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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

495845

Report Date :

08.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SHARJAH NATIONAL LUBE OIL COMPANY LLC (SHARLU)

 

 

Registered Office :

Al Zait Street, Cross No. 7, Al Sajaa Area, PO 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 :

Subject is engaged in the manufacture of lubricants and oil based products.

 

 

No. of Employees :

350

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

 

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

United Arab Emirates

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

UNITED ARAB EMIRATES - ECONOMIC OVERVIEW

 

The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP from the oil and gas sector to 30%.

 

Since the discovery of oil in the UAE nearly 60 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. The country's free trade zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors.

 

The global financial crisis of 2008-09, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency and ultimately a $20 billion bailout from the UAE Central Bank and Abu Dhabi Government that was refinanced in March 2014.

 

The UAE’s dependence on oil is a significant long-term challenge, although the UAE is one of the most diversified countries in the Gulf Cooperation Council. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.

 

Source : CIA

 

 

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                                             : Regular

Person Interviewed                                : Saif Eddine Hatim, Finance Manager

 

 

 

COMPANY NAME

 

SHARJAH NATIONAL LUBE OIL COMPANY LLC (SHARLU)

 

 

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) 5310550

Facsimile          : (971-6) 5282366 / 5263122 / 5752435 / 5310421

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

 

Saud Abdulaziz Abdullah Al Sulaiman                 Saudi                            Managing Director

 

Paul Ityan Janbert                                              Swiss                           Director

 

Iqbal Mohsen Jawad                                          Emirati                          Director

 

Michael Janbert                                                     -                               General Manager

 

Morris Batika                                                         -                               Operations Manager

 

Saif Eddine Hatim                                                  -                              Finance Manager

 

Siraj Ahmed Taher                                                  -                              Export Manager

 

Phililp Balit                                                             -                              Administration Manager

 

Kayyal Pasha                                                         -                              Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th April 1975

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 1497, Sharjah

 

Trade Licence No.        : 363

 

Chamber Member No.  : 584

 

Issued Capital              : UAE Dh 10,500,000

 

Paid up Capital            : UAE Dh 10,500,000

 

Name of Shareholder (s)                                                                    Percentage

 

Saud Abdulaziz Abdullah Al Sulaiman                                                     55.14%

 

Paul Ityan Janbert                                                                                  36.76%

 

Iqbal Mohsen Jawad                                                                                8.10%

AFFILIATED COMPANIES

 

Falcon Oil Co LLC

Sharjah

 

Pacific Oil Co LLC

Dubai

 

 

OPERATIONS

 

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

 

Subject is ISO 9001 accredited.

 

Import Countries: Belgium and Saudi Arabia

 

International Suppliers:

 

Exxonmobil                  Belgium

Saudi Aramco               Saudi Arabia

Balmer Lawrie                Dubai

 

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

 

The subject and its shareholders/owners have been searched in the following databases; Office of Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and nothing adverse could be found on the exact names listed within the report.

 

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

INR 64.96

UK Pound

1

INR 90.34

Euro

1

INR 80.75

UAE Dh

1

INR 17.73

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.