
Issued Capital : SR 1,000,000
Paid up Capital : SR 1,000,000
·
Saudi
Aramco Co 100%
Saudi Aramco Compound
Al Dhahran High Street
PO Box: 5000 & 1565
Dhahran 31311
Tel: (966-13) 8754915 / 8756110 / 8747400 / 8770110 / 8730115 / 8720110
Fax: (966-13) 8738490 / 8738190
·
Aramco
Overseas Co BV
Schuttersveld 14
Leiden
Netherlands
·
Aramco
Services Co
PO Box: 4535
Houston
Texas 77210
United States of America
Tel: (1-713) 4324000
·
Aramco
Associated Co
16875 J.F.K. Boulevard
Houston
Texas
United States of America
·
Saudi
Refining Inc
W. Loop Street
Houston
Texas
United States of America
·
Saudi
Petroleum International Inc
Houston
Texas 77210
United States of America
Tel: (1-713) 4324000
·
Saudi
Petroleum Overseas Ltd
United Kingdom
·
Vela
International Marine Ltd
Liberia
·
Petron
Corp
Philippines
Activities: Engaged in the import and export of refined petroleum products.
Subject represents Saudi Aramco's interest in sales and purchases of refined petroleum products such as condensates, naphtha, gasoline, middle distillate fuels, fuel oil nd residual products and bulk petrochemical products.
Subject has agreed to sell undisclosed volumes of the fuel at a premium of about $2.70 a barrel above Middle East quotes for the cargoes, to be loaded from Jubail. That is nearly 30 per cent higher than its current term contracts. Royal Dutch Shell is the likely buyer, although this could not immediately be confirmed.
Aramco is still negotiating the sale of term cargoes to be loaded from the Red
Sea port of Rabigh, and may finalise
these by year-end.
The company was offering either 45,000-tonne or 65,000-tonne cargo lots for loading from Jubail and Rabigh, with a half-yearly term instead of its usual yearly term.
Traders were surprised at the premium finalised for Saudi's jet fuel term, which they said was too high at 15 to 20 percent more than those agreed by other Middle Eastern refiners.
On 9th February 2015, Saudi Aramco Products Trading Co signed a US$ 1.1 billion (SR4.13 billion) trade agreement with S-Oil Corp, a refiner based in Seoul, South Korea. By the end of 2015, Saudi Aramco will trade 120,000 tons of paraxylene and 2 million barrels of heavy naphtha in return for 14 million barrels of light oil and 14 million barrels of light naphtha. In January, Saudi Aramco increased its stake in S-Oil to 63.4 percent after purchasing a US$ 2 billion (SR7.5 billion) stake. S-Oil is the third largest oil refiner in South Korea.
Import Countries: Europe and the Far East.
Subject has a
workforce of 80 employees.
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.
·
National
Commercial Bank
PO Box: 13
Dammam 31411
Tel: (966-13) 8331188
Fax: (966-13) 8336058
·
Saudi
American Bank
PO Box: 3113
Dammam 31471
Tel: (966-13) 8337171
·
Saudi
British Bank
PO Box: 1618
Dammam 31411
Tel: (966-13) 8331553
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.64.83 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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.