MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
PETROCHEM
MIDDLE EAST FZE |
|
|
|
|
Registered Office : |
Sheikh
Zayed Road, Roundabout No. 7, Jebel Ali Free Zone, Lob No. 4, Office No.
4G-18, P. O. Box 17028, Dubai |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
February 1995 |
|
|
|
|
Legal Form : |
Free Zone Establishment – FZE |
|
|
|
|
Line of Business : |
Engaged
in the import, export, marketing and distribution of chemicals, raw
materials, oil field supplies, industrial solvents, paints and varnishes, as
well as construction chemicals. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$
1,300,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : PETROCHEM MIDDLE EAST FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : February 1995
Trade Licence Number : 7177
Membership Number : 34479
Issued Capital : UAE Dh 2,000,000
Paid up Capital : UAE Dh 2,000,000
Total Workforce : 52
Line of Business : Import, export, marketing and distribution of chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PETROCHEM
MIDDLE EAST FZE
ADDRESS
Registered & Physical
Address
Street : Sheikh Zayed Road, Roundabout
No. 7
Area : Jebel Ali Free Zone, Lob No.
4, Office No. 4G-18
PO Box : 17028
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8839222 / 8835871
Facsimile : (971-4) 8834133
Email : logistics@petrocheme.com
Premises
Subject
operates from a suite of offices and warehousing facilities with a storage
capacity of 11,000 metric tonnes that are rented and located in the Jebel Ali
Free Zone.
KEY PRINCIPALS
·
Yogesh
Mehta Managing
Director
·
Hooseini
Vasi Finance
Manager
·
Venu
Nayar Sales
Manager
·
Satyabrata
Mukherjee Terminal
Manager
·
Harshad
Upadhyay Logistics
Manager
·
Mr
Udayakumar IT
Manager
·
Mrs
Priscilla Khambatta Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : February 1995
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 7177
Membership No. : 34479
Issued
Capital : UAE Dh 2,000,000
Paid
up Capital : UAE Dh 2,000,000
Name of Shareholder (s) Percentage
·
Petrochem
Gulf Holdings Ltd 100%
Bermuda
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, i.e. minimum of 51 % equity in the capital.
AFFILIATED COMPANIES
·
Petrochem
Middle East LLC
City Tower II, Office No. 1603
Sheikh Zayed Road
PO Box: 23910
Dubai
Tel: (971-4) 3329192
Fax: (971-4) 3329200
Email: sales@petrocheme.com
Membership No. 34789
LINE OF BUSINESS
Operations: Engaged in the import, export,
marketing and distribution of chemicals, raw materials, oil field supplies,
industrial solvents, paints and varnishes, as well as construction chemicals.
Subject has a product range of over 180 types of chemicals and exports over
120,000 metric tonnes per annum.
The
company are distributors for:
- ARCO Chemicals -
Petro SA
- Cray Valley - Lyondell
- KAO Chemicals -
Anupam
- Tego Chemie - Merisol
- Sasol Solvents - Petro SA
- Borealis BP - Polimeri Europa
- Reliance India -
Shell
Import
Countries:
Europe, Asia and the United States of America.
Export
Countries:
Subject exports chemicals to approximately 25 countries throughout the GCC
region, Middle East, India, Asia and Europe.
Operating
Trend: Steady
Subject
has a workforce of approximately 52 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
31,800,000 UAE Dh
33,590,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
The
Standard Chartered Bank
Jebel Ali Free Zone
PO Box : 999
Dubai
Tel : (971-4) 8856600
·
HSBC
Bank Middle East
Deira Souk Branch
PO Box : 66
Dubai
Tel : (971-4) 2535000
A/C No. 020-154795-100 &
020-154795-001
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of transaction November 2005
Credit
amount 250,000
Amount
overdue 0
Payment
terms 30 days
Payment
Method Letters of
Credit
Paying
record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Petrochem
Middle East FZE was established in 1995 and specialises in the import, export,
marketing and distribution of various chemicals. It deals with a number of well
known international suppliers and exports over 120,000 metric tonnes of
products per annum.
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.
Maximum
suggested credit figure: US$ 1,300,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|