MIRA
INFORM REPORT
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Report Date : |
2nd
November 2006 |
IDENTIFICATION
DETAILS
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Name : |
PETROCHEM PERFORMANCE CHEMICALS LLC |
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Registered Office : |
Abdullah Mohamed Al Mazroei Building, Musaffah Industrial Area, 34657 Abu Dhabi, United Arab Emirates |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
1st September 1993 |
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Com. Reg. No.: |
25975, Abu Dhabi |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject provides drilling fluid systems, specialty chemicals,
equipment and associated services to the oil and gas industry |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUMMARY
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Company Name |
PETROCHEM PERFORMANCE CHEMICALS LLC |
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Country of Origin |
Abu Dhabi, United Arab Emirates |
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Legal Form |
Limited Liability Company - LLC |
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Registration Date |
1st September 1993 |
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Commercial Registration Number |
25975, Abu Dhabi |
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Trade Licence Number |
41351 |
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Membership Number |
16268 |
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Issued Capital |
UAE Dh 150,000 |
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Paid up Capital |
UAE Dh 150,000 |
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Total Workforce |
35 |
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Line of Business |
Provision of drilling fluid systems, specialty chemicals, equipment and associated services to the oil and gas industry. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
PETROCHEM PERFORMANCE CHEMICALS LLC
ADDRESS
Registered & Physical Address
Building : Abdullah Mohamed Al Mazroei Building
Area : Musaffah Industrial Area
PO Box : 34657
Town : Abu Dhabi
Country : United Arab Emirates
Telephone : (971-2) 5559104
Facsimile : (971-2) 5542524 / 5511255
Email :
info@ppc.ae
Premises
Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Industrial Area of Abu Dhabi.
KEY PRINCIPALS
Marwan Zain General Manager
Blake Samaco Operations Manager
Joseph Nowar Marketing Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st September 1993
Legal Form : Limited Liability Company - LLC
Commercial Reg. No. : 25975, Abu Dhabi
Trade Licence No. : 41351 (Valid until 07/07/2007)
Membership No. : 16268
Issued Capital : UAE Dh 150,000
Paid up Capital : UAE Dh 150,000
Name of Shareholder (s) Percentage
Sigma Chemicals (Sichem) 51%
Abdullah Mohamed Al Mazroui Building
Mussafah Industrial Area
PO Box 3555
Abu Dhabi
Tel: (971-2) 5559104 / 5570900 / 5510400
Fax: (971-2) 5542544 / 5510995
Email: shoukat@sichemuae.com
Petrochem Performance 49%
Gibraltar
Note to the Legal Form
A Limited Liability Company (LLC) is defined in the Company Law as a company incorporated with not less than two and not more than fifty shareholders, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company.
The Company Law provides that the capital of a Limited Liability Company (LLC) should not be less than UAE Dh 150,000, which should be divided into equal shares of a value not less than UAE Dh 100 each.
This type of company may engage in any form of legitimate business, with the exception of insurance, banking and investment of funds.
Non UAE Participation
The participation of non-Emirati in a trade or business in the United Arab Emirates is governed by the Foreign Business Investment Law, which sets capital requirements and requires 51 percent Emirati participation in capital and profits.
It is common for the 51 percent to be held by the UAE national on paper only with the foreign partner(s) providing all the capital requirements for the company and paying an annual fee to the local partner.
Under this arrangement the above ownership may not reflect the actual profit distribution within the company, as the company may have internal management agreements in place that provides full management of the company in return for a share of the company’s assets and profits. This internal relationship may or may not be recognised by law depending on the way the internal agreement is made.
AFFILIATED COMPANIES
Sigma Production & Services
PO Box: 3555
Abu Dhabi
Sigma Enterprises
Al Otaiba Tower
Sheikh Hamdan Street
PO Box: 3555
Abu Dhabi
Tel: (971-2) 6347565
Fax: (971-2) 6314007
Emirates Mud Services
PO Box: 3555
Abu Dhabi
Sigma Specialised
PO Box: 3555
Abu Dhabi
Tel: (971-2) 6393228
Jashanmal & Co for Printed Materials
PO Box: 1545
Dubai
Jashanmal National Co LLC
Habib Bank Building
Deira
PO Box: 1545
Dubai
Tel: (971-2) 2212579
Fax: (971-2) 2212631
Eldiar Furniture Manufacturing & Decoration
Mussafah Industrial Area
PO Box: 72077
Abu Dhabi
Tel: (971-2) 5555656
Fax: (971-2) 5555985
Habshan Trading Company
Al Mazroui Building
PO Box: 7250
Abu Dhabi
Tel: (971-2) 6773427
Fax: (971-2) 6721984
Mazroui Supplies Contract & Maintenance Est
PO Box: 4265
Abu Dhabi
Tel: (971-2) 6723185
Fax: (971-2) 6777075
Al Mazroui Engineering Co
Sheikh Suroor Building
Tourist Club Area
PO Box: 70121
Abu Dhabi
Tel: (971-2) 6724788
Fax: (971-2) 6724952
Al Mazroui Trading & General Services
Al Mazroui Building
Al Nahda Street
PO Box: 97
Abu Dhabi
Tel: (971-2) 5559173
Patchi
Abu Dhabi
Tel: (971-2) 6666741
LINE OF BUSINESS
Operations: Petrochem provides
drilling fluid systems, specialty chemicals, equipment and associated services
to the oil and gas industry.
Subject’s
product range includes weighting agents, viscosifier, filtration controls,
deflocculants, shale inhibitors / stabilizers, corrosion controls, bactericide,
detergents/cleaners, defoamers, lubricants, oilmud products, spotting fluids
and surfactants.
Import Countries: France, Spain, United Kingdom and the United States of America
International Suppliers:
Rhone Poulenc Chemie France
Albright & Wilson United Kingdom
Industrie Del Alcali SA Spain
Petrochem Performance Chemicals Inc United States of America
Operating Trend: Steady
Subject has a workforce of 35 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : United Arab Emirates Dirham (UAE Dh)
Year Ending 31/12/04 Year Ending 31/12/05
Total Revenue UAE Dh 14,100,000 UAE Dh 15,800,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
The Standard Chartered Bank
Sheikh Hamdan Street
PO Box : 240
Abu Dhabi
Tel : (971-2) 6330077
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000
Petrochem
Performance Chemicals LLC has been trading since 1993 and specialises in the
provision of drilling fluid systems, specialty chemicals, equipment and
associated services to the oil and gas industry.
During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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